Gas - Fixed Price Query

[JOEYGREEN]

I fixed my price of gas for 5 years just before Christmas and now sneakily and schemingly they have just lowered it be 10%. I'm so annoyed about it. Is there anything I can do or am I bound now for 5 years??

[buildersmate]

You wouldn't now be complaining if the price had gone up.
If you have signed a contract for 5 years, there is nothing you can do (accept move, maybe). Unfortunately that's what a contract means - an agreement by both parties.
The advantage it gave you was being able to budget for a fixed amount.
Sneakily? Schemingly? How is that?

[JOEYGREEN]

Well they have been scaring us all for the last year or so saying how they have to keep increasing their prices and then once we are in panic at the ever increasing prices they send out letters asking to fix the prices for 5 years when they know full well they will lower them again in a few weeks. So Yes, I do think it is damn right sneaky.

We have enough money to pay out at the moment. My husband is struggling with work as a brick layer, we have a six month old baby and another child. Our mortgage is sky high and nursery fees and other bills on top doesn't leave us with a hell of a lot so yes, it does annoy me!!!

[Ice.Maiden]

Yes, but it's bound to go up again, and so you could make further savings - as you have been doing for a time.

[JOEYGREEN]

We haven't made any savings yet. It was only just before Christmas.

Thanks all anyway.

[theshedman]

Hi, I took out fixed price gas and electric with powergen now e-on a couple of years ago until 2010 and there was no contract time with them. They told me I could finish at any time without penalties. Isn't this the same with all of them.

[gazzawazza]

I've just read a letter in a newspaper about this very thing. The writer contacted the gas board and complained and they told him nothing at all could be done, sorry to be the one confirming that it's bad news for you.

[spacechimp]

Why would the power companies offer a fixed price deal if they expected fuel costs to go up? They're not charities.

If they misrepresented the situation in the letter they sent you to get you to agree to the contract, then maybe it's a different matter.

[mandimoo]

they call it 'mis-selling' in other fields