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Tips For Switching Suppliers

When people talk about saving money, inevitably one of the first pieces of advice is that you should switch suppliers. However, it is something that although people are doing it more often, there is still some hesitation as there is concern that what appears to be a great deal on the surface may not be, or an initially great rate leads to price hikes later on. This is why it helps to know how to switch suppliers and to make sure you get the best possible deal.

When to switch

An important aspect is to know when to switch. It can be expensive to switch early, so you need to check when your current tariff expires. Fortunately, most suppliers will give you around 49 days before the expiration date, so this will give you a window of opportunity to compare and make a switch without incurring extra charges.

What you need

In order to switch, what you need is your postcode, the name of your supplier, the name of the tariff (this should be on your bill, but if not, it is possible to ask your supplier for the information), what you pay for energy and/or usage (in kilowatt hours, often represented as kWh). If you currently or wish to pay by direct debit then you need your bank account details to hand, and ideally, you should have a copy of your most recent bill (or alternatively use estimated figures.)

With this information, you should then be able to use forms to compare suppliers and choose who you wish to switch to.

How to switch

Before looking at different suppliers, it is worth checking other tariffs that are available from your current provider. It may be possible that a better deal is possible. However, it is still best to look at other options, so that you can make a fully informed decision.

Once you have decided who you want to transfer to, contact the company either via phone or online to complete the switch. Taking a reading on your meter on the day you complete this process then you will not be charged for energy used before you changed over, as well as providing the MPRN or MPAN number on your bill, so that is your account is switched over as opposed to someone else’s by mistake. It is also important to pay off the final bill from the previous supplier or to check that you have received a refund if you finished in credit.

Need more advice?

It is not always easy to tell if you are getting a good deal. Therefore, it helps to discuss the situation with a financial expert. At Larcomes Financial Services, we have the resources and experienced professionals to help you get more for your money, going over different options that will help save you money in the long term. To find out more, please contact us today, and we will be happy to discuss your circumstances in more specific detail.

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Larcomes Financial Services Limited is registered in England No. 02663780 Registered Office: 168 London Road, Portsmouth, Hampshire, PO2 9DN
Authorised and Regulated by the Financial Conduct Authority