T-49 and counting (till my fix is up...)

artyboy

I moved over to what I thought was a decent Outfox fix in July last year. To my faint surprise, on checking the MSE Energy Club, I can fix again at a virtually identical rate.

I'm not unhappy with that as a baseline, but QQ for you smarter people on here:

Based on current data/forecasts, is there anything that points to fixes getting cheaper - or more expensive - over the next month? Or do current fixes more or less reflect what you would expect for the time being?

spot1034

After a period earlier in the year where wholesale gas prices fell significantly, they now seem to have settled and are trading within a range between 80p and 90p per therm - basically up a bit one day, down a bit the next - so fixes will reflect this situation until it changes, and no one can tell you when that might happen.

artyboy

spot1034 said:

After a period earlier in the year where wholesale gas prices fell significantly, they now seem to have settled and are trading within a range between 80p and 90p per therm - basically up a bit one day, down a bit the next - so fixes will reflect this situation until it changes, and no one can tell you when that might happen.

Thanks, and yes my instinct was that it was 'steady as she goes' for the time being. I won't be unhappy if I recontract at this level, which according to Martin the other night is about 18% below cap (I've not done the sums myself yet, that's a job for next week...)

Bigphil1474

I had a similar quandary, but with British Gas. I've ended up on a  2 year fix with BG which is £5 a year more than my soon to end fix, and a 1 year electricity fix which is about £10 more. I reckon I'd be unlucky to lose much and potentially could save a fair bit. 

artyboy

Bigphil1474 said:

I had a similar quandary, but with British Gas. I've ended up on a  2 year fix with BG which is £5 a year more than my soon to end fix, and a 1 year electricity fix which is about £10 more. I reckon I'd be unlucky to lose much and potentially could save a fair bit. 

Actually there's a very good point in there - I just checked and Outfox's 18 month and 2 year fixes also come in at almost exactly the same rate as the 1 year. 

So I guess the market view is that it's pretty stable for the time being. Which just leaves me with the quandary of how long to go for. Last time I did a 2 year fix it saved me thousands because I was able to ride out the mass collapse of the small players and the initial geopolitical driven wholesale spikes from a couple of years back. Could I be lucky for a second time...

QrizB

artyboy said:

 Could I be lucky for a second time...

Let's hope not as it would require another major war / political upset / zombie outbreak!

artyboy

QrizB said:

artyboy said:

 Could I be lucky for a second time...

Let's hope not as it would require another major war / political upset / zombie outbreak!

Well if you put it like that 

At least if prices do drop massively during the fix it's still only £200 to get out of it, it's not like those poor sods still locked into 5 year fixed term savings at under 2%...

Think I've just talked myself into a 2 year fix then!

RelievedSheff

artyboy said:

QrizB said:

artyboy said:

 Could I be lucky for a second time...

Let's hope not as it would require another major war / political upset / zombie outbreak!

Well if you put it like that 

At least if prices do drop massively during the fix it's still only £200 to get out of it, it's not like those poor sods still locked into 5 year fixed term savings at under 2%...

Think I've just talked myself into a 2 year fix then!

If you switch to another OFTM tariff within your fixed rate term you do not get charged exit fees. You only get charge exit fees if you switch supplier.

We have been switching our tariff pretty much every time a slightly cheaper rate becomes available. 

aytEctIaNDIO

RelievedSheff said:

artyboy said:

QrizB said:

artyboy said:

 Could I be lucky for a second time...

Let's hope not as it would require another major war / political upset / zombie outbreak!

Well if you put it like that 

At least if prices do drop massively during the fix it's still only £200 to get out of it, it's not like those poor sods still locked into 5 year fixed term savings at under 2%...

Think I've just talked myself into a 2 year fix then!

If you switch to another OFTM tariff within your fixed rate term you do not get charged exit fees. You only get charge exit fees if you switch supplier.

We have been switching our tariff pretty much every time a slightly cheaper rate becomes available. 

Safe to say/assume that you are with OFTM?
Asking for feedback really, as likely to move there very soon. Just spoke with OFTM where they reminded me of the 49 day rule which I had forgotten about. Curently on old meter, NOT having the u know what meter.

RelievedSheff

aytEctIaNDIO said:

RelievedSheff said:

artyboy said:

QrizB said:

artyboy said:

 Could I be lucky for a second time...

Let's hope not as it would require another major war / political upset / zombie outbreak!

Well if you put it like that 

At least if prices do drop massively during the fix it's still only £200 to get out of it, it's not like those poor sods still locked into 5 year fixed term savings at under 2%...

Think I've just talked myself into a 2 year fix then!

If you switch to another OFTM tariff within your fixed rate term you do not get charged exit fees. You only get charge exit fees if you switch supplier.

We have been switching our tariff pretty much every time a slightly cheaper rate becomes available. 

Safe to say/assume that you are with OFTM?
Asking for feedback really, as likely to move there very soon. Just spoke with OFTM where they reminded me of the 49 day rule which I had forgotten about. Curently on old meter, NOT having the u know what meter.

Yes we have been with OFTM for 5 years now and have had no problems at all with them in that time.

Their billing is simple and reliable and in our area their tariffs are pretty much always the cheapest.

artyboy

RelievedSheff said:

artyboy said:

QrizB said:

artyboy said:

 Could I be lucky for a second time...

Let's hope not as it would require another major war / political upset / zombie outbreak!

Well if you put it like that 

At least if prices do drop massively during the fix it's still only £200 to get out of it, it's not like those poor sods still locked into 5 year fixed term savings at under 2%...

Think I've just talked myself into a 2 year fix then!

If you switch to another OFTM tariff within your fixed rate term you do not get charged exit fees. You only get charge exit fees if you switch supplier.

We have been switching our tariff pretty much every time a slightly cheaper rate becomes available. 

Really? I have just got stung for £500 of exit fees on my latest bill for doing that twice???????

ETA: very nice chap at Outfox is sorting it. Sounds like a goodwill waive policy that is being changed and they never told anyone. Lots of bad press around - yes strictly within T&Cs, but if it's well known established practise to waive for internal moves, this is a PR disaster in the making.

One that people need to be VERY aware of going forward. My last switch would only have saved about a fiver a month, no way would I have paid £250 in exit fees to make that switch...