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British Gas was the first out of the ‘big six’ suppliers to increase prices and as it currently stands, the remainder of the ‘big six’ have followed suit. As of the 29th May 2018, around 4 million customers saw their prices increase by an average of £60/year as British gas increased prices not only on their standard variable tariffs but also its new Temporary Tariff fixed-rate deal. Thankfully its 3.7million customers who are classified as vulnerable were unaffected by the change as they have a prepayment meter or are in a fixed-term contract. Please note, the backend supplier for Sainsbury’s energy is also British Gas, so if you are on the standard variable tariff with Sainsbury’s energy then you too will be affected by the price hike. What is the price change on the British Gas’s energy tariffs? The British Gas price increase is only applicable to those who are […]

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Rather unsurprisingly SSE has decided to increase prices, making it the last of the big six energy firms to announce a price increase. The 6.7% price increase will come into effect on the 11th Jul 2018 and it will affect around 2.4 million customers who are on SSE’s standard variable tariff. The average price for gas is going up by 5.7%, whilst electricity prices will increase by 7.7% leading to an average increase of £76 for dual fuel customers. Naturally those on fixed price deals are protected from the increase and as well as those on prepayment meters. Adding to the price increase, SSE is scraping its £6 discount per duel for those willing to manage their accounts fully online meaning those on the standard variable tariff who manage their accounts online will see their price increase by 7.8% – £87 per year. Please note, the backend supplier for M&S […]

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Effective 8th June 18, Ovo energy has increased prices by 5.1% affecting approximately 180,000 customers on its standard variable tariff. Ovo energy is one of the largest, outside of the ‘big six’, energy suppliers with approximately 800,000 customers, meaning the price rise is affecting around 22.5% of its customers. The announcement from Ovo energy is somewhat unsurprising as the all of the ‘Big Six’ have done the same in recent months. Amongst the ‘big six’, last week SSE announced the price hike on its customers. What is the price change on the Ovo energy tariffs? The Ovo energy standard variable tariff is known as the Simpler Energy tariff, the price hike is only applied to that tariff – which is around 22.5% of the customer base. Typically, those who are dual fuel energy customers will see the 5.1% price hike translate into an extra £53/yr on their bills. The approximation […]

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Visa outage which took place on the 1st June 2018 affected many customers across Europe. Those charged multiple times are advised to claim the money back from the individual banks. Around 1430 to 2200 on the Friday 1st June many customers were having their card declined due to a system outage on Visa’s backend systems. The rejected transactions are showing up pending transactions on many customers’ cards which now need to be rejected as they are not genuine transactions. I have multiple pending transactions on my card for one purchase – what shall I do next? Pending transactions are essentially funds which are trying to make their way out but haven’t actually left your bank account yet – although you still can’t use this money until the issue has been resolved. By now, many of the pending transactions would have been removed but should you wish to check up on […]

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The big idea behind the energy price cap, which is to be set by Ofgem, is to get rid of “rip-off” energy tariffs as put by Prime Minister Theresa May. However the job given to Ofgem is not an easy one, as on the other hand they need to preserve competition and keep the incentives for customers to switch to better deals. Nonetheless this task will affect around 12 million households in England, Scotland and Wales but will not include those on ‘green’ tariffs and prepayment meters as there is already an existing price cap for prepay customers. Once set, how does the price cap work? The price cap will be a set nominal rate which no supplier can go above, however you can expect the fixed cap rate to be different across the nation The date has not been set yet of when the price cap will come into […]

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Between the period of June 2014 and September 2015, SSE sent around 1.15 million annual statements to customers which were inaccurate. As such, they will now pay £1 million into the energy regulator Ofgem’s consumer redress fund which is used to help vulnerable consumers and develop new energy products. Alongside the £1 million fine, SSE will also consider individual claims from customers who feel they have been negatively affected financially. What exactly happened? SSE reported itself to Ofgem after it realised there was an IT coding error which led to letters being sent out to customers which has inaccurate information. On these letters the alternative cheaper tariff was incorrect and there was inaccurate savings information. In some cases, the savings information was incorrect when showcasing the advantages for customers to move away from prepayment meters to standard credit meters paying by direct debit. Overall Ofgem declared the harm to customers […]

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The term ‘Big Six’ refers to the six energy giants dominating the home energy market in the UK. The energy giant companies include British Gas, Scottish Power, SSE, NPower, EDF energy and E.on. In recent months we have seen an increase in prices from all the ‘big six’ energy companies with the latest price increase announcement of 6.7% coming in from SSE. Talking on the increases, Shailesh Ramani, Founder of FreePriceCompare said: “Like we have seen time and time again, the moment you see one energy supplier increase prices, the others follow suit. “Now that SSE has increased prices too, we can now see which energy company is the most expensive by basing calculations on Ofgem’s medium user, that selects the dual fuel option and pays by monthly direct debit which the cheapest way to pay for the energy usage. “Regardless of this, energy customers need to be aware that […]

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