Look After My Bills
Options
Comments
-
Its probably suited for the more "lazy" people who don't have an 30mins or so to spare every few months/year to run a comparison. If it helps get those who are not tech savvy or just outright lazy to switch every year and save them money then I can't see it being a bad thing.
It's obviously not targeted to people like us
0 -
You can only sign up to Look After My Bills if you give them your bank account details so they can set up a Direct Debit. No thanks.0
-
Just signed up with Labrador as they did not require bank details (I opted out of DD payment) and they have better options for selecting your new supplier.
(Their sign-up form is not GDPR compliant though - it requires opt-out rather than opt-in for promotion emails.)0 -
Skools_Out wrote: »Actually I think you may have got (c) a little wrong.
As pointed out by one of the dragons, they only search the suppliers that agree to pay this switching service.
They may like to target the big suppliers, but the big suppliers would be cutting their own throats if they were to pay for somone to switch a customer from a higher tariff to a lower tariff with them, or even worse someone else.
So effectively, it will only be the newer, smaller suppliers that might pay as this will attract new customers.
Despite the owners of the site claiming if a supplier doesn't want to be part of the site, they probably would not be the type of supplier the site would like to recommend anyway, just look at the posts on this site about small suppliers.
e.g. Iresa, Solarplicity, etc.
Sure there may be a few small suppliers that get good reviews (e.g. Zog) but they don't pay anyone comissission, so I don't think they will start here.
You see with general comparison sites, as was stated on Dragons Den, people may switch once, but generally not even look again for several years. And suppliers know that, hence they are happy to pay £50 for a new customer that may remain with them for several years.
But this new venture doesn't allow suppliers that longevity - as soon as a cheaper option becomes available, they will be switched away cutting their own throat.
I understand that 'Look After My Bills' is a trading style of the same company that runs'The Big Deal' collectiove switches.
People can read on this site for themselves what MSEers experience of that was. (which may explain this new venture)
Of course there are us MSEers who do keep a clsoe eye on the market, they call it engaging with the market, and switch at the drop of a hat if something better comes along ... considering any early exit fees that may apply.
But we don't need this service, prefer to be fully in control of who we switch to (so we can ensure we don't get automatically switched to a supplier we do not want to be supplied by) and get any possible cashback for doing so.
That's what bing a monmeysaving expert is all about ... at least as far as energy tariffs is concerned.
Well done to the owners who managed to secure a pledge of £120k for 3% of the business.
If that does ever get to fruition (not everything seen on Dragons Den does, once due diligence is carried out) then I fear the Dragons may have backed a loser in this instance.
Say £50 a switch, then they need 2400 switches to earn the £120k
But the dragons will only have 3%, so actually the site needs to make 80000 switches just for the dragons to get their money back ... and that doesn't include any cost in making those switches which MSE says is about 50%
The Big Deal has only ever made 70,000 switches to date. You can see for yourself how long they have been trading.
I wondering if the gragons misunderstood, as the pitchers calimed to have about 240,000 customers I think. What they actually meant was they have 240,000 account holders who signed up to The Big Deal website to see what was available, but only 70,000 were ever tempted.
I have read reports on here that some people may have initially been tempted but ended the request durting the cooling off period. I've no idea of the 70,000 quoted includes or excludes people such as that.
Good math, but don't forget that they are doing just Energy for the time being. I read somewhere that they were planning to add Broadband, before the year is over, as well. Who knows with a couple more services, it could be a good investment ( and no I don't endorse them, I've got a package deal elsewhere lol).0 -
0
-
2013yearofthehouse wrote: »
I've no idea whether it is true or not.
But if there is any truth in the allegation made by the person who tweeted that "Henry is one of the key people being investigated by the police in the biggest electoral scandal in this country.", I'm sure that would have come to light when the Dragons get their teams to do their Due Diligence.
See earlier comments I made that not all deals you see on the programme come to fruition.
Did you see that twit(terer)'s profile that appears to admit themselves they:
They used to sayBrought to light the biggest electoral scandal of modern Britain. Got fired and outed for it.
"hell hath no fury like a woman scorned"
Good to see he adopts the current laws on sex discrimination too.
ETA: I note the time you made that post (1am) and can see you have at least one thanker who popped into MSE at or before 2.20am just to thank you for that post. Any relation?0 -
Skools_Out wrote: »I've no idea whether it is true or not.
But if there is any truth in the allegation made by the person who tweeted that "Henry is one of the key people being investigated by the police in the biggest electoral scandal in this country.", I'm sure that would have come to light when the Dragons get their teams to do their Due Diligence.
See earlier comments I made that not all deals you see on the programme come to fruition.
Did you see that twit(terer)'s profile that appears to admit themselves they:
They used to say
"hell hath no fury like a woman scorned"
Good to see he adopts the current laws on sex discrimination too.
ETA: I note the time you made that post (1am) and can see you have at least one thanker who popped into MSE at or before 2.20am just to thank you for that post. Any relation?
No, I don’t know anyone who uses MSE, as far as I’m aware anyway! I mostly stick to the competition boards and have not come across this member before, I don’t think, so no idea why they would randomly thank my post. I don’t even think it’s a thank-worthy post, as it’s just a question, it’s not helpful!
I had watched Dragon’s Den last night and usually have a quick look on each business online and on twitter afterwards to see what other people’s views are (and sometimes buy things or sign up etc.). Was a bit shocked by the twitter person’s claims (I thought since the dragons were mentioning/supporting the company on their personal accounts that that meant the deal had gone through by now (although maybe not?), so like you say I would have thought it would have fallen through already if the person’s allegations were true) and have used the energy section of MSE briefly in the past, so thought it a place to search for anyone with direct experience of the company (since this forum has a lot more people with plenty of experience with switching themselves and/or using comparison sites than on twitter in general) as I had not heard of them (or anything about the owners possible past) before and a lot of twitter comments seemed to be from people who had recently signed up (some of who seemed to have little experience with switching previously). So I was just looking here for opinions from more experienced switchers. I found your reply interesting, it really makes sense, especially about the big/small suppliers. I also agree about the woman scorned comment as it is unfortunately so often the case!
Apologies for the briefness of my post last night, if it seemed misleading, probably should have explained why I was asking (I was tired and posted it just before going to bed), but I wondered if someone here might know more from keeping more up to date with energy related company developments than I do. I should have just waited until later today to ask properly or just googled it instead!0 -
I emailed them and asked for a list of suppliers they can switch with they declined to provide a list they even said my current supplier is a comprasion site err no they supply my energy.
They even said in the email quote "please do not reply to this email again unless it requires another responce due to the high number of contact requests0 -
BedrockFred wrote: »I emailed them and asked for a list of suppliers they can switch with they declined to provide a list they even said my current supplier is a comprasion site err no they supply my energy.
A comparison site does not supply your energy - it acts as an intermediary and takes a payment /commission for introducing you to E.on or Bulb or whoever.
Who sends you you bills ?
if you are happy to use a comparison site and make your own judgements then a comparison site will give you more and better options than LAMB.Never pay on an estimated bill0 -
Blue_Smurf wrote: »You can only sign up to Look After My Bills if you give them your bank account details so they can set up a Direct Debit. No thanks.
Have you ever switched energy before using a comparison site?
Never worried about cashback such comparison sites may offer???
LAMB take your bank details so they can pass them on to the supplier they switch you to. They automatically select Direct Debit as the payment method for customers as suppliers often offer substantial discounts for paying by Direct Debit, so ensuring you’re getting the very best deals.
Even MSE suggests you should pay monthly by Direct Debit for the cheapest options usually.
Taking your direct details is exactly what all the big price comparison sites do. They never take any money themselves from your account - that is not what you give authority for. Your authority is for the energy supplier to take the money.
You will remain covered by the comprensive Direct Debit Guarantee that applies to all Direct Debit agreements.
Particularly where you wish someone else to 'Look After Your bills' giving banks details once enables them to switch you as you would expect, without having to refer back to you for your bank details each time.
.
N.B. The only exception is if you currently have a Prepayment meter installed, in which case LAMB only find you other deals paying by Prepayment Meter and will not ask for your bank details.0
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards