Fixed rate energy plans

Exactly Karma I’ve actually never known anyone have a payment taken from their credit balance and definitely not without permission. The Bank says they didn’t make any approach at all, so it’s not as if the new payment amount was refused by then. I quite/fairly hopeful it will be sorted and they’ve said they will ensure my credit rating is reinstated because of their mistake.

Georgesgran, I know nothing about credit ratings. Something definitely went wrong ie between one system and another in octopus. That needs sorting by octopus and they need to correct your credit rating.

They made an assumption ie that you would want a payment taken from your accrued credit. That can be a starting point ie you never gave permission nor asked for that. Try and correspond by e mail rather than phone calls, you may need that paper trail so keep copies

If someone called Ben writes to you, deal with him, he was very good

Georgesgran

Thanks Karma - yes, I’ve got a ‘name’.
I, too, am well ahead in credit, so in their infinite wisdom, (?) Octopus took my payment from my credit, which then created a missed payment on my credit rating! I’m annoyed to say the least.

Octopus bills are a mystery to me very irregular , however customer service is good by email and confusions are sorted quickly.
I chose a fixed rate with a £75 exit charge if prices fall, we cannot predict future prices, nor can Octopus, while Ukraine remains unresolved I can’t see why prices will crash.

Thanks Karma - yes, I’ve got a ‘name’.
I, too, am well ahead in credit, so in their infinite wisdom, (?) Octopus took my payment from my credit, which then created a missed payment on my credit rating! I’m annoyed to say the least.

For anyone still confused by all of this, it is worth watching Martin Lewis's video from 1 July about pros and cons of fixing in the light of the Energy Price Cap rather than the Energy Price Guarantee now setting the maximum of what customers will pay. Obviously, prices have come down again this month so some tweaking of numbers is necessary but the same principles apply.

www.moneysavingexpert.com/utilities/energy-price-guarantee-need-to-knows/

I've just taken fixed 2 year plan with EON and they have a 25% reduction for the next 4 months.. I'm not sure if that is a government initiative.. I think prices will go up next year

Georgesgran. Make sure that you correspond with a named person. They were so efficient when I had trouble after getting smart meters.

I already upped my payment per month, so I have enough in reserve for at least the start of winter, the new bigger increased one is coming out on 16th october. I did increase slightly just 2 months ago but will need to pay a fair bit more from 5th november so am starting early

I’ve taken Loyal Octopus 12 to Karma but they failed to take my payment last month and my credit rating has plummeted!
Obviously, I’m in their complaints procedure.

This coming from Reuters in worrying.

www.reuters.com/business/energy/chevron-reneged-commitment-given-australias-industrial-tribunal-union-says-2023-10-05/

SYDNEY, Oct 5 (Reuters) - Efforts to finalise a pact that ended strikes at Chevron's two Australian liquefied natural gas (LNG) plants stumbled on Thursday, when workers voted to restart stoppages after unions accused the U.S. energy major of reneging on commitments.

This follows on from:

www.fitchratings.com/research/corporate-finance/australian-lng-strikes-to-temporarily-affect-european-gas-prices-12-09-2023

Chevron’s Gorgon and Wheatstone facilities in Australia represent about 7% of global LNG supply and sell predominantly to Asian markets. However, if supply from Australia is reduced, Asian buyers could turn to other LNG suppliers, competing with Europe, for the duration of strikes. This is spurring temporary spot price volatility in the European gas market. Workers at Chevron’s Australian LNG facilities started a partial strike that could evolve into a full two-week strike from September 14 if the parties do not reach an agreement.

Workers called off major strikes in late September after unions and Chevron accepted proposals on pay and conditions proposed by the country's industrial arbitrator, the Fair Work Commission (FWC).

My present 2 year fix with octopus finishes early november. I have been offered the 1 year loyal octopus fix for 12 months and have taken that one. The new standing charge on all accounts is now very high and no avoiding that whether fixed or variable rate, fixing now will give me stability, whatever happens in the world

Allsorts, the price cap doesn't apply to fixed rate tariffs - and as prices are going down recently, I don't see the point in fixing.

Andrew Capstick for Martin Lewis's MoneySavingExpert has just published this comprehensive guide to what's on offer:

www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

If you have been offered a fix by your supplier, there's a calculator to see if it's right for you.

Mine is still very expensive.
Was intending to look at those over the weekend