Can a contract between my company and a electricity supplier be cancelled under the 14 day cooling off period?

Question

I have stupidly signed a contract with new electricity supplier without realising i have another year left on my existing one. I would like to cancel before i get charged an early termination charge. Any help would be greatly appreciated

Answer 1

Every person who agrees to a contract has a cooling off period. If the company is FSA regulated then I would have thought they would have advised you that you are entitled to a cancellation of the agreement within 14 working days and receive a full refund or, if no money has been paid the contract will just be simply cancelled. The electricity company should allow you to cancel.

Answer 2

It is a common misunderstanding that there exists a requirement that each contract comes with a 14-day cool off period.

If the company approached you to encourage you to move to them, then the cool off period of 14 days applies to give you the right to change your mind.

If you approached the company, then there is no such clause required. When you sign that contract, you are commiting both sides to follow the terms of the agreement.

However, a lot of companies are good with customer issues, so I would contact them, explain you got the facts incorrect and your original contract has a further year to go. After this, you may consider switching to the new company.

Ussually, they will help you in what way they can. Remember to be polite and they are more likely to be flexible to your situation.

Answer 3

The 14 days cooling off period only applies when you initially take out the contract. You should be able to give 30 days notice though so you're not tied into another year! David

Answer 4

Yes you can cancel, just ring them asap.

Answer 5

you should ring them and cancel asap