[News] Energy bills to top £4200 at the start of next year

[Bozza]

I'm hoping it's just scaremongering, but there seems to be some doubt as to whether the Government will go through with paying the cost of living payments they had promised, as the new deal will supersede the original proposals and payments.

While the freeze at £2500 is welcome news (sort of), it is still a potential further increase in people's energy costs of another £500 a year, that will be very difficult for some, particularly those on fixed incomes, to find.

It may be that they "cap the cap" across the board for everyone, and then look to provide additional support to those most in need via the existing benefits system.

 

[darkwolf666]

It may be that they "cap the cap" across the board for everyone, and then look to provide additional support to those most in need via the existing benefits system.

You may very well be right, the problem is those that can least afford to pay often have the highest level of stress and worry over these sort of things. This is stress and worry that is further exacerbated by uncertainty. Hopefully tomorrow will bring further positive information, though I am guessing there may be more questions then answers after!

 

[Weststander]

You may very well be right, the problem is those that can least afford to pay often have the highest level of stress and worry over these sort of things. This is stress and worry that is further exacerbated by uncertainty. Hopefully tomorrow will bring further positive information, though I am guessing there may be more questions then answers after!

At 13:09:
https://www.bbc.co.uk/sounds/play/live:bbc_radio_five_live

Martin Lewis confirmed that everyone will still get the £400, making the price cap average annual cost £2,100.

 

[KZNSeagull]

Am getting rather fed up with policies being briefed before they are announced. Whilst it is good to know that they are about to do something, the devil is in the detail which will only be produced when the announcement comes. It is very annoying.

 

[beorhthelm]

Am getting rather fed up with policies being briefed before they are announced. Whilst it is good to know that they are about to do something, the devil is in the detail which will only be produced when the announcement comes. It is very annoying.

and once announced, they are bound to be tweaked and altered in response to "feedback". then probably need to go through as a bill, mini budget or wait for the actual budget to finalise.

 

[Weststander]

Am getting rather fed up with policies being briefed before they are announced. Whilst it is good to know that they are about to do something, the devil is in the detail which will only be produced when the announcement comes. It is very annoying.

Well, you've had since May 1997 to get very used to it.
https://www.theguardian.com/media/2007/jun/13/politicsandthemedia.pressandpublishing

 

[Weststander]

and once announced, they are bound to be tweaked and altered in response to "feedback". then probably need to go through as a bill, mini budget or wait for the actual budget to finalise.

Using the population as a focus group.

 

[darkwolf666]

At 13:09:
https://www.bbc.co.uk/sounds/play/live:bbc_radio_five_live

Martin Lewis confirmed that everyone will still get the £400, making the price cap average annual cost £2,100.

I was fairly confident the £400 for all was safe, I was more interested personally, what they would do with the 2nd installment of the £650 for those on certain benefits and the £150 for those on PIP or DLA?

It was Martin Lewis who raised the idea these additional payments might not be a given...

 

[Weststander]

I was fairly confident the £400 for all was safe, I was more interested personally, what they would do with the 2nd installment of the £650 for those on certain benefits and the £150 for those on PIP or DLA?

It was Martin Lewis who raised the idea these additional payments might not be a given...

During that hour he briefly touched on everything and there was no bad news like that.



If that's true that he guessed the £650 would be taken away and publicised it, that's not his finest hour. Why spread to worry folk when he's not got a direct line to government/Whitehall?

[I rate him btw].

 

[darkwolf666]

During that hour he briefly touched on everything and there was no bad news like that.



If that's true that he guessed the £650 would be taken away and publicised it, that's not his finest hour. Why spread to worry folk when he's not got a direct line to government/Whitehall?

[I rate him btw].

To be fair to him he didn't say it would be taken away, just he couldn't guarantee it would still be paid.

Think he was trying to cover all bases.

 

[Weststander]

To be fair to him he didn't say it would be taken away, just he couldn't guarantee it would still be paid.

Think he was trying to cover all bases.

He said on R5 that he's now got people accusing him of wrongly persuading them to go to expensive fixed price contracts

I watched and listened to tons of his stuff over the last 7 months, he never gave that advice.

Just a mention that as a personal decision you could look at it, always given with a long list of caveats.

 

[darkwolf666]

He said on R5 that he's now got people accusing him of wrongly persuading them to go to expensive fixed price contracts

I watched and listened to tons of his stuff over the last 7 months, he never gave that advice.

Just a mention that as a personal decision you could look at it, always given with a long list of caveats.

Agree, I've not seen him recommend fixed price since pre August 2021, when he was telling everyone to revert to standard tarrifs as deals ran out.

 

[LamieRobertson]

Consumer rights campaigner Martin Lewis has called for energy companies to allow customers to leave fixed-rate deals without paying an exit penalty.

The Money Saving Expert founder told BBC Radio 4’s Today programme that allowing customers to escape expensive fixed rates with no penalty would be the “bare minimum” energy providers could do.

 

[Shropshire Seagull]

OVO energy crooks - or shysters at the very least. Although I am in credit with my DDs at the moment, they think I'll be £1200 in debit in 12 months time. To save me from falling into debt, they will kindly increase my DD by £100, almost doubling my monthly payments. Click here if you agree. If you don't click here, we'll do it anywaay. Hmmmm .

Now for the good bits. If I don't want my DD to increase, I can pay off the debt they think I will incur in 12 month's time by paying it off in full NOW! You can go on-line and adjust the DD yourself ..................... but surprise, surprise, the system only lets you pay more than they've decided they want, but not a penny less! I guess they're scrambling to get as much in before everybody finds out exactly what restrictions the government imposes - if the government imposes a moratorium on price rises for a period, they'll be desperate to get their price rise in first I guess - hence it's going to be done in ten days.

I was with OVO a few years back and pleasantly surprised to learn that they were paying me 3% interest on credit balances [at the time best savings available was under 1%]

I deliberately started to overpay to build up a "savings credit" - within a few months they paid me back [via reverse DD] the sizable credit balance on my account.

No idea if they still do this, but if they do, cash in with overpayments ...
So, from my experience, very much NOT crooks

 

[GT49er]

I was with OVO a few years back and pleasantly surprised to learn that they were paying me 3% interest on credit balances [at the time best savings available was under 1%]

I deliberately started to overpay to build up a "savings credit" - within a few months they paid me back [via reverse DD] the sizable credit balance on my account.

No idea if they still do this, but if they do, cash in with overpayments ...
So, from my experience, very much NOT crooks

Interesting. If they still are, they ain't shouting about it! Mind you, a few years back I was get more than 0.1% (or whatever tiny percentage it now is) on my ISA!

 

[Weststander]

Consumer rights campaigner Martin Lewis has called for energy companies to allow customers to leave fixed-rate deals without paying an exit penalty.

The Money Saving Expert founder told BBC Radio 4’s Today programme that allowing customers to escape expensive fixed rates with no penalty would be the “bare minimum” energy providers could do.

Yesterday, he effectively broke those customers down into three categories:

- Only recently signed a fixed rate contract and in the cooling-off period - pull out asap, no damage done.
- Many only face an exit penalty of £30 or £60 - ditto, pull out now.
- The rest - he felt for PR reasons, those energy suppliers will relent and make it cheap to exit.

 

[schmunk]

I was with OVO a few years back and pleasantly surprised to learn that they were paying me 3% interest on credit balances [at the time best savings available was under 1%]

Interesting. If they still are, they ain't shouting about it! Mind you, a few years back I was get more than 0.1% (or whatever tiny percentage it now is) on my ISA!

Yes - I'm with OVO and they still are. As I've been with them longer (due to energy cap), mine's now up to 4% on the ca. £400 I'm in credit.

 

[nicko31]

Well the Truss plan is out.

First the good...

Much needed £2500 cap to help out people that can't afford the high bills
6 month support for businesses exposed to uncapped energy bills
Shell & BP shares up today if you own them

The bad

Support for people that basically need no help at all
No support defined for business past 6 months
More public debt of circa £200B and days of really cheap money are over. UK government exposure unlimited....
Fossil fuel profits left alone, fill ya boots. No windfall tax
Fracking ban lifted, more UK oil exploration licences - zero impact on energy prices
No proper clean energy plan / insulation plan
Northern Ireland hung out to dry

 

[GT49er]

Yes - I'm with OVO and they still are. As I've been with them longer (due to energy cap), mine's now up to 4% on the ca. £400 I'm in credit.

Thank you both - I will check it also applies to clients who were not with OVO originally, but with one of the companies they took over. I may then think about clearing that debt I haven't yet incurred in advance with a one off payment.

 

[beorhthelm]

doesnt sound like much meat on the bone announced today, broad outline of a price fix, different numbers are reported.
more important medium term is market reform which should keep prices down, avoid the obsurdities of renewables pricing, and probably align with price limits being discussed by EU.