If you are using First:Utility and on their iSave Fixed v27 September 2015 Direct Debit tariff you might also have received this email and you should read it carefully as it is at the very least misleading.
I’m coming to the end of my First Utility tariff and received an email a week or so ago from them last week saying I could “Update your energy tariff and save £225*”. Sounds good, what’s to think about, of course I want to save £225.
“There are only a few days left before your tariff expires. On 1 October you will move onto our iSave Everyday variable tariff and you could be paying more than you need to for your energy.
To ensure this doesn’t happen, you can now extend your price protection for three years with the market’s cheapest 2018 fixed tariff** iSave Fixed September 2018.” and in big graphics SAVE £225*.
“* Being the cynic I am I wasn’t going to take this on face value and it turns out that “*” next to the SAVE £225 hides a note *”
“* Your saving calculation is based on the difference between your annual Personal Projection for the iSave Everyday product priced at £1786 (which you will default on to if you don’t select a new tariff before your current one expires) and the iSave Fixed September 2018 v4 product priced at £1561 (figures are rounded). Your Personal Projection is how much we estimate you will spend on energy throughout the year on a tariff. This information was accurate at the time this email was sent. For your most up to date Personal Projections you can log into your online account.”
This is outrageous, misleading at best and perhaps even dishonest. I’m only saving money IF THEY switch me to the poor variable rate at the end of my tariff and switch to their slightly less poor 2018 v4 tariff. In fact it would cost me more to take their new 2018 v4 plan than I am already paying.
First Utility, bad on you, I switched to a MUCH cheaper GB Energy tariff (in fact cheaper than the tariff I was on, cheaper than the 2018 v4 tariff and cheaper than your variable rate).
I thought the energy providers were supposed to offer their cheapest rate to you now. I cannot believe they are allowed to get away with this.