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Original poster

Am I missing something here? Octopus energy.

103 replies

Bagelsandbrie · 16/03/2022 20:23

We are with octopus and our fixed rate ends soon. They’ve sent us an email with options. Obviously like everyone else I am dreading the hike in energy prices and want to do the best thing in terms of variable / fixed rate.

But they’ve sent me this … pic attached. Why would anyone choose to fix at those prices? I understand the variable rate may go up but is it really likely to go higher than the horrendous fixed rate options?

I’m best just to stick with variable, aren’t I?

Am I missing something here? Octopus energy.
OP posts:
Thread gallery
6
dementedpixie · 16/03/2022 21:33

I have had my new April rates sent to me by Octopus (I know it depends on area but prices should be broadly similar). I am sticking with the flexible rate rather than taking a fixed option

Am I missing something here? Octopus energy.
Am I missing something here? Octopus energy.
dementedpixie · 16/03/2022 21:34

If OPs fixed rate is ending before April then of course they won't be showing her the April rates for comparison.

GrunkleStan · 16/03/2022 21:34

I've had a similar email, and I've opted to stick with variable.

Interested in this thread?

Then you might like threads about these subjects:

Cost of living General money
ancientgran · 16/03/2022 21:35

@MindfulMarch

I hate the way they show the DD amount & not the rates!

Is Martin Lewis STILL saying not to fix?

I decided to fix mine a few weeks ago because with 2 potential price cap rises, I can't see it being cheaper to stay on the variable rates. I just can't.

Mine is more expensive than the rate I've just come off (obviously), but I know I can afford it at this fix. I'd rather have the reassurance.

I've fixed as well but it was a few weeks ago so I expect it has gone up since. Mine is fixed for 14 months and I don't want to be worrying about what is going to happen in October.

I don't have to pay an exit fee so if by some miracle prices come down I'll just switch.

FrangipaniBlue · 16/03/2022 21:37

I'm with Eon and their current fixed rates are higher than the variable.

From 1 April the variable is going up to the cap..... which is what the fixed rate is so they are both going to be the same!

PurpleThursdays · 16/03/2022 21:38

I wish I'd have shopped around for a few months ago. I was fixed with Octopus but like a mug I forgot they had no exit fees so I wish I'd have shopped around and got a fix til next year when the prices weren't as bad.

dementedpixie · 16/03/2022 21:40

I'm sorry but I'm just not going to pay the prices offered on the 10 month fixed rate

Am I missing something here? Octopus energy.
PurpleThursdays · 16/03/2022 21:43

Ridiculous prices aren't they? More than 4k on energy. What planet are these people on?

alwaysmovingforwards · 16/03/2022 21:44

Sticking with variable 🤞
The energy companies are hedging their bets with the fixed deals.. they don’t expect many to take it.
Some aren’t offering a fixed option at all currently.

Original poster
Bagelsandbrie · 16/03/2022 21:46

@PurpleThursdays

I'm with octopus and have just come off my fix yesterday. I have the prices for the new april tariff which I'll attach below.

Funnily I rang Octopus today to make some enquiries and it turns out they've already put me on April's prices even though it's still march. And my DD will now be 200 pm upfront from 98.60

Hate to alarm you OP, but the prices in that email aren't the april rates.

I know they’re not the April rates, that’s what I’m trying to work out - whether the April variable rates will be as high as the fixed rates offered, or higher. How does anyone know?
OP posts:
Original poster
Bagelsandbrie · 16/03/2022 21:47

@PurpleThursdays

Ridiculous prices aren't they? More than 4k on energy. What planet are these people on?
No idea. I’m so stressed with it all. We already use as little as we can. We get the warm home discount. (Ds and I are disabled, we’re a low income family). There’s nothing to cut back on. We’re going to be absolutely fucked to put it bluntly.
OP posts:
PurpleThursdays · 16/03/2022 21:51

For context I got offered a 10 month fix with Octopus for 285 pm.

When I called them up, they told me their variable rate over the phone (the same as I have attached in the pic) and they said they would DD 200 pm.

Obviously that will likely change in october. But for the time being OP, they fixed rate is substantially higher than the standard variable.

frostedfruit · 16/03/2022 21:51

Ive just see this. Martin Lewis urgently changed his advice today as the October price cap going to be bigger than previously thought. Might be best to fix if your offer is within the percentages suggested . . .

Am I missing something here? Octopus energy.
Original poster
Bagelsandbrie · 16/03/2022 21:54

@frostedfruit

Ive just see this. Martin Lewis urgently changed his advice today as the October price cap going to be bigger than previously thought. Might be best to fix if your offer is within the percentages suggested . . .
My brain is just fuddled with it all.

We literally can’t afford to pay the prices quoted. And we can’t reduce anything we do / pay elsewhere.

What a mess it all is.

OP posts:
PurpleThursdays · 16/03/2022 21:55

Op when did Octopus send you that email?

I got one at the end of Jan and the prices were much cheaper then. If you log on to Octopus website or app, they should say what their current fixes are.

Noseylittlemoo · 16/03/2022 21:55

I had a similar situation - also with Octopus. I was on a fixed Tarriff which ended in Dec and was paying £53 per month. The "deals" they offered were £151 or £169. I spent ages doing calculations and worked out that based on previous years usage my monthly usage would average around £115 per month so I did nothing.
The deals they offered me in Dec have both now gone up to over £200 per month !
Feb usage was £135 which I think will be the most expensive month so I'm also going to risk doing nothing for the time being 🤞

ancientgran · 16/03/2022 21:56

@frostedfruit

Ive just see this. Martin Lewis urgently changed his advice today as the October price cap going to be bigger than previously thought. Might be best to fix if your offer is within the percentages suggested . . .
It is frightening isn't it. I was worried I'd done the wrong thing fixing but I think it was the right thing to do. It is all such a gamble.
Original poster
Bagelsandbrie · 16/03/2022 21:56

@PurpleThursdays

Op when did Octopus send you that email?

I got one at the end of Jan and the prices were much cheaper then. If you log on to Octopus website or app, they should say what their current fixes are.

I’ve just done that and the fixes are practically identical to those in my email. I can’t remember when I got that email but maybe a couple of weeks ago.
OP posts:
dementedpixie · 16/03/2022 21:58

@Bagelsandbrie people have already posted the April rates for Octopus. They are likely to be much lower than the fixed rates offered

Original poster
Bagelsandbrie · 16/03/2022 22:00

[quote dementedpixie]@Bagelsandbrie people have already posted the April rates for Octopus. They are likely to be much lower than the fixed rates offered[/quote]
Just seen them. Sorry I’m in a bit of a panic mode at the moment….!

OP posts:
PurpleThursdays · 16/03/2022 22:00

I'd hate to give dud advice but the SVR is cheaper than the fixed and that's what made me opt for that.

dementedpixie · 16/03/2022 22:03

This was posted earlier. They are much lower than the fixed rates I have been offered

Am I missing something here? Octopus energy.
Original poster
Bagelsandbrie · 16/03/2022 22:04

@dementedpixie

This was posted earlier. They are much lower than the fixed rates I have been offered
So are these rates going to hold for a while does anyone think? Or are they likely to go up and up…?
OP posts:
dementedpixie · 16/03/2022 22:10

The price cap will be reviewed and probably increased in October. From April to October it will act as a short term fixed rate

LethargeMarg · 16/03/2022 22:10

Sorry not totally relevant but I have just fixed with eon. It's annoying really as I'm in credit and not nconvinved even with rises that coming out of winter we'll be using the fixed but can always claim a refund if we are overpaying ? Eon are usually v good with that if you're in credit . My fixed is an extra £100 a month 😱but the only positive is