A company that saves you money without you having to lift a finger? Sounds too good to be true, doesn’t it? Take a look at my WeFlip review to see why it might not be as good as it sounds.
If you’re a fan of Dragons’ Den, you may remember a pitch by a company called Look After My Bills. This company offered customers a free service which would switch their energy contract to a better deal. But this wasn’t just a one time only offer, they promised to do it for life. So popular was the pitch, all 5 Dragons offered to invest.
And, as always, when an idea proves popular it’s not long before it’s copied. And that’s where we see WeGlip step in.
What is WeFlip?
WeFlip is a bill switching service. Join the site, pass over the details of your utility providers and WeFlip will look for better deals. And it’s not just a one-time deal. WeFlip will constantly monitor your accounts to see if you can get a better deal.
Is WeFlip a legitimate company?
You have probably seen the TV adverts with a comical Australian chameleon. But who is behind this amusing lizard?
Taken from their website:
Who are we?
weflip is part of the GoCompare group. You know, the people who help you save time and money on things like energy bills and car insurance.
They got fed up seeing over half of all people in the UK overpaying on their energy bills by around £350 a year (according to Ofgem), just because they didn’t have time to keep searching for a better deal. So they created weflip as a way around it.
Why are we here?
To save people time, money and hassle when it comes to their energy bills.
For anybody that has been living in a cave for the last 10 years, GoCompare is one of the largest price comparison sites in the UK. So there aren’t many companies out there with more experience when it comes to switching providers.
How does WeFlip make money?
The utility business sector is a very competitive market and companies are always desperate for new customers. Because of this, they’re willing to pay generous referral fees to anybody that can convince new customers to sign up for their services.
So, if you switch to a new provider through WeFlip, they’ll earn commission.
So, why would you use WeFlip? It’s a sit back and relax kind of service. It only takes a couple of minutes to sign up and you’re set for life. No longer will you find yourself paying over the odds when you let your contract lapse and you enter an energy company’s standard tariff. Plus, WeFlip has access to nearly all the deals offered by the major energy companies so there will plenty of offers available.
Let’s be honest, GoCompare is being a little disingenuous when they say they are here to save people money. They exist to make money. After all, do you think they would be offering this service if companies didn’t offer a financial incentive to encourage people to switch? Energy companies pay a good commission and that’s why these switch companies are keen to attract your business for life.
There’s also another couple of interesting points to take note of:
weflip will only switch your account if they can save you £50 or more.
Personally, a saving is a saving and I would be willing to switch if it saved me £5. After all, it only takes a few minutes. That’s the equivalent of over £50 per hour.
weflip may also take account of other factors such as a provider’s customer ratings, stability, capacity and track record. weflip cannot and does not warrant or represent that the cheapest available product will be chosen for you at any given time.
This very important point you will find in their T&C page. First of all they fail to explain where they get any of the above information from. For example, do they use customer ratings from popular sources such as Which? If they did, then they would probably have to discount switching you to a lot of the bigger providers.
But because they don’t share this important information, it gives them the right to switch you only to deals which earn them a commission. This might not seem like a big issue, but comparison sites have a history of hiding the best deals from customers because they don’t earn from them.
My WeFlip review conclusion
Joining WeFlip may save you some time, but there’s a good chance you could save yourself more money.
The fact is, if it only takes you a few minutes to join WeFlip, it will only take you a few minutes to find a better deal yourself. Is your time too precious to do that once a year?
And doing it yourself could also save you a lot more money. Don’t forget that there are companies like Octopus which pay commission directly to you when you switch your energy to them – anything between £50 and a £100. This money goes straight into your energy account.
Or, some of the major energy companies are listed on cashback sites. Just perform your switch by clicking on a link from (for example) TopCashback and you could earn between £30 and £50 for a dual fuel switch. If your energy company of choice isn’t listed on a cashback site, uSwitch will be. Changing your provider through uSwitch will earn you around £30 in cashback.