Fuse Energy, my experience of switching to them

luci

A few things I’ve learned about Fuse Energy since instigating a switch to them yesterday.

• You can defer the start date of the contract by 28 days during the opening process. I decided against it, as it wasn’t clear whether you would get the tariff at the time of signing up, or one that was in force at the deferred switch date
• The default is to pay by a variable DD, but you can change that to fixed monthly DD once the account is opened. However….., in my case, they added a “Balance Adjustment to make sure the account is in credit at the end of winter”. That increased my monthly DD by just over 60%. This was probably due to starting the fix at this time of year, rather than in the Spring. I doubt many people would be able, or happy, to pay that. I understand why it has been done, but I will be requesting my credit balance in April, after the winter period. I have always had my switching date in March, but an 18m contract moved that
• They ask for meter readings, but you have to submit photos of the meters, rather than just the figures

tfhnota

you might have been better off going for variable DD until after winter and then switching to fixed at the lower rate for the whole year

Swipe

https://forums.moneysavingexpert.com/discussion/comment/82138085#Comment_82138085

Better off on variable DD all year round if they are asking for a chunk of money up front. Better to keep what you would be paying in your own savings account rather than theirs.

luci

https://forums.moneysavingexpert.com/discussion/comment/82138085#Comment_82138085

Thanks. That makes sense, I'll change it back to variable.

luci

https://forums.moneysavingexpert.com/discussion/comment/82138133#Comment_82138133

Thanks for the advice. That makes sense, so I'll change it back.

I'm disappointed with myself, as I'm usually financially astute and it's really not like me to get something like this wrong. I haven't been very well and it must be clouding my judgement.

I appreciate your input.

Edit - I have gone on supply today. All the figures have been changed back to what they were originally. I had figures, which were changed yesterday, but they have changed back to what they were originally. The fixed DD is now 26% more than variable. Yesterday, it was over 60%.

I have changed back to variable as suggested, but the first DD is going to be what the Fixed price was, even though it’s not due until 23.09.26.

I’m not sure how I feel about Fuse so far, as they keep changing the goalposts.

tfhnota

Octopus, you have to phone them up to change between fixed and variable DD, and they have switched me without asking when I changed tariff and had to phone them up again to change it back to variable, so even the big boys are not perfect. If there is a surplus from the first fixed DD then that should come off the next variable DD so not the end of the world.

luci

https://forums.moneysavingexpert.com/discussion/comment/82139357#Comment_82139357

I wasn't complaining about the first payment being higher. It was just for information for any looking for info on Fuse on here.

splodge257

Switched to Fuse last month, quoted £110 per month based on annual usage. Got an email 2 weeks ago saying I could move to a fixed monthly direct debit now, but they were quoting £130 a month so that I would have a credit balance at the end of winter. I was annoyed about the increase, so decided to stay on a variable payment. This morning I thought I would just fix it so that I could budget properly, but it's now gone up to £147.50. So, will be staying on variable and putting £130 a month into a separate account to cover bills.

I'm really annoyed at the inflexible attitude of the company.

Arunmor

https://forums.moneysavingexpert.com/discussion/comment/82140861#Comment_82140861

Have you seen how quickly fuelprices are moving? Of course the goalposts are going to shift very very quickly. I'm surprised they haven't changed to updated prices every half hour, now that would make life interesting!!

Jezstar

AVOID Fuse!

I feel caught out by this dirty little trick having just discovered it in their so called ‘offer’ to fix monthly DD payments. They quote a £962 balance adjustment to break even by the end of winter !!!!!! which is £257/month over 12 months and winter isn’t that long. Basically a tax on opting for a fixed debit.

I made a very accurate energy prediction using data from my last supplier and my usage over a number of years to average out usage. But FU se want virtually 33% more up front, earning interest for them.

Never had this sharp practice by Outfox, EON OVO, or other energy providers. It was always one fixed DD over the whole term based on the prediction. To me it looks like a blatant rip off. More annoyed I got the 18 month deal via MSE.

Swipe

@Jezstar Can you not just pay via Variable DD instead, paying each bill at the end of each month?