The Full English Accompaniment – Switching energy suppliers

What’s piqued my interest this week?
The Shrink household is currently switching energy suppliers. If you’re here, then you’re probably smart enough to already be doing the same on a regular basis. I’m not going to go into how much you can save, MoneySavingExpert does it much better (1). On moving into casa-del-Shrink we had a number of problems with the existing supplier, particularly surrounding pre-existing debt on the pre-payment meters. We switched to British Gas. Big mistake, as we continued to have problems paying off the previous tenants debts, and found out how bad British Gas complaints procedure is. Cue hours of interminable hold music, patronising ‘we’re listening letters’ and complaints being closed unresolved (2, 3). The actual staff we spoke to were helpful, but appeared constrained by a draconian “computer says no” system. We weren’t the only ones having problems with British Gas this year, who’ve been fined £2.65m for overcharging customers (4). When they put their prices up in August we voted with our feet and left to avoid exit fees (5).
We’ve gone back to Bulb, one of the smaller energy companies outside of the ‘Big Six’ who buy from entirely renewable energy sources and who we’ve had excellent service from before. We considered using the MSE Credit Club, but I get a little tin-foil-hat about giving out my personal info willy-nilly (6). In the same way we avoided Flipper, an app touted on Moneybox which automatically switches you onto your cheapest supplier (7). Sadly we’ve been told we’ll also be having an immediate price rise (8, 9), which takes Bulb out of the MoneySavingExpert’s cheapest list. The government via Ofgen recently implemented a cap on energy prices to protect vulnerable customers (10, 11). But despite this it looks like most peoples energy prices will go up, with suppliers citing increased wholesale prices (12, 13, 14). Time to break out the coal braziers and pile up the logs, we’ve got a long winter ahead!
Have a great week,
The Shrink
Side Orders

Other News

Opinion/ blogs:

What I’m reading:

Smarter Investing 3rd edn – Tim Hale – essential reading

Religio Medici and Urne-Buriall by Sir Thomas Browne – the theological and psychological reflections of a C17th doctor. This is turning out to be real heavy-going so has been ignored a bit.

Enchiridion by Epictetus – Bedside reading for a bad day

 

References:

  1. https://www.moneysavingexpert.com/utilities/you-switch-gas-electricity/
  2. https://www.telegraph.co.uk/bills-and-utilities/gas-electric/british-gas-make-customer-services-listen-complaint/
  3. https://www.thesun.co.uk/money/7154739/british-gas-customers-waiting-38-minutes/
  4. https://www.theguardian.com/business/2018/aug/29/british-gas-pays-out-265m-pounds-for-overcharging
  5. https://www.bbc.co.uk/news/business-45111743
  6. https://www.moneysavingexpert.com/cheapenergyclub
  7. https://flipper.community/
  8. https://www.moneysavingexpert.com/news/2018/09/bulb-price-rise/
  9. https://www.thisismoney.co.uk/money/bills/article-6155853/Bulb-customers-hit-price-hike-energy-providers-raise-prices-time-year.html
  10. https://www.theguardian.com/business/2018/aug/20/rise-in-power-bills-expected-despite-government-cap
  11. https://www.telegraph.co.uk/bills-and-utilities/gas-electric/does-ofgems-price-cap-mean-dont-need-switch-energy-supplier/
  12. https://www.bbc.co.uk/news/business-45095030
  13. https://www.bbc.co.uk/news/business-45297336
  14. https://www.independent.co.uk/news/business/news/sse-energy-price-cap-ofgem-gas-electricity-bills-share-price-profit-warning-a8533856.html
  15. https://www.theguardian.com/business/2018/sep/14/archbishop-of-canterbury-to-lead-wonga-rescue-effort-payday-loans
  16. https://www.bbc.co.uk/news/business-45516678
  17. https://www.theguardian.com/business/2018/sep/15/low-prices-no-frills-can-tesco-defeat-lidl-and-aldi
  18. https://www.bbc.co.uk/news/business-45371502
  19. https://www.hl.co.uk/investment-services/active-savings?clickid=27kUVE08pSocXyqW5fRnFzyIUkg2h0UQPV2z1s0&iradid=82616&theSource=AFSKI&utm_campaign=AFSKI_IMPR1&ir=1
  20. https://www.thisismoney.co.uk/money/saving/article-6159671/Barclays-launch-new-fixed-rate-savings-account-aimed-retirees.html
  21. https://www.thisismoney.co.uk/money/diyinvesting/article-6155463/Dont-invest-cheap-trackers-Hold-mix-active-passive-funds.html
  22. https://theescapeartist.me/2018/09/05/this-is-an-emergency-part-2-dealing-with-time-wasters
  23. https://theescapeartist.me/2018/09/12/live-local-think-global/
  24. https://youngfiguy.com/social-media-is-poison/
  25. http://monevator.com/commercial-property-what-can-we-expect-from-this-asset-class/
  26. http://monevator.com/weekend-reading-download-a-free-e-version-of-ray-dalios-new-big-debt-crisis-survival-handbook/
  27. http://www.msziyou.com/patriarchy-ever-pervasive/
  28. http://www.retirementinvestingtoday.com/2018/09/the-wealthsimple-experiment.html
  29. https://www.ukvalueinvestor.com/2018/09/guide-to-dividend-investing-for-beginners.html/
  30. http://diyinvestoruk.blogspot.com/2018/09/help-to-save-scheme-launched.html
  31. http://diyinvestoruk.blogspot.com/2018/09/uk-v-global-investment-returns.html
  32. http://diyinvestoruk.blogspot.com/2018/09/mid-wynd-full-year-results.html
  33. https://gentlemansfamilyfinances.wordpress.com/2018/09/11/help-to-save/
  34. https://gentlemansfamilyfinances.wordpress.com/2018/09/10/airbnb-and-me-part-1/
  35. https://gentlemansfamilyfinances.wordpress.com/2018/09/11/house-hacking-airbnb-part2/
  36. https://abnormalreturns.com/2018/09/13/you-do-you-passive-investing-edition/
  37. https://quittingteachingblog.wordpress.com/2018/08/21/in-defence-of-private-landlords/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5 thoughts on “The Full English Accompaniment – Switching energy suppliers

  1. We transferred to Bulb a few months ago and have been hit with 2 planned rises since. Hey ho, can’t win them all. It helped that I used a friends referral code so gained £50 that way and I like being with a smaller company with great comms.

    Liked by 1 person

    1. Hey Tuppenny,
      Likewise, we joined and then got hit with a rise. Don’t mind too much though as we had great service with them before. We used a £50 code off a friend too, such a great deal!
      Thanks for reading,
      The Shrink

      Like

  2. Snap. Had just switched Mumma YFG to Bulb but now cancelled that due to the price rise.

    We also had a very bad experience with British Gas. We had to take them to the Financial Ombudsman. Only then did they acknowledge their errors.

    Liked by 1 person

    1. Hey YFG,
      It seems like British Gas is taking a battering in the customer relations department. They’ve got a big call centre in my city and I bet it’s unpleasant to work there.
      We’re going to stay with Bulb as we had really good customer service with them previously, we’ve got a £50 code, and we’re working on the basis that IF the wholesale prices have gone up then prices will go up across the board. We did compare other options, but most of the other small suppliers are new to the market and don’t have the reputation that Bulb has already built up. It’s important to us that our energy is bought from renewable sources, so we’ll see if we can ride it out.
      If people are after a £50 code I can share one out.
      Cheers, The Shrink

      Like

  3. I changed to Bulb earlier this year for the £50 +£50 for my brother.
    Now their prices are going up – and I’ll look at whether these are the best price deals and if I should move again.
    They can’t really be blamed for the price of wholesale gas / electricity but I would rather their prices didn’t go up (naturally).

    Liked by 1 person

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