GB Energy (Not filed for Insolvency)

WIBBLA

I have just got off the phone to Ofgem & government organisations insolvency-serviceand they say GB energy have not filed anything and told to keep an eye on Companies house?

I swapped over from GB Energy as of 3rd November and called Thursday just gone for my £298 refund owed to me and was told 7-10 days for it to go into my Bank?

So will i get this or does anyone else know whats next on the cards to do..

Thanks

System

Reading this might help answer your questions:

http://www.moneysavingexpert.com/news/energy/2016/11/gb-energy-goes-bust-160000-customers-affected-heres-what-you-need-to-know

WIBBLA

That does not help as i am no longer a GB Energy customer and just awaiting a refund? So like i have said will my refund go through as promised on thursday?

NittyGritty

looks like u need to wait while a new company takes over

What will happen if my account is in credit?
Ofgem says if you're in credit you won't lose your money and will have it paid back by the new supplier. Regarding customers who've recently switched away from GB Energy and haven't yet had their credit refunded, Ofgem told us it hopes to appoint a supplier who will also honour your credit balance.
It's not yet clear whether these credit balances will be refunded via a bank transfer, cheque or other method, or simply applied as an account credit with your deemed supplier. We'll update this story as soon as we know more.
How long will it take for Ofgem to appoint a new supplier?
Ofgem tells us this will happen within the next fortnight.

Gizmo247

I would have thought that filing for insolvency would disrupt the process of transferring the customer base to the SoLR, so I presume that will happen first and quickly and then they will file for insolvency.

System

Gizmo247 wrote: »

I would have thought that filing for insolvency would disrupt the process of transferring the customer base to the SoLR, so I presume that will happen first and quickly and then they will file for insolvency.

I am in the same boat as the OP. My guess - based on previous insolvencies - is that the customer has absolutely no chance of getting all of his/her credit back as an unsecured creditor. It will need OFGEM intervention in some form or other. I suspect, and hope, that they are looking at an industry levy which may not please some suppliers/customers.

Farway

WIBBLA wrote: »

I have just got off the phone to Ofgem & government organisations insolvency-serviceand they say GB energy have not filed anything and told to keep an eye on Companies house?

I swapped over from GB Energy as of 3rd November and called Thursday just gone for my £298 refund owed to me and was told 7-10 days for it to go into my Bank?

So will i get this or does anyone else know whats next on the cards to do..

Thanks

If you had been listening to radio 4 at the time instead of phoning Ofgem you would have heard, as I did, an Ofgem spkeman telling everyone not to panic, sit tight, all credit, including recent DDs, and any money owed will be taken over by whatever company Ofgem choose to transfer GB energy customers to

Hence the sit tight, by adopting headless chicken mode & changing suppliers etc you may create a trail that will take a while to unravel

The advice was, sit tight, once dust settles sort out new supplier or tariff then

katejo

I'm not with GB energy but am looking for a new supplier. This confirms/reinforces my reluctance to try one of the new providers. anyone else thinking the same way? I am waiting with interest to hear whether customers/recent ex customers get their money back. Good Luck!

Mr_K

katejo wrote: »

I'm not with GB energy but am looking for a new supplier. This confirms/reinforces my reluctance to try one of the new providers. anyone else thinking the same way? I am waiting with interest to hear whether customers/recent ex customers get their money back. Good Luck!

Why? There's no risk to your continued supply. If the worst happens (which it has in Gb's case), another supplier takes over and you can switch again to the cheapest. I've saved hundreds by not using one of the 'big 6' over the last few years.

Former_MSE_Imogen

Hi everyone,

You probably all have plenty of questions about what's going to happen next - Unfortunately we don't have all the answers just yet however we'll update our news story as soon as get any updates:

http://www.moneysavingexpert.com/news/energy/2016/11/gb-energy-goes-bust-160000-customers-affected-heres-what-you-need-to-know

The important thing to remember is that both your supply and credit (if applicable) is safe. Regarding customers who've recently switched away from GB Energy and haven't yet had their credit refunded, Ofgem told us it hopes to appoint a supplier who will also honour your credit balance.

I hope this helps!

D_M_E

If I were a GB customer I would have cancelled any DD to them as soon as I heard this news.

Ofgem's use of the word "HOPE" in relation to credit owed to former customers as well as current ones would make me even more determined to cancel.

As they have not yet gone insolvent this must mean they are still trading, just not trading in energy supplies and therefore GB should refund any former customers' credit balance without the customer - or Ofgem - having to "HOPE" for a successful outcome.