MSE News: GB Energy goes bust, 160,000 customers affected

slpj

I switched to GBE in August this year, and told them I wanted PAPER billing.

I never had access to the online account, and since signing up and getting the welcome pack, I haven't had anything from them at all.

The last meter reading I gave them, was the one I gave them on the first day i was switched to them

Can someone tell me how often I was supposed to be getting bills?

spook

Bills should be coming out monthly. Sounds like your request for paper billing wasn't enacted properly.

westv

The MSE news info says:-

"However Ofgem admits the new tariff is likely to be more expensive, explaining: "The [appointed] supplier takes on more risk, as customers are moved to a new supplier quickly without the usual background credit checks. So, they also charge more, to make up for this extra risk."

Surely GB Energy checks were sufficient? What extra risks are there? Or is it just a way to make a few extra £s?

Poundnote

I think it wise to follow the advice of not doing anything until we know who the SoLR is.

In the interim you can do the usual comparisons and select who you think you will switch to so that in the event of an expensive tariff you are ready to go.

Remember that direct debits are taken in advance.

I have calculated my final bill (using my meter reading of 26 November 2016) with GBE and will be in credit to the tune of £33. Also, if you are in credit, I read somewhere that no further direct debits will be made.

Edit
Q. Should I cancel my direct debit?
A. Ofgem says you shouldn't. Those in credit with GB Energy won't have any further direct debits taken, while those in debt to GB Energy will have direct debit payments taken as normal, and should allow this to happen.
We know some customers have cancelled their direct debits anyway, and we're clarifying with Ofgem why it's issued this particular advice.

joannasinbox

TRYING TO SWITCH SUPPLIER.

I called NPower (my pre GB energy supplier) and begged them to take me back. After initially saying yes, the matter was checked with a supervisor and I was told that this is not possible. I was referred to Ofgem. Ofgem told me that we should be informed about a new supplier in two weeks. Many people here are saying that they intend/are switching.

Has anyone been able to switch for sure?

heathrow

"The MSE news info says:-

"However Ofgem admits the new tariff is likely to be more expensive, explaining: "The [appointed] supplier takes on more risk, as customers are moved to a new supplier quickly without the usual background credit checks. So, they also charge more, to make up for this extra risk."

Surely GB Energy checks were sufficient? What extra risks are there? Or is it just a way to make a few extra £s? "




Or maybe GB Energy was charging less than its costs - and that's why its gone bust?

slpj

spook wrote: »

Bills should be coming out monthly. Sounds like your request for paper billing wasn't enacted properly.

Not just paper billing, I haven't had any emails from them either, or ever had access to an online account. No notification of the increase in prices either.

Wish I'd stayed with EDF now.

I already cancelled my DD.

I've paid £180 in 4xDD at £45.00/month including the 1st DD advance. I've calculated my total consumption for Gas and Elec inc vat and s/charge, at £135 to date, on the original tarrifs I was signed up to. So I'm not out by much and will use the difference in the next month I'd guess with the cold weather now arriving.

System

The Indians are now circling the wagons. Despite Ofgem's view that a supplier insolvency is unlikely, others have a counter view:

http://www.telegraph.co.uk/business/2016/11/27/gb-energy-closure-could-trigger-domino-effect-raise-prices-consumers/

Hopefully, OFGEM will now give more thought to the balance between supplier numbers and default risk.

skintoz

spook wrote: »

Quick question about Direct Debits in general.

I'm awaiting a refund (I was told it was processed on Thursday so I'm still holding onto the possibility that my money could have left GBES before they went bust...)

Would cancelling the DD prevent me from receiving the refund, or is it done via a different route anyway?

I cancelled my DD last night and GB took the money out this morning as normal.


I called my bank (Barclays) to ask them to get it back and they have already done it themselves without me asking so no you don't need to have the DD set up for a refund. Don't know why anyone is still got a DD set up to pay them as their accounts will be frozen and your money will go in the pot to a receiver. I would have thought it better to wait on a bill and then pay.


I probably owe them money so not really worried about it I will wait and see what I owe and pay or make an offer of payment on my terms whatever suits me at the time.


I actually thought they were a pretty good supplier and their staff were good if you had any problems, I hope they all get new jobs soon.

fredandwilma

It all makes interesting reading.

GB Energy previously traded as Altitude Energy Supply from 2013 to 2014 and made a loss of £630,018 on sales of £22.2m in 2015. The company operated from Preston and had a staff of less than 20 despite its large customer base. The average monthly number of employees during the year, was 13. The accounts are out there, to read.


Capital: £1,000.00 on 11 May 2016


Cash in hand at bank was £1 on the 31/12/14, (therefore keeping the company operational?)

Company GB ENERGY SUPPLY LTD is a Private Limited Company, registration number 08500842, established in United Kingdom on the 23. April 2013. The company is now active. The company has been in business for 3 years and 7 months. This company used to be called ALTITUDE ENERGY SUPPLY LIMITED. The company is based on 842 GARSTANG ROAD, BARTON, PRESTON, ENGLAND, PR3 5AA. Business of the company GB ENERGY SUPPLY LTD by SIC and NACE code is "35140 - Trade of electricity". There are 37 company documents available. The most recent document is "23/04/16 FULL LIST" from the 2016.05.11. The latest accounts are filed up to 2015.12.31. The latest annual return was filed up to 2016.04.23. We do not have any information about the company GB ENERGY SUPPLY LTD being in liquidation. The company has 3 directors and 1 secretary. The total number of directors was so far 8. The total number of secretaries was 3. Data on this page were generated on the 2016.11.28. We can inform you about other changes with the "watch this company".

https://www.theguardian.com/business/2016/nov/27/gb-energys-collapse-to-hit-160000-households-with-higher-bills


The moral of the story - with other smaller companies possibly going under this winter, make sure you do your research on the company first, before switching?