Compare Cancellation fee is one of the measures taken by UK energy suppliers to discourage customers from switching before the term end of energy tariffs. It is applicable to fixed rate energy tariffs with a pre-defined end date. If you choose to leave the contract of the fixed rate tariff before the end date then you are liable to pay the exit fees to the energy supplier. It is always advisable to wait for the tariff end date so as to avoid paying the exit fees.
The Switching Window: Most of the suppliers offer a switching window, which is the number of days before the actual end date of the term. This means that if the switching window is for 49 days then you can switch anytime in these 49 days, which would be prior to the actual end date.
For switching during the switching window, you don’t need to pay the cancellation fee. In the event of the expiry of your, there are chances that the suppliers would automatically transfer you to their Standard tariff which would be most expensive than all the tariffs offered by them. To avoid paying higher on energy bills you should be agile and switch to another supplier before getting transferred to your energy supplier’s standard tariff. This is possible only when your fixed tariff term has ended otherwise you would be charged with the exit fees imposed by the supplier. Expiry of the energy tariff: Most of the times, the expiry or end date of the fixed tariff would be mentioned in the tariff name.
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However, it is not always true as things may vary with the suppliers. To help you out in this case, we have come up with the tariff cancellation fee details of all UK energy suppliers.
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You can check the table below to find the exit fees of UK energy suppliers along with the tariff names. This will help you to either make a timely switch or wait till the fixed rate term ends. If you cannot find your tariff in the following table then it must have expired as of now. This leaves you free to make a switch. The table also contains tariffs with no cancellation fees and so helps you to make a better choice. Search the tariff and get all details, here! Disclaimers: 10% of customers switching their gas and electricity bills with Free Price Compare between 1st January 2018 and 31st July 2018 saved £505 or more based on a survey of over 7079 fuel switches.
Using the same figures in this period the savings for gas on a single fuel switch was £267 and a electric on a single fuel switch was £282 Car Insurance: 51% of consumers could save £200. Seopa split the providers on their comparison systems into different categories.
They then selected quotes from the high volume sales providers as well as quotes from other providers which returned a price. Based on UK insurance market share data made available by the ABI, by way of a weighted selection process, they selected the cheapest of either the high volume sales providers or other providers (“the cheapest selected quote”). They then compared the cheapest quote on their system against the cheapest selected quote. They then took the savings figure which 51% or over could have saved using that formula. The savings you could achieve are dependent on your individual circumstances and how you selected your current insurance supplier.