Energy Prices

[DA Baracus]

29 minutes ago, throbber said:

Don’t listen to him DA you are a warm and cuddly bundle of joy.

My man!

9 minutes ago, BFTD said:

No, he just figured he'd accuse you of being the absolute definition of himself for the lolz.

I like the frequent posts along the lines of, "why do people get wound up about things, that's just not me at all" that punctuate long spells of, erm, getting very wound up about things, people, internet forums, etc. It's like he goes off his meds for a few days, then takes them all at once and achieves zen for a while. Thankfully, it never lasts.

As silly act.

[throbber]

11 minutes ago, DA Baracus said:

My man!

As silly act.

 

[DA Baracus]

1 minute ago, throbber said:

 

[Darren]

Has anyone switched to Utility Warehouse?

Our ridiculously cheap fixed-rate is unfortunately coming to an end later this month. UW offering a fixed rate well below the likely October cap (albeit you have to take on two other services with them).

[Left Back]

3 minutes ago, oaksoft said:

No matter what the subject matter being discussed, you'll always find someone on either side of the argument playing the "moral" card.

The thing about car leasing in the context of this thread is simply about judging the risk of whether your finances are robust enough to deal with any financial shocks such as redundancy, pregnancy, illness, price rises or whatever.

@Left Back talked about making the balloon payment but in the context of price rises, there will almost certainly be some who don't have that lump sum and who are tied into several years of car payments which were once comfortably affordable but perhaps now aren't and they can't get out of. I don't know how many will be in this position but it will be some.

I'm not sure I follow you on the "crap asset to own" argument. If you own your car you'll have paid a certain amount. After 4 years it will have devalued but you'll own a car in decent condition if you've looked after it. If you rent the same car, you'll pay substantially more by the time you've paid the rent, the balloon payment and any excess mileage. The car will be in the same condition. It seems to me that the decision is more about whether you want to continually have a new car and are prepared to pay a premium each month to get it and that involves handing the car back and continuing with a new financial deal on another new car. I might be missing something here on the financial side and if so, let me know.

You don't need to have the lump sum available.  You pay x amount a month for a new car and make the payments for the 3 or 4 year term.  If you want to make the balloon payment but don't have the lump sum you could borrow the lump sum from the bank and use the x amount a month you're no longer paying for the car to make the loan payments.

I'm not advocating people do or don't do this.  I was merely countering the point someone made about if you don't take out a new PCP you're left catching the bus.

[Todd_is_God]

2 hours ago, Darren said:

Has anyone switched to Utility Warehouse?

Our ridiculously cheap fixed-rate is unfortunately coming to an end later this month. UW offering a fixed rate well below the likely October cap (albeit you have to take on two other services with them).

I'm suspicious of UW because it's the Herbalife of Energy Suppliers tbh.

A MLM business with people absolutely spamming social media etc.

[craigkillie]

I used them before and didn't have any issues but there is a weird vibe off them.

[Pens_Dark]

2 hours ago, Darren said:

Has anyone switched to Utility Warehouse?

Our ridiculously cheap fixed-rate is unfortunately coming to an end later this month. UW offering a fixed rate well below the likely October cap (albeit you have to take on two other services with them).

We have moved in to a new build house recently and are looking to find the best deal around (f**k knows how that is achieveable) and Utility Warehouse are offering a variable rate of £150ish compared to other variable rates of around £250. I have no idea about variable rates and no idea why UW are charging so much less than the next cheapest. Is this a ploy to get as many customers in as possible before rocketing their prices in a few months? Should I be looking at variable or fixed rates now?

[Inanimate Carbon Rod]

3 minutes ago, Pens_Dark said:

I have a friend who loves to take the moral high ground on car leasing because he owns car worth around £1k whilst my wife and I lease a bigger car together in preparation and practicality for our new born. His £1k car over the space of about 4/5 months has cost his more than the car is worth in repairs. Who's better off here?

I get the argument for both. I just wish people wouldn't get so snobby about it.

Some folks like cars, its a hobby, have nice cars go a drive, look after it etc. some folk its just something they use to get to work. Im in between, i want something thats nice enough to drive but doesnt cost me a fortune. I agree with you, its tiresome when people pontificate on it. 

[Todd_is_God]

12 minutes ago, Pens_Dark said:

I have no idea about variable rates and no idea why UW are charging so much less than the next cheapest.

As it's a variable rate, check their usage estimate vs your current actual usage.

They've also got a habit just now of supplying you with LED bulbs to bring your estimated usage down without factoring in whether or not you already have LED bulbs. They will just assume you don't.

Personally the hassle involved in changing my phone, broadband, tv supplier etc just isn't worth any (what in reality will be) small saving.

As a straight up energy supplier, they aren't really any cheaper either, and their "agents" also won't be particularly interested in helping you "save money" either as that isn't where the commission is.

Maybe i'm wrong but their sales tactics mean they are very much filed in the "something doesn't add up" drawer, right next to "misleading claims".

Edited August 5, 2022 by Todd_is_God

[Pens_Dark]

9 minutes ago, Todd_is_God said:

Maybe i'm wrong but their sales tactics mean they are very much filed in the "something doesn't add up" drawer, right next to "misleading claims".

This was my thoughts exactly. If it sounds too good to be true and all that...

[Darren]

38 minutes ago, Todd_is_God said:

Personally the hassle involved in changing my phone, broadband, tv supplier etc just isn't worth any (what in reality will be) small saving.

As a straight up energy supplier, they aren't really any cheaper either, and their "agents" also won't be particularly interested in helping you "save money" either as that isn't where the commission is.

Maybe i'm wrong but their sales tactics mean they are very much filed in the "something doesn't add up" drawer, right next to "misleading claims".

We're on monthly mobile contracts and don't currently have boiler cover, so wouldn't cause us much hassle at all.

Their 12-month fixed rate offer is about £80 a month under what we'd be spending on standard tariff. So it's a significant saving.

I wouldn't be touching the variable rate, that truly does seem too good to be true, but can't see how we can go wrong with their fixed rate?

I don't really care about their tactics, I saw it on Money Saving Expert so haven't heard from any of their agents.

[Todd_is_God]

8 minutes ago, Darren said:

but can't see how we can go wrong with their fixed rate?

Fixed rates are reliant on the usage estimate being accurate.

Check the usage they are basing your payment on is actually what you would be using and they are not lowering it because they are going to send you a few LED bulbs.

There's simply no way IMO a third party supplier can currently be sustainably supplying energy below the price cap, never mind £960 per year under it.

Edited August 5, 2022 by Todd_is_God

[strichener]

How many people are there that don't understand the basic concept of unit price in utilities.

It doesn't matter one iota what monthly DD or fixed payment you are offered.  The only three things that matter are the unit price and the units used plus the standing charge.

Edited August 5, 2022 by strichener

[vikingTON]

5 hours ago, Darren said:

Has anyone switched to Utility Warehouse?

Our ridiculously cheap fixed-rate is unfortunately coming to an end later this month. UW offering a fixed rate well below the likely October cap (albeit you have to take on two other services with them).

Don't use UW but the summary of whether the deal is worth it or not is here:

https://www.moneysavingexpert.com/utilities/does-utility-warehouse-stack-up-/

Seems to depend on how much energy you use and/or whether you're attached to specific broadband/phone/home cover providers. 

[vikingTON]

2 hours ago, Todd_is_God said:

Personally the hassle involved in changing my phone, broadband, tv supplier etc just isn't worth any (what in reality will be) small saving.

Changing SIM only phone suppliers is practically no hassle at all now. I'm on just under a tenner a month with Plusnet, but will probably threaten to patch them for the even cheaper options in the future. If they come back with a price reduction or substantially larger data, then all the better. 

Anyone who is still paying £25-30 a month for a phone in the current market is missing an open goal. Broadband is also happily reducing in price/increasing in quality over time. 

[Darren]

2 hours ago, Todd_is_God said:

Fixed rates are reliant on the usage estimate being accurate.

Check the usage they are basing your payment on is actually what you would be using and they are not lowering it because they are going to send you a few LED bulbs.

There's simply no way IMO a third party supplier can currently be sustainably supplying energy below the price cap, never mind £960 per year under it.

I checked under medium usage because we're getting a wood burner installed and will be a lot more sensible with our usage generally this winter. So I'd imagine we'd end up in credit at their given price.

58 minutes ago, strichener said:

How many people are there that don't understand the basic concept of unit price in utilities.

It doesn't matter one iota what monthly DD or fixed payment you are offered.  The only three things that matter are the unit price and the units used plus the standing charge.

I'd be checking all this before signing up.

3 minutes ago, virginton said:

Don't use UW but the summary of whether the deal is worth it or not is here:

https://www.moneysavingexpert.com/utilities/does-utility-warehouse-stack-up-/

Seems to depend on how much energy you use and/or whether you're attached to specific broadband/phone/home cover providers. 

It was that article that led me to this point. I just wanted to check people's personal experiences before taking the plunge.

We'd end up paying £11 more a month for our phones, but my package would be better. And we need boiler cover anyway. Wouldn't touch their broadband offer.

Thanks for the feedback so far.

[strichener]

7 minutes ago, Darren said:

 

I'd be checking all this before signing up.

I wasn't particularly directed at you, rather it is a recurring theme on this thread.

[Bairnardo]

Changing SIM only phone suppliers is practically no hassle at all now. I'm on just under a tenner a month with Plusnet, but will probably threaten to patch them for the even cheaper options in the future. If they come back with a price reduction or substantially larger data, then all the better. 
Anyone who is still paying £25-30 a month for a phone in the current market is missing an open goal. Broadband is also happily reducing in price/increasing in quality over time. 

I changed my broadband relatively hassle free recently, and in doing so, ended up changing my Sky HD to Sky Q, binning some stuff off my package and all told ended up about 40 quid a month better off.

The main thing is to keep on top of when they quietly go back up to bandit rates at the end of your deal.

Theres never been a better time to go round your various subscriptions telling them they are getting fucked off unless they do better.

[Shadow Play]

11 minutes ago, Darren said:

I checked under medium usage because we're getting a wood burner installed and will be a lot more sensible with our usage generally this winter. So I'd imagine we'd end up in credit at their given price.

Good move.  We had a wood burner installed a few years ago.  We still put the GCH on in the winter but we turn the thermostatic valves right down on the two radiators in the lounge and we also find we not running the GCH for quite so many hours.  

Quite apart from any moderate savings, a good fire in the wood burner is actually quite relaxing to sit beside on a cold night.