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Gas/electricity switch?

(19 Posts)
LaTrucha Wed 06-Aug-08 16:39:10

Can anyone explain this to me?

I am interested in fixing our gas and electricity prices until next year. I've gone on the Guardian's price comparison site and they've suggested two options. However, when I compare the price per KWH etc the deals they suggested seem to be more expensive than the one I have now, which does not make sense to me.

Am I missing something? Feeling thick...

seb1 Wed 06-Aug-08 16:42:17

Martin says don't at the moment

singyswife Wed 06-Aug-08 16:43:28

The KWH price is going to rise by 30% or so. So basically what you are paying now will rise by 30% but the price you are being quoted to freeze your prices is a lot lower than this. Okay so you seem to be paying more initially but once the increases take hold your monthly outgoings will be less than most people (Does that make it as clear as mud)

Basically it you will only notice a difference once the prices rise and you see what you could be paying. I have frozen my prices untill Oct 09 but am noit tied in so if the prices dont rise I can change back again to the cheaper tarrif.

LaTrucha Wed 06-Aug-08 16:57:39

Thanks Seb - all very confusing!

Singy - Can you tell me who didn't charge you a lock-in? I can only find ones who do.

singyswife Wed 06-Aug-08 17:03:34

Im with EON.

lulumama Wed 06-Aug-08 17:06:40

am currently with british gas and got a letter yesterday saying i could fix until 2011. so i have. seems like the best thing to do. already fixed electric last year

LaTrucha Wed 06-Aug-08 17:07:53

I saw that British Gas deal. I wasn't sure about keeping it until 2011. Maybe I'm too much of an optimist!

lulumama Wed 06-Aug-08 17:08:43

i have also fixed my mortgage for another 3 years. this credit crunch and price rising malarkey is here for a good long while.

singyswife Wed 06-Aug-08 17:09:32

I would like to add having just read the Martin Lewis link that I locked mine in before this date so maybe the deal I was given isnt on any more.

singyswife Wed 06-Aug-08 17:10:15

I read somewhere that they though the price rises and credit crunch thingy would last until 2011. Scarey stuff.

vitomum Wed 06-Aug-08 17:15:17

i just capped with EDF. its only very slightly less than the post rise british gas prices. but i'm thinking it may prove to have been worth it if there is another round of hikes in january. its a £50 cancelaation if you leave pre oct 09.

but then martin is now saying not too. my head is fried with it....

SlartyBartFast Wed 06-Aug-08 17:17:18

mine too, dont really understand why he says no, but he definately says not.

singyswife Wed 06-Aug-08 17:18:27

I personally think that so you know where you are money wise it is a good idea to cap it otherwise you dont know where you will be with your monthly bill do you:????? I might add that I am a TOTAL stress head when it comes to money and this is just what I had to do. My mortgage is also capped for 10 years so that I know where I am monthly there too.

Jbck Wed 06-Aug-08 17:19:42

Lulumama do you mind if I ask where you got your 3 year deal & what your fixed rate is? Our current deal ends in November so we're starting to look just now but I'm scared to look at the fees etc.

We're currently with Nationwide on a tracker, this happened to us before in our last house and our rate went up about 2.5% and we had to pay about £900 for the blinking privilege

SlartyBartFast Wed 06-Aug-08 17:21:46

i am pretty confident all gas companies are the same tbh.
uswitch suggested powergen a few years ago - and i changed - but a year later they werent the cheapest any longer.

lulumama Wed 06-Aug-08 17:25:07

got it through an IFA with abbey national, it is 5.99 % , which is 1 % higher than what we were paying before. there were few deals out there, compared to the last few times we have changed. fees added on to the mortgage

Jbck Wed 06-Aug-08 17:28:04

Cheers LM scuttles off to look at Abbey.

seb1 Wed 06-Aug-08 17:33:35

Martin explains here

vitomum Wed 06-Aug-08 17:39:33

isn't martin essentially suggesting to gamble on not all companies coming into line with british gas, EDF etc? Also, there are already another round of increases forcast for january - so surely by then the likes of BG's capped to 2011 thingumy might actually be a good deal

<desperately seeks assurances that has done right thing for once!>

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