Avoid the Rollover Trap!
Gas and electricity suppliers are more unpopular then ever and with good reason. Recent energy price rises have not only been ‘eye-watering’ in their size, but in the effort to maximise profits, energy companies send out contracts that contain a hidden pitfall for the unwary business user – the ‘Rollover Trap’.
The Rollover Trap Explained
Wondering how the Rollover Trap works? As you near the end of your existing contract, there will be a specific date when you will be automatically transferred or ‘rolled-over’ to a significantly more expensive ‘out-of-contract’ rate - that is, if you don’t switch to a new supplier or renew your existing contract in time. Forget, and you could possibly find yourself paying significantly more than at present.
And you will be almost certainly have to suffer this financial inconvenience until you can get out of it legally, usually in another 12 months time.
You should also be aware of the potential offered by the Termination Notice. This should be used as part of your strategy to avoid the rollover trap. To help you, we have made this as easy as possible for you to customise for your own particular needs.
Remember that, the ‘Rollover Trap’ is perfectly legal, but could have dire financial consequences for any business that fails to manage this situation.