Gas & Electricity

Bill Walker said:
That is huge ffs.
A lot of struggling to pay that.
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Fucking hell - that's a £650 increase on what they were predicting only last week. I did say after the previous prediction that it wouldn't surprise me if they get revised upwards but I wasn't expecting the forecast to go up as much as that or even as soon as that. Can see this January forecast hitting £5000 per annum at this rate
 
Bill Walker said:
That is huge ffs.
A lot of struggling to pay that.
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A lot are struggling to pay NOW, that's before the large increase in October and then the extra increase in January.

We are lucky in that we reluctantly accepted a £272 per month fix last month.
We won't pay that because we are determined to cut down on gas use by about 10-20% this winter and the £236 we pay per month should be enough (especially with the £400 from the Government).

I really feel for young families.
 
RobMCFC said:
A lot are struggling to pay NOW, that's before the large increase in October and then the extra increase in January.

We are lucky in that we reluctantly accepted a £272 per month fix last month.
We won't pay that because we are determined to cut down on gas use by about 10-20% this winter and the £236 we pay per month should be enough (especially with the £400 from the Government).

I really feel for young families.
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Yep. And many of those who aren't feeling it just yet will definitely feel it from October onwards. Obviously, the poorest households will feel the brunt of this the most and they're the ones who will need the most help but this is going to impact a lot of people who are quite well off too.

That fix you accepted is looking like a wiser decision with each passing day. I'm now nearly 11 months into a 2 year fix with EDF so on a cracking deal for now but I'm only overpaying by approx £35 a month. I'm going to get in touch with them and increase those overpayments to about £100 a month. Theoretically, with the credit I've built up so far, that should give me around £1300-£1400 credit when my fix ends on September 30th next year and they shove me onto their Standard Variable Rate so will help take some of the sting out of the inevitable huge increase in my tariff.
 
M18CTID said:
Yep. And many of those who aren't feeling it just yet will definitely feel it from October onwards. Obviously, the poorest households will feel the brunt of this the most and they're the ones who will need the most help but this is going to impact a lot of people who are quite well off too.

That fix you accepted is looking like a wiser decision with each passing day. I'm now nearly 11 months into a 2 year fix with EDF so on a cracking deal for now but I'm only overpaying by approx £35 a month. I'm going to get in touch with them and increase those overpayments to about £100 a month. Theoretically, with the credit I've built up so far, that should give me around £1300-£1400 credit when my fix ends on September 30th next year and they shove me onto their Standard Variable Rate so will help take some of the sting out of the inevitable huge increase in my tariff.
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I wonder whether they'll let you do that.

I'm with EDF and when the raised my price from £200 to £236 a few months ago, I was £188 in credit at the time and they paid the credit directly into my bank account! Seemed a bit mad to raise the price and refund me at the same time.
 
M18CTID said:
Yep. And many of those who aren't feeling it just yet will definitely feel it from October onwards. Obviously, the poorest households will feel the brunt of this the most and they're the ones who will need the most help but this is going to impact a lot of people who are quite well off too.

That fix you accepted is looking like a wiser decision with each passing day. I'm now nearly 11 months into a 2 year fix with EDF so on a cracking deal for now but I'm only overpaying by approx £35 a month. I'm going to get in touch with them and increase those overpayments to about £100 a month. Theoretically, with the credit I've built up so far, that should give me around £1300-£1400 credit when my fix ends on September 30th next year and they shove me onto their Standard Variable Rate so will help take some of the sting out of the inevitable huge increase in my tariff.
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Wouldn’t you be better off sticking the money in a bank account and get a bit of interest rather than overpaying ? “Yarkshire” Building society are offering 5% for one year and you can put in up to £500 per month. Doing that you would make £300 interest. Then just before your 24 months is up bung in a single overpayment of a grand or so.
Better you making money rather than the Energy company.
 
Kompany Car said:
Wouldn’t you be better off sticking the money in a bank account and get a bit of interest rather than overpaying ? “Yarkshire” Building society are offering 5% for one year and you can put in up to £500 per month. Doing that you would make £300 interest. Then just before your 24 months is up bung in a single overpayment of a grand or so.
Better you making money rather than the Energy company.
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Wouldn’t you get £161 interest on that? You’d only get 5% on the first £500 payment.
 
Kompany Car said:
Wouldn’t you be better off sticking the money in a bank account and get a bit of interest rather than overpaying ? “Yarkshire” Building society are offering 5% for one year and you can put in up to £500 per month. Doing that you would make £300 interest. Then just before your 24 months is up bung in a single overpayment of a grand or so.
Better you making money rather than the Energy company.
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£162 interest on 12 payments of £500 at 5%
 
RobMCFC said:
I wonder whether they'll let you do that.

I'm with EDF and when the raised my price from £200 to £236 a few months ago, I was £188 in credit at the time and they paid the credit directly into my bank account! Seemed a bit mad to raise the price and refund me at the same time.
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Same with us earlier this year. We came off a fixed tariff in May and I contacted them in June about increasing the direct debit. They told me the direct debit wasn’t due to be reviewed until Feb 2023!!
Just had an email to say they are now putting our payments up £100 to £230. Left hand and right hand come to mind!
 
Gray said:
Think the Covid outbreak and the war in Ukraine didn't help matters. We knew leaving the EC would take time to adjust to. An absolute shit storm of things that no government could have predicted.
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they could have predicted the shit storm caused by imposing trade sanctions on ourselves rather than telling lies about how great it would be.
 
Kompany Car said:
Yes you are right, brain isn’t working today. But either way it’s still free money rather than giving it to the energy company.
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I’m currently sat in a near £500 credit with EDF and whilst I know it will soon get swallowed up by rises, it’s pissing me off that they are using our money as cash flow.

£Billions being sat on when we are all struggling
 
Kompany Car said:
Wouldn’t you be better off sticking the money in a bank account and get a bit of interest rather than overpaying ? “Yarkshire” Building society are offering 5% for one year and you can put in up to £500 per month. Doing that you would make £300 interest. Then just before your 24 months is up bung in a single overpayment of a grand or so.
Better you making money rather than the Energy company.
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Yeah, that's an option. I wasn't aware that any banks were offering anything like that at the moment
 
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