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Best answer by Jeffus

Updated on 19/10/23 by Abby_OVO

Oh! Shall I wait until the 49th Day prior to my contract ends to avoid to the £30 exit fee?

Do  energy prices (Electricity) rise or fall on a day basis, like the stock market?

 

OVO will automatically give you some fixed rate options to choose from 6 weeks prior to your fixed rate ending in November. They will send you an email and you will also be able to see them on the website and on the app. 

If you choose one of these at any time after receiving them, you stay on your current contract till the end of your contract and then start the new contract. The 49 days doesn't matter in that case. 

The 49 days is useful if you want to switch supplier,  so if you are less than 49 days to your end of contract,  you can switch to another supplier without paying OVO an exit fee. 

As you are more than 6 weeks away till the end of your contract with OVO, you won't yet have received any renewal quotes. 

If you phone up today and ask for a renewal quote i honestly don't know what they will say. I suspect they may give you a quote for a new tariff you can select today and start today, but you would have to pay the exit fee for your current contract and you would start on the higher tariff from today. Alternatively it would be nice if they ignored the 6 week rule and let you select a good rate now that would trigger in November at the end of your current contract. 

You may even think it is worth paying an exit fee to lock in a reasonable fixed rate, but that would need a lot of thought. 

OVO fixed rate quotes have been creeping up for weeks, sometimes every few days, as wholesale gas prices in the UK have risen. 

 

14 replies

Blastoise186
Super User
Blastoise186Super User
Super User
August 15, 2022

Hi @Rinsky ,

If you do a renewal now, you’ll lock in the agreed rates immediately but will still get to see out the rest of the existing contract rates. The new ones won’t take effect until the old ones expire, so now would be a good time to lock in again. The longer you wait, the worse it’s likely to get I’m afraid!

Securing energy by zapping security bugs... For that is The Blastoise Way! Remember, I'm just like you - AI Powered Evil Geniuses aren't Staff!
R
Rank 1
RinskyAuthor
Rank 1
August 15, 2022

Hi Blastoise,

Gosh, I didn't know & will ring OVO poste haste.

Thankyou so much

 

 

    Jeffus
    Rank 20
    Jeffus
    Rank 20
    August 15, 2022

    @Blastoise186 is there a time limit on locking in?

    If the renewal isn't until November, am i correct in assuming there won't yet be any renewal options on the website? They only appear 6 weeks before the end of the contract?

    So if customers phones up can then lock in if their plans aren't due to end in November or December for example? 

    Blastoise186
    Super User
    Blastoise186Super User
    Super User
    August 15, 2022

    Well, self-service doesn’t unlock until 49 days ahead, but you can make changes a different way whenever you want… Albeit with an exit fee in some cases. :)

    Securing energy by zapping security bugs... For that is The Blastoise Way! Remember, I'm just like you - AI Powered Evil Geniuses aren't Staff!
    Jeffus
    Rank 20
    Jeffus
    Rank 20
    August 15, 2022

    Well, self-service doesn’t unlock until 49 days ahead, but you can make changes a different way whenever you want… Albeit with an exit fee in some cases. :)

    So @Rinsky would have to pay an exit fee to lock in today? 

    Blastoise186
    Super User
    Blastoise186Super User
    Super User
    August 15, 2022

    Possibly, but it depends on the timing.

    Securing energy by zapping security bugs... For that is The Blastoise Way! Remember, I'm just like you - AI Powered Evil Geniuses aren't Staff!
      R
      Rank 1
      RinskyAuthor
      Rank 1
      August 15, 2022

      Oh! Shall I wait until the 49th Day prior to my contract ends to avoid to the £30 exit fee?

      Do  energy prices (Electricity) rise or fall on a day basis, like the stock market?

       

      Blastoise186
      Super User
      Blastoise186Super User
      Super User
      August 15, 2022

      They can do that sometimes, but not always. I’d still recommend using the renewal process as soon as possible though so that you can lock in a deal at the earliest opportunity that avoids an exit fee.

      Securing energy by zapping security bugs... For that is The Blastoise Way! Remember, I'm just like you - AI Powered Evil Geniuses aren't Staff!
        R
        Rank 1
        RinskyAuthor
        Rank 1
        August 15, 2022

        Thankyou very much . I will ring them in the morning 

        Jeffus
        Rank 20
        JeffusSolved
        Rank 20
        August 15, 2022

        Updated on 19/10/23 by Abby_OVO

        Oh! Shall I wait until the 49th Day prior to my contract ends to avoid to the £30 exit fee?

        Do  energy prices (Electricity) rise or fall on a day basis, like the stock market?

         

        OVO will automatically give you some fixed rate options to choose from 6 weeks prior to your fixed rate ending in November. They will send you an email and you will also be able to see them on the website and on the app. 

        If you choose one of these at any time after receiving them, you stay on your current contract till the end of your contract and then start the new contract. The 49 days doesn't matter in that case. 

        The 49 days is useful if you want to switch supplier,  so if you are less than 49 days to your end of contract,  you can switch to another supplier without paying OVO an exit fee. 

        As you are more than 6 weeks away till the end of your contract with OVO, you won't yet have received any renewal quotes. 

        If you phone up today and ask for a renewal quote i honestly don't know what they will say. I suspect they may give you a quote for a new tariff you can select today and start today, but you would have to pay the exit fee for your current contract and you would start on the higher tariff from today. Alternatively it would be nice if they ignored the 6 week rule and let you select a good rate now that would trigger in November at the end of your current contract. 

        You may even think it is worth paying an exit fee to lock in a reasonable fixed rate, but that would need a lot of thought. 

        OVO fixed rate quotes have been creeping up for weeks, sometimes every few days, as wholesale gas prices in the UK have risen. 

         

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