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

ceredigion

In the event of insolvency, there may, however, be financial implications for the failed supplier’s customers. Some customers’ accounts are likely to have a credit balance at this time. These customers may be an unsecured creditor. Without regulatory intervention, they are unlikely to receive all (or possibly any of) this money back from the failed supplier.

Its gone people the lesson is run your account in minus figures

veryintrigued

ceredigion wrote: »

Its gone people the lesson is run your account in minus figures

And now read the next para in the letter you're quoting and update your post....

chris73

Its gone people the lesson is run your account in minus figures

Or go back to paying quarterly energy bills as they were billed - paying for exactly what you used at the end of the quarter that you used it over, a far fairer policy. Sadly we live in an automated era where Granny and Grandad's bill payment methods are no longer in vogue but where they were possibly far better for the consumer, especially in light of situations like this, and it was something that, undeniably worked well for decades.

Its an option that i'll be looking at again, despite the slightly higher prices and limited availabilty of tariffs its better than waiting in limbo for any credit to be returned, (if at all) when something like this happens. In hindsite, I'd rather owe GBE (or whoever eventually takes them over) £200 at the end of the quarter, than have to try and get the £200 credit back from them, accrued over the Summer months.

facade

chris73 wrote: »

So you think Ofgem could access GB Energy's customer base, shortlist every single customer who was still active, find a new supplier to take over all of GB's active customer accounts, put a plan of action into place and then send out upto 160k emails / letters to all GB Energy customers informing them of what their plan was, and any new tariffs, all in less than 24 hours, at a weekend.

Ofgem no.

The pc I'm typing this on could likely do everything except find the supplier in well under 24 hours (as long as my domestic email provider didn't cry SPAM! at 160k emails, no doubt a commercial one wouldn't

That's the trouble with the Modern World. We all know how to do everything, and know that we could do it faster/better than the "professionals"

facade

As to timescales

from https://www.ofgem.gov.uk/system/files/docs/2016/10/solr_revised_guidance_final_21-10-2016.pdf

2.29.
We are likely to allow potential SoLRs between four to six hours to provide all the information requested. However, this will depend on the specifics of each case
and, in considering what response time is appropriate, we will take into consideration the size of the failing supplier and the nature of the failure as well as the need to protect customers and minimise the impact of the failure on other industry parties.

So you can all start complaining if there is no SoLR appointed by Tuesday!

robotrobo

chris73 wrote: »

Or go back to paying quarterly energy bills as they were billed - paying for exactly what you used at the end of the quarter that you used it over, a far fairer policy. Sadly we live in an automated era where Granny and Grandad's bill payment methods are no longer in vogue but where they were possibly far better for the consumer, especially in light of situations like this, and it was something that, undeniably worked well for decades.

Its an option that i'll be looking at again, despite the slightly higher prices and limited availabilty of tariffs its better than waiting in limbo for any credit to be returned, (if at all) when something like this happens. In hindsite, I'd rather owe GBE (or whoever eventually takes them over) £200 at the end of the quarter, than have to try and get the £200 credit back from them, accrued over the Summer months.

Well im feeling dejected, sad, and feel a loser, is anyone else feeling the same as me ?, are you sat in the cold like me?, wondering wether to end it all or not. We have just had our £200 winter allowance paid in to the bank , also we are in credit to the tune of £150 plus, its going to be a long cold winter for me & the wife:).We may start to go out jogging to keep warm:o. We are sat around a candle at the mo trying to keep the blood circulating.

i may have to sell my chinese pinarello dogma now.:o

lazyjack

Hengus wrote: »

I switched from GB to Iresa three weeks ago. I received an e-mail from Iresa this morning to say that my supply has migrated to them and goes live on the 4th December. Technically under SoLR regulations, I should migrate to A N Other supplier for a week. My credit balance should migrate to them out of which should come a week's deemed charges followed by a refund. I am not holding my breath.

I'm in an almost identical situation, had an email from Iresa today which states 'This is to inform you that you have been successfully migrated to IRESA and we will now remain your energy supplier. The start of your ELECTRICITY supply with IRESA will be on 2016-12-02'. Not sure what's going on with the Gas supply though......

I actually contacted GB Energy just over 4 weeks ago asking for some of my credit balance to be refunded but I got fobbed off with my DD dropping by £10 a month. Contacted them again saying I wanted a refund instead, no joy though. Can't believe I was stupid enough to let them take a further DD payment 2 weeks ago, that really has annoyed me. Will contact my bank to try and get this reimbursed.

In fact the main reason I switched to Iresa was because I thought it was the only way I might get my credit balance back. The writing was on the wall as soon as they increased prices by up to 30%, it was obvious they were going to lose a huge amount of customers.

Isn't the timing strange though, lots of customers have built up credit balances during the summer months (like myself) and then bye-bye........

GT60

Firstly my heart felt sorrows go out to the poor people who have now lost their jobs


How do I go about getting my bills / statements from the previous Months or have I lost them now?


is it correct to cancel my direct debit or not?
I am getting mixed views
Thank you

ceredigion

robotrobo wrote: »

i may have to sell my chinese pinarello dogma now.:o

DI2? get a cervelo

veryintrigued

facade wrote: »

As to timescales

from https://www.ofgem.gov.uk/system/files/docs/2016/10/solr_revised_guidance_final_21-10-2016.pdf



So you can all start complaining if there is no SoLR appointed by Tuesday!

What nonsense. You're quoting only two of the three paras that are of any use.

The amount of misinformation panicking customers are posting on this thread is incredible....