I've chosen a Fixed plan but might be better switching to Simpler Energy - Am I able to cancel my renewal and fix in again at a later date?

No worries. Unlike Martin Lewis, I don’t get paid by anyone to help out. But I also have a LOT more free time to be able to do my research and keep an eye on things. Six days a week in fact is what I’m able to dedicate to this forum right now. :)

I use that time wisely…

But yes. If it had been a few weeks ago, I would have considered recommending the variable rate options without hesitation. Unlike almost everyone else who gives this advice though (especially compared to the press), I’m more agile and have the ability to rapidly adapt the advice I give. It was actually just in the last week that I’ve changed tactics and started leaning towards the advice I’ve just given.

And don’t worry about the timing. Last year, there was literally one person who asked for help on Christmas Day right as I came online. Hehehe

Happy New Year, @Daisylou 

Great to see you’ve been mulling over your renewal options even during the festive period!

Just wanted to jump in here to clarify a couple of points which may or may not change your decision-making:

• All our fixed plans offer a 2 week grace period which starts on the first date of your new contract, this means you’ll still be able to change your mind and cancel your plan even if you signed up to the new plan when your renewal window opened a couple of months ago. To cancel the plan reach out to the Support Team who will be able to get this reversed without applying the exit fees as long as it’s not more than 2 weeks since the new plan took effect.
• Currently the Variable Price Cap is reviewed in April and October which means the prices on our Simpler plan may increase in the spring. If you choose to roll-on to this plan at the end of your current fixed plan we’d always give you at least 30 days notice of any upcoming price changes.

Hope this helps you decide on the best option for you going forward. 

Hello, 

We selected a fixed tariff a couple of weeks ago which kicked in on the 2nd September, with the announcement of the energy price guarantee we’ve decided to bail out on that plan, using our 14 day cooling off period, and just go to variable instead. 

I called Ovo this morning and the agent I spoke to said he would cancel the plan now but I’ve had no documentation through showing that this is the case (emails etc) and the ovo app is still showing us as on the fixed plan. 

Appreciate it’s only been a couple of hours but I’m paranoid that this change hasn’t actually taken place and I only have a few days left of the cooling off period. How quickly am I likely to receive an email confirming the change, and/or notice this change in the app?

Thanks!

Hi @erin94,

Welcome to the OVO Online Community.

Has this been updated now? If not I'd advise getting in touch with Support over web messenger to double check it’s been cancelled. It should show instantly on OVO’s side but the online account can take longer. You could get them to send you an email confirming, as you won’t get one automatically. 

Hope this helps!

A couple of days ago I switched to a fixed rate tariff, with OVO suggesting my bills would be cheaper. However after seeking advice on this I have changed my mind and was told there is a 14 day cooling off period, during which if I changed my mind and went back to a variable there would be no exit fees.

However I can't see where I can do this. I was told I would receive an email from OVO that I had moved to a fixed tariff but have not received that email. Presumably somewhere in that email there is a link to revert back to variable, but with no email...?

Anyone know of a way through the app I can revert? I'm aware that I probably have around 10 days left of my cooling off period. Thanks

Verbal consent is required to back out, so you’ll need to phone in.

However, it may be better to keep the fix deal because it guarantees the rates.

Thanks for this. I didn't realise it had to be verbal consent. Normally I prefer to use online consent as it leaves a paper trail if instructions given verbally are not adhered to and leaves you with no paper trail evidence.

I heard Martin Lewis on radio 5 this afternoon talking about whether it's a good idea to fix. He seemed to think not, as from July prices are set to fall way lower than OVO's fixed rate, and if they rise again later in the year the energy price cap should negate any net benefits.

I appreciate it's more uncertain on a variable tariff but unless the fixed tariff is at least 15 per cent lower than the variable rate he reckoned it's not worth changing, and OVO's fixed rate is not more than 15 per cent cheaper.

Appreciate your comment.👍

Be careful with his advice. This is the same Martin Lewis who claimed there was a “Prepayment Hack” that would defeat the price increases back in April 2022 despite it being known for years that such tricks were patched out over two decades ago.

Agreed. I have read a few articles however that suggest that if the fixed tariff is not at least 15 per cent lower than the current variable rate it is unlikely to be savings effective. 

Appreciate your advice though, thank you.

I've been onna Fixed Price contract since Oct 2023, but in light of fall of Ofgem cap for variable price electricity and gas I want to cancel my contract and move to Ovo's variable price agreement.  I appreciate this will cost me £75 penalty fee, but even allowing for this I forecast I will save a net ca £120 over the next 6 months.  However, looking at my Ovo App there is no obvious option to do this (e.g. picking a variable price deal).  Can anyone advise what the process is for doing this.  I assume I'm going to have to contact Ovo support directly?