Read this if your thinking of capping!
Martin Lewis article in today's Daily Mirror
GAS AND ELECTRICITY
Up until this week I was advising people to switch to capped gas and electricity deals to save you pounds, but now everything has changed so switch at your peril!
Whether someone knocks on your door, you see them in the supermarket or you go to a comparison internet site, you will be told that shifting to a different provider will save you money. Wrong!
Basically, two of the big six energy providers have put their prices up. This means the other four are almost certain to follow within the next six weeks to two months.
If you do a comparison right now invariably you will be told to move to one of those four. But of course it takes about two months to switch over, and by the time you have, they will almost certainly have put their prices up possibly by even more than the company youre leaving. That means any comparison you do right now will be completely irrelevant.
Unfortunately there are no longer any decent cheap capped deals. The best option now is to wait until all the companies have put their prices up and theres a level playing field so any comparison is relevant.
That doesnt mean you should do nothing. There are many ways to save without switching. If youre on a pre-payment meter, try and shift to a normal billed meter. If you pay by quarterly billing, try and shift to monthly direct debit.
If youre on a standard tariff try and switch to your suppliers internet tariff. And if youve got a vulnerable financial situation then you may be eligible for a special social tariff, something like British Gas Essentials.
And last, use less energy! Ultimately, the less you use the less you pay. You can get my free time to switch email via my website http://www.moneysavingexpert.com/gaselec