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I'd Google Martin Lewis if I were you.
You are in a bit of a shit situation. Octopus won't go to Supplier of Last Resort if they fold, they will go to Administration like Bulb.
You won't get a fixed cap deal now. My understanding is get the shortest fixed deal you can and wait.
But... Google Martin Lewis.
Mr_Sworld
My fixed rate tariff with octopus (please no referral spam) is somewhat unfortuitously up in Jan.
Their current fixed rate is going to cost me literally double over the next 12 months what the last 12 months cost. Their flexible rate estimate based on my current usage is still unpalatable but about splits the difference between the two.
Recognising that the fixed tariff is a hedge against costs presumably being expected increasing further in the future - what’s my best option? I can switched to a fixed tariff at any time, but am I better off surfing the flexible tariff for now and fixing again when prices drop, or am I just setting myself up for max pain further down the line?