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My Sister-in -law received a letter from her Electricity Company who supplies her Gas and Electricity saying that prices are likely to rise in the next year by up to 60%, but if she paid a £1 a Month more on her existing Monthly payments they would Cap her Payments at that price till Sept 2011.
Do you think this a good deal or not?
For an extra £22 or thereabouts your sister's energy costs will be locked at today's rate for almost two years?
Sounds like a good deal to me - prices will certainly rise over that period, and she could easily do the calculation to see by what percentage the rise would have to be before it cost her more than £22.
More than thirty years ago, because then as now unrealistic costs were added to the monthly payment and it was the devils own job to get the resulting hefty credit paid back or payment adjusted down.
A recent new item in BBC TV- was on a fixed term customer griping upon the fact the recent price reductions did not apply to him - so now he is paying over the odds.
The companies will always work to their own advantage - that is what business is all about.
So I use it I pay for it - on the nail same day.
I simply work out my own economics with regard usage.
Thanks for your replies,it seemed like a good deal to me
but it was nice to have you opinion on it in case I was missing something
Does your sister-in-law really believe that her electricity company has her best interests at heart, as opposed to the best interests of its shareholders?
What a quaint idea.
I had two different companies supplying the gas and electricity for many years, but two years ago I tranferred my gas account to the electricity company on a combined 'capped' deal. Since that time I have learnt rather a lot about these deals, and all are not what they are suppose to be, so consider very carefully as to what you are promised and what you may receive.
I had a rather poor experience of getting 'correct' customer service help, after I queried the 'new' contract and possible incorrect selling methods. Even escalating my complaint to director office level, still brought errors from the person dealing with the issues raised.
One thing that I would suggest, is to make sure that the 'capped' (maximum) price can go down if fuel prices drop. Some companies may not allow this.
According to newspaper articles this week, it would appear that the relevant watchdog is stating that prices 'must' come down in the new year. Whether this will happen, we will have to wait and see!.
These offers have been discussed but the general issue of monthly DD payment has not in depth.
The forces are of course personal budgeting, and the minuscule discounts offered.
The against is the tying up of YOUR money usually way above the need to meet the bills.
Add to that the 'Lock in' problems already discussed.
By far the best way is to set up an instant access savings account and transfer an appropriate sum each month- the paltry interest paid will still accrue.
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