[News] Utility bills and fixing.

Leekbrookgull

Well-known member

Jul 14, 2005

16,350

Leek

• Jul 22, 2024

• #1

Taking the plunge today and fixed, i understand that the price cap is being raised in October and further three monthly reviews to follow and it's hard to see the actually price dropping. How do other NSC user's read the situation ?

 

Bozza

You can change this

Helpful Moderator

Jul 4, 2003

56,443

Back in Sussex

• Jul 22, 2024

• #2

We fixed a month or so back for the same reason as you.

 

Weststander

Well-known member

NSC Patron

Aug 25, 2011

67,190

Withdean area

• Jul 22, 2024

• #3

Same here, with Octopus recently.

When the last price cap change occurred, Martin Lewis discussed forecasts further ahead with Cornwall Insight. Reading between the lines of caveats, it seemed a no-brainer to fix now.

 

Bozza

You can change this

Helpful Moderator

Jul 4, 2003

56,443

Back in Sussex

• Jul 22, 2024

• #4

Cornwall Insights' most recent prediction for the price cap seems to be...

1st October: £1.723
1st January: similar to the above

It's currently £1,568.

 

Leekbrookgull

Well-known member

Jul 14, 2005

16,350

Leek

• Jul 23, 2024

• Thread starter
• #5

Well if the very minimum increase was just £50 a quarter that's 200 sovs per annum and any government plan to reduce fossil fuel use for a greener alternative will take years how ever well intended. Speaking with work colleagues or in a social environment there does seem to be a trend to fixing.

 

South Stand Bonfire

Who lit that match then?

NSC Patron

Jan 24, 2009

2,354

Shoreham-a-la-mer

• Jul 23, 2024

• #6

I’ve just changed this morning to a fixed 12 tariff with Octopus. The forecast change in my monthly bills is minimal at the moment but I’m hoping it will pay off once the cold weather kicks in during the Winter if the wholesale prices rise as predicted . Unless I have misread their T&Cs there’s a nil exit fee if I change within the 12 months anyway if they rates subsequently come down.

 

Uh_huh_him

Well-known member

Sep 28, 2011

11,525

• Jul 23, 2024

• #7

Just fixed for £2 per month more than I'm paying now plus £44 cashback on the switch.

 

Jim in the West

Well-known member

NSC Patron

Sep 13, 2003

4,873

Way out West

• Jul 23, 2024

• #8

South Stand Bonfire said:

I’ve just changed this morning to a fixed 12 tariff with Octopus. The forecast change in my monthly bills is minimal at the moment but I’m hoping it will pay off once the cold weather kicks in during the Winter if the wholesale prices rise as predicted . Unless I have misread their T&Cs there’s a nil exit fee if I change within the 12 months anyway if they rates subsequently come down.

Click to expand...

I thought Octopus had a £50 exit fee per fuel type…but that may have changed.

 

S

Since1982

Well-known member

Sep 30, 2006

1,560

Burgess Hill

• Jul 23, 2024

• #9

I'm about to fix with Octopus with a nil exit fee. Monthly payment will increase by 3% against a predicted 11% increase in October. Seems a no brainer unless I am missing something.

 

South Stand Bonfire

Who lit that match then?

NSC Patron

Jan 24, 2009

2,354

Shoreham-a-la-mer

• Jul 23, 2024

• #10

Jim in the West said:

I thought Octopus had a £50 exit fee per fuel type…but that may have changed.

Click to expand...

I couldn’t see one. I’m sure it said no exit fee but it was early this morning!

 

crodonilson

He/Him

Jan 17, 2005

13,892

Lyme Regis

• Jul 23, 2024

• #11

All the signs are pretty grim for the next 12 months I have seen. Increases in October and January and quite substantial ones at that, inflation now expected to start increasing again not helped by the increase in fuel costs and the possibility that central banks may now need to increase interest rates further into next year rather than starting to bring them down. If there is an opportunity to fix then I would definitely do so. We are lucky and are on a daily Octopus rate which still seems to be some 15-20% cheaper than the fuel cap rates.

 

V

virtual22

Well-known member

Nov 30, 2010

442

• Jul 23, 2024

• #12

Did the "should I fix now" calculator on the MSE website based on a tariff EDF offerered me and the result was, para-phrasing, you'd be an idiot not to fix! Signed up for a year with a £50 exit fee.

Think what you like about Martin Lewis, can't be denied the work he's done and his website is pretty amazing, he must have saved consumers millions over the years.

 

Slum_Wolf

Well-known member

May 3, 2021

707

• Jul 23, 2024

• #13

Since1982 said:

I'm about to fix with Octopus with a nil exit fee. Monthly payment will increase by 3% against a predicted 11% increase in October. Seems a no brainer unless I am missing something.

Click to expand...

Just fixed with Octopus and said £0 exit fee for both electric and gas. Monthly payment the same as I just round it up to the nearest £10...

 

LamieRobertson

Not awoke

Feb 3, 2008

47,789

SHOREHAM BY SEA

• Jul 23, 2024

• #14

Fixed about three weeks ago once the fix products reflected the July price cap

 

LamieRobertson

Not awoke

Feb 3, 2008

47,789

SHOREHAM BY SEA

• Jul 23, 2024

• #15

crodonilson said:

All the signs are pretty grim for the next 12 months I have seen. Increases in October and January and quite substantial ones at that, inflation now expected to start increasing again not helped by the increase in fuel costs and the possibility that central banks may now need to increase interest rates further into next year rather than starting to bring them down. If there is an opportunity to fix then I would definitely do so. We are lucky and are on a daily Octopus rate which still seems to be some 15-20% cheaper than the fuel cap rates.

Click to expand...

Mind me asking where you’ve read the bit about interest rates increasing…I’ve not seen that anywhere….though the much talked about reductions seem to have been delayed and delayed

 

S

Si Gull

Way Down South

Mar 18, 2008

4,524

On top of the world

• Jul 23, 2024

• #16

Just fixed with Octopus. Same monthly payment as current variable tariff with BG, so should save over the term assuming the cap rises and prices increase. 100% renewable electricity and get a £25 signing-on bonus!

 

S

Since1982

Well-known member

Sep 30, 2006

1,560

Burgess Hill

• Jul 23, 2024

• #17

virtual22 said:

Did the "should I fix now" calculator on the MSE website based on a tariff EDF offerered me and the result was, para-phrasing, you'd be an idiot not to fix! Signed up for a year with a £50 exit fee.

Think what you like about Martin Lewis, can't be denied the work he's done and his website is pretty amazing, he must have saved consumers millions over the years.

Click to expand...

Around 20 years plus ago I was involved in the launch of a new insurance brand called More Than (my career was all rock and roll). We took a table at an awards dinner but were struggling to attract journos to join us, they wanted to be entertained by all the bigger well known brands, we were still new and owned by a failing parent company. Our PR firm suggested an up and coming fella called Martin Lewis and I had the pleasure of sitting next to him for evening. A lovely, humble bloke who thought then that his MSE proposition might last another 5 or 10 years. A brain the size of a planet as well.