Fixed rate not fixed

Robin9

Please can we put aside Martin Lewis

There are two points

1)  Fixed rate doesn't mean "all you can eat"

2) Fixed DD doesn't mean "that's all you pay"

mmmmikey

BatOllie said:

My fixed rate energy bill has just more than doubled. What I didn't realise was that the fixed bit is cost per unit of electricity and not usage so I've managed to accumulate a fairly hefty debt. Had I known this I wouldn't have bothered with a fixed rate.  British Gas, who my account is with,  have agreed to lower my direct debit for 3 months when it'll be reviewed again.  Am I the only person to have not realised what 'fixed ' means?

Hi - you're most certainly not the only person to have made this mistake, and I wouldn't mind betting there are hundreds of thousands of others still in the same boat.. At least now you've found out the hard way you've shared that info with others in the same situation.

TadleyBaggie

Bungle73 said:

Scot_39 said:

Bungle73 said:

Ayr_Rage said:

You aren't the first and won't be the last but if you had watched the Martin Lewis Money Show any time over the last 5 years or so you would have been in the know.

Fixed rates can save you a lot of money but you always pay for what you use, they have never been "all you can eat" buffets.

I'm constantly amazed at the amount of people who come on here who don't appear to have seen or read a single thing Martin Lewis has said, even though this is HIS website! 

But its not his website.

He sold out his ownership over 10 years ago for £10s millions.

https://www.bbc.co.uk/news/business-18295587

Whose face is at the top of this page...................................?

When I go to KFC, Colonel Sanders is displayed as part of their logo. Never seen him actually serving behind the counter...

BatOllie

bagand96 said:

I posted this on the other thread...... 

As you've found out your fixed energy tariff relates to the unit cost.  You pay for the amount of energy you use, this will vary, so monthly bills will vary.  The DD is a payment to the account and bills are deducted from the account.  The idea is your monthly DD is an average and will cover the annual use.

If your account is in debt then reducing the DD back down unfortunately is just kicking the can down the road.  the debt won't go away and the increased DD would be designed to pay off the debt as well as meet your energy costs in future.

It will be worth you taking some time to understand your use and bills.  Log in to your British Gas account.  Look at your bills to understand your use and the costs.  Check the bills are accurate.... are they based on actual meter reads or estimates?  Are you on a smart meter? 

I am an idiot I know but probably confusing the fixed rate with mortgages! I do wish I'd been asked for meter readings prior to now then i could have adjusted my payments and usage then but BG waited 6 months to ask for them.  I am thinking of getting a smart meter but I rent and I don't know how long I'll be here. I have moved a few times in the  last 4 years so keeping on top of my energy usage has been difficult but I did have  a smart meter before and it did help. I'll have to get the landlord to agree. As for watching Martin Lewis,  I can't watch all of them because I work!

bagand96

BatOllie said:

bagand96 said:

I posted this on the other thread...... 

As you've found out your fixed energy tariff relates to the unit cost.  You pay for the amount of energy you use, this will vary, so monthly bills will vary.  The DD is a payment to the account and bills are deducted from the account.  The idea is your monthly DD is an average and will cover the annual use.

If your account is in debt then reducing the DD back down unfortunately is just kicking the can down the road.  the debt won't go away and the increased DD would be designed to pay off the debt as well as meet your energy costs in future.

It will be worth you taking some time to understand your use and bills.  Log in to your British Gas account.  Look at your bills to understand your use and the costs.  Check the bills are accurate.... are they based on actual meter reads or estimates?  Are you on a smart meter? 

I am an idiot I know but probably confusing the fixed rate with mortgages! I do wish I'd been asked for meter readings prior to now then i could have adjusted my payments and usage then but BG waited 6 months to ask for them.  I am thinking of getting a smart meter but I rent and I don't know how long I'll be here. I have moved a few times in the  last 4 years so keeping on top of my energy usage has been difficult but I did have  a smart meter before and it did help. I'll have to get the landlord to agree. As for watching Martin Lewis,  I can't watch all of them because I work!

Without a smart meter you should be able to Log In to your BG accout and submit meter readings.  Aim to do this regularly, at least once a month, and they should generate an accurate bill monthly, that way you can keep an eye on what you're using/spending and if your account balance is where it needs to be.

BatOllie

bagand96 said:

BatOllie said:

bagand96 said:

I posted this on the other thread...... 

As you've found out your fixed energy tariff relates to the unit cost.  You pay for the amount of energy you use, this will vary, so monthly bills will vary.  The DD is a payment to the account and bills are deducted from the account.  The idea is your monthly DD is an average and will cover the annual use.

If your account is in debt then reducing the DD back down unfortunately is just kicking the can down the road.  the debt won't go away and the increased DD would be designed to pay off the debt as well as meet your energy costs in future.

It will be worth you taking some time to understand your use and bills.  Log in to your British Gas account.  Look at your bills to understand your use and the costs.  Check the bills are accurate.... are they based on actual meter reads or estimates?  Are you on a smart meter? 

I am an idiot I know but probably confusing the fixed rate with mortgages! I do wish I'd been asked for meter readings prior to now then i could have adjusted my payments and usage then but BG waited 6 months to ask for them.  I am thinking of getting a smart meter but I rent and I don't know how long I'll be here. I have moved a few times in the  last 4 years so keeping on top of my energy usage has been difficult but I did have  a smart meter before and it did help. I'll have to get the landlord to agree. As for watching Martin Lewis,  I can't watch all of them because I work!

Without a smart meter you should be able to Log In to your BG accout and submit meter readings.  Aim to do this regularly, at least once a month, and they should generate an accurate bill monthly, that way you can keep an eye on what you're using/spending and if your account balance is where it needs to be.

Thanks.  I do appreciate the advice you've given.  I shall try and sort myself out and do regular readings for BG now.  Possibly see about getting a smart meter if I'm going to be here for another year in March and try and use less energy! 

Farway

BatOllie said:

bagand96 said:

BatOllie said:

bagand96 said:

I posted this on the other thread...... 

As you've found out your fixed energy tariff relates to the unit cost.  You pay for the amount of energy you use, this will vary, so monthly bills will vary.  The DD is a payment to the account and bills are deducted from the account.  The idea is your monthly DD is an average and will cover the annual use.

If your account is in debt then reducing the DD back down unfortunately is just kicking the can down the road.  the debt won't go away and the increased DD would be designed to pay off the debt as well as meet your energy costs in future.

It will be worth you taking some time to understand your use and bills.  Log in to your British Gas account.  Look at your bills to understand your use and the costs.  Check the bills are accurate.... are they based on actual meter reads or estimates?  Are you on a smart meter? 

I am an idiot I know but probably confusing the fixed rate with mortgages! I do wish I'd been asked for meter readings prior to now then i could have adjusted my payments and usage then but BG waited 6 months to ask for them.  I am thinking of getting a smart meter but I rent and I don't know how long I'll be here. I have moved a few times in the  last 4 years so keeping on top of my energy usage has been difficult but I did have  a smart meter before and it did help. I'll have to get the landlord to agree. As for watching Martin Lewis,  I can't watch all of them because I work!

Without a smart meter you should be able to Log In to your BG accout and submit meter readings.  Aim to do this regularly, at least once a month, and they should generate an accurate bill monthly, that way you can keep an eye on what you're using/spending and if your account balance is where it needs to be.

Thanks.  I do appreciate the advice you've given.  I shall try and sort myself out and do regular readings for BG now.  Possibly see about getting a smart meter if I'm going to be here for another year in March and try and use less energy! 

I'm with BG, and they send me a monthly reminder to submit a meter reading, maybe once you register online same will happen for you

molerat

BatOllie said:

.......................  I am thinking of getting a smart meter but I rent and I don't know how long I'll be here. I have moved a few times in the  last 4 years so keeping on top of my energy usage has been difficult but I did have  a smart meter before and it did help. I'll have to get the landlord to agree. ..................................

The meter does not belong to your landlord or to you and your landlord has no say in your energy supplier changing THEIR meter for a smart meter.  The fact that you nudged them is neither here nor there 

Scot_39

Your landlord can get a bit sniffy about you changing meter modes - and in past could for instance inist they were returned to original mode of operation when vacate - but that in past often meant a physical meter swap - but smart meters do prepay and credit - just an OTA update switches mode iirc.

If your willing to take the time out to improve the metering - to be present for the meter fitter - I suspect many will be happy to let you without any fear of complications when leave - but just let them know as a courtesy before hand if doing anything.

There was a time when meter fitters needed landlords not tennants permission - before lifting a screwdriver - still ?

WiserMiser

Forget getting a smart meter, far better to set a monthly reminder on your phone or PC to read the meters, send the results, jot them down and keep your own records.  You'll get a much better understanding.  Also download every bill as soon as it's issued: BG have an irritating habit of deleting all previous bills if they make a correction, so it can be difficult or impossible to identify overcharging and to be certain that everything has been corrected.

Best of all, consider changing to Monthly Variable Direct Debit where you pay in full each month for the exact amount you've used.  No surprises several months later when it turns out you've used more than was estimated, although it means higher bills in winter and lower ones in summer.

You may find that BG no longer offer MVDD; if so just Ditch & Switch to a friendlier supplier such as Octopus (remembering to bag a £50 freebie by using a referral code from a friend or relative).