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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To say thank f I didn't listen to Martin Lewis.

221 replies

Pp032 · 02/03/2022 11:53

Back in September/October when the energy price increase was looking like it would happen, all I kept hearing was stay on variable, DO NOT FIX etc. Anyway I fixed at 4.4p for gas and 7.2p for electricity until Dec 23. Standing charge circa 35p for both. I have just looked up what the prices are now and my deal is far far cheaper than anything I could find this morning. I like Martin Lewis but bloody pleased I didn't stay on the svr.

OP posts:
Marmite27 · 02/03/2022 11:54

And how is that supposed to help anyone else?

Ambushedbycakeinmydreams · 02/03/2022 11:54

Good for you, only wish I'd done the same!

Original poster
Pp032 · 02/03/2022 11:56

I just think the whole stick to SVR was the wrong advice for some people.

OP posts:
House2022 · 02/03/2022 11:57

Good for you but I guess no one can predict the future, not even Martin Lewis!

ilovesooty · 02/03/2022 11:59

Thank you for sharing. I'm sure many people will have found your post a great comfort if they're struggling with their energy bills.

user1471530109 · 02/03/2022 11:59

I agree OP. I did the same and lots on here said it was the wrong decision. I was worried I'd messed up.

It's probably not fair to point this out when people are struggling with bills. It's too late now.

DetailMouse · 02/03/2022 11:59

Have you worked out if you're better off overall? You'll have overpaid for the period from when your new fix started until 1 April.

Original poster
Pp032 · 02/03/2022 12:00

I'm a singe parent working full time and I struggle with s massively. I'd have been further up the creek if I'd have stuck the the svr like I as told to do.

OP posts:
ThatDreamSheep · 02/03/2022 12:01

Can i ask because I feel very niave about a lot of things.. I just check my tariff. We are an electricity only household and on a fixed tariff of 19.24p per kWh until March 23. When the government increases energy costs will my bills increase?

FourTeaFallOut · 02/03/2022 12:01

7.2p for electricity, are you sure?

SeasonFinale · 02/03/2022 12:01

But when you come off your deal in December 23 you will be subject to the April uplift of circa 54% and then the October one predicted ti be a further 24%.

Those who stayed on the svr or were forced on to svr because companies went bust have had offers this week which will protect against the October uplift. So it's swings and roundabouts really.

Ambushedbycakeinmydreams · 02/03/2022 12:01

Thank you for sharing. I'm sure many people will have found your post a great comfort if they're struggling with their energy bills.

Oh come on, it's just a point of discussion.

MangoBiscuit · 02/03/2022 12:03

@FourTeaFallOut

7.2p for electricity, are you sure?
Exactly what I thought.
ImAvingOops · 02/03/2022 12:04

I'm really scared about my electricity bill. Have no gas, only electricity and on economy 7 which is bloody awful.

Original poster
Pp032 · 02/03/2022 12:04

Yes because my fiix wasn't much more than I was paying before. My quarterly duel fuel bill increased by £62 which I don't think is too bad.

OP posts:
ilovesooty · 02/03/2022 12:04

@Ambushedbycakeinmydreams

Thank you for sharing. I'm sure many people will have found your post a great comfort if they're struggling with their energy bills.

Oh come on, it's just a point of discussion.

So it might be, but it's insensitive nonetheless, particularly in its tone.

The OP knows this as she chose to name change.

ThroughThickAndThin01 · 02/03/2022 12:05

Thank you for posting that op. Martin Lewis is seen as little less than a god so it’s useful to point out he doesn’t always get it right.

Original poster
Pp032 · 02/03/2022 12:05

Sorry that was a typo. My electricity is 22p

OP posts:
MorningStarling · 02/03/2022 12:07

Yes it was piss poor advice from Martin Lewis. Hopefully it will teach people that "experts" might have more knowledge on a subject than most, but they cannot predict the future 100%.

Have you worked out if you're better off overall? You'll have overpaid for the period from when your new fix started until 1 April.
Most people who fixed late last summer would be better off overall I think. I fixed then, I was paying substantially more than the variable rate initially (I fixed a little before the Oct increase), slightly more than the variable rate for the period Oct21-Apr22, and will be substantially less from 1st April. The few weeks of paying over the odds before the October increase were worth it overall, yes I'm slightly behind at the moment but I will be laughing come April. (Well, not laughing, but not as miserable as I would have been on the variable rate.)

My fix is until Oct 2023, and it seems unlikely that the Oct22 or Apr23 variable rates will drop significantly. If they do plummet I can always get out of my fixed price contract for £30 per fuel.

Realistically I think it's still worth considering fixing now, even though you'll be losing out to begin with, because with war coming prices can only continue to rise.

ClaudiaWankleman · 02/03/2022 12:09

He's an independent advisor who makes good estimates of what might happen and translates that into actions for people who don't understand how things work or don't have the time to go through all the information.

ML is very useful but he doesn't actually make any policy decisions and he doesn't have any more information available to him than is publicly available. None of us in September could look forward to now and guess what would be going on. His advice was sensible at the time but is now outdated.

TempleBlossom · 02/03/2022 12:09

@Pp032

Back in September/October when the energy price increase was looking like it would happen, all I kept hearing was stay on variable, DO NOT FIX etc. Anyway I fixed at 4.4p for gas and 7.2p for electricity until Dec 23. Standing charge circa 35p for both. I have just looked up what the prices are now and my deal is far far cheaper than anything I could find this morning. I like Martin Lewis but bloody pleased I didn't stay on the svr.
He didnt say dont fix until this year.
Comefromaway · 02/03/2022 12:09

Martin Lewis was telling people to fix last September. It was after October that he was advising not to and that came with a caveat that for some people, fixing would be the better option, just not for most.

My fixed rate ended on 1st October (my previous supplier had gone bust) and for me to fix back then I'd have been paying twice the price than the standard variable with energy cap.

Ambushedbycakeinmydreams · 02/03/2022 12:10

@ Ilovesooty

I can't find where you picked up OP had NC?

DetailMouse · 02/03/2022 12:11

Yes, this is my recollection too. It's more recently that he's been advising against, since the new fixed rates have reflected the increased price cap.

Sirzy · 02/03/2022 12:13

When things started to spiral he said for most people fixing wasn’t going to be the best long term. On that he was right. He was also very clear that their will be exceptions to that.

Nobody knows what’s going to happen, but he is in a better position than most of us to make an informed guess which will help many people.

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