Over the past few years there has been a real buzz about switching providers to save money on fuel costs.
It has truly never been easier, but some of us like to stick with the traditional companies that really do not have our best interests at heart.
So how to switch?
Follow these simple steps, you will not believe how easy it is really is:
- Contact your current supplier, ask for a statement of your yearly usage of both gas and electricity (ask them to email or post you a copy).
- Once you have that in front of you, search online using the words “switching my gas and electricity supplier“. Now you will find a host of companies offering you cheap deals, but what you need to do is pick a comparison site that is accredited by Ofgem that searches a wide range of companies.
- Once you have selected a company, you will be asked a range of questions including entering your personal information.
- You will then be asked to enter your current usage information (this will be contained within the statement from your current supplier).
- You will then be shown a list of companies with the amount you can save per year. You will also be shown how long the offer lasts (which includes fixed rates for a set period of time) and some rates that have an early exit fee or cancellation fee.
- Once you select your new supplier and plan, all that is left is to agree to the switch (if you don’t understand its terms seek legal advice) and the new supplier will do the rest.
- Do not cancel your current direct debit until the last payment leaves your account. A switch can take up to six weeks to take effect.
- If for some reason you are refused, check your credit score and make amendments to it if necessary.
Ofgem is the goverment regulator for Gas and Electricity Markets. Their function is to protect the interests of electricity and gas consumers.
If you have moved into your first home, ask the person leaving the property for their usage or an average of what their monthly bills were. That could give you a starting point to choosing a supplier when you have no previous yearly usage to work with.