Goodbye BG Collective Fix Feb 2017

luckwudaveit

Well, I found the collective deal in the end. But only by selecting Big Suppliers. Glad I started with the Iresa switch 12 days ago, I'll let that go ahead as it's cheaper, even after the cashback. Fingers crossed it goes OK.

merchcon55

https://beta.companieshouse.gov.uk/company/08186664/filing-history

I'm not very comfortable with a company that has 12 grand in the bank.

I do not see how a company of this size could manage to buy Electricity and Gas forward in sufficient quantity to enable them to have such low pricing.

This appears to be the same "model" GB used - and was the reason for their failure - they were buying Gas and Electric on the spot market (which when prices are falling makes perfect sense).

That model does not work at the moment.

familyguy321

c_smith wrote: »

I just switched to IRESA.

Was going to do it at the start of the month but held out for the Collective Switch, hoping it would be better or even close. IRESA is £126 cheaper than the EDF Collective for me (£96 if you include the £30 cash back after 3 months. Factor in the £70 early exit fee applicable to the EDF Collective and IRESA (no exit fee) was the better option as I can now switch again should prices come down.

Kicking myself for not initiating the switch earlier, as I'll now end up on the BG standard variable rate for two or three weeks until the switch is completed. I really expected more from this Collective Switch, the Big Six can do much better!

Is this correct?

My understanding was that you have up to 20 working days after your tariff ends to switch, and in that time your current supplier must honour your current tariff rate.

Regards,
FG

c_smith

familyguy321 wrote: »

Is this correct?

My understanding was that you have up to 20 working days after your tariff ends to switch, and in that time your current supplier must honour your current tariff rate.

Regards,
FG

I'd heard that before but read something recently that cast doubt on it. Maybe it will work out to my benefit but I'm not banking on it.

System

merchcon55 wrote: »

https://beta.companieshouse.gov.uk/company/08186664/filing-history

I'm not very comfortable with a company that has 12 grand in the bank.

I do not see how a company of this size could manage to buy Electricity and Gas forward in sufficient quantity to enable them to have such low pricing.

This appears to be the same "model" GB used - and was the reason for their failure - they were buying Gas and Electric on the spot market (which when prices are falling makes perfect sense).

That model does not work at the moment.

I worry about Iresa's rapid growth but, following the collapse of GBEnergy, customer credit balances are no longer at risk. I do though hope that Ofgem is keeping an eye on them as it is not in our collective interest to pay for another supplier failure because the Regulator failed to regulate.

minimike2

merchcon55 wrote: »

https://beta.companieshouse.gov.uk/company/08186664/filing-history

I'm not very comfortable with a company that has 12 grand in the bank.

I do not see how a company of this size could manage to buy Electricity and Gas forward in sufficient quantity to enable them to have such low pricing.

This appears to be the same "model" GB used - and was the reason for their failure - they were buying Gas and Electric on the spot market (which when prices are falling makes perfect sense).

That model does not work at the moment.

Why? GB Energy accounts were transferred to Co-op with the tariffs being honoured were they not? Not sure what risk it poses to the end user. The downside is that they are likely going to be unable to handle the impending influx of customers. Will probably see the current tariff go by the end of next week.

Also with a sole director of the company, maybe he is just happy to take a much more modest income from the business than some of the fat cats on the boards of the bigger companies?

£12k in the bank is probably better than the debt positions of some of the big 6. Look at EDF - haven't they made losses year after year in their domestic energy operation?

Give me the "cheap" tariff

kezto

EDF £55 dearer when taking into account the cashback than Iresa, so not as bad as some comparisons ive seen you other peeps list when comparing the 2. also the option of greenstar 2yr fixed
I'm going to ponder over it tonight and decide tomorrow if the extra £55 switching to edf is worth it possibly more security and I also need to factor in I may be eligible for warm home discount broader group.

overall though big let down

dealseeker

I've gone with IRESA after much gnashing of teeth. Bit of a risk and hope I don't fall into a customer service nightmare but the savings compared to collective switch and other suppliers were too good to resist.

plane_boy2000

I started the switch to Iresa last week so I'm in the cooling of period, but seriously considering backing out. A quick look at their facebook page tells a sorry story of unhappy customers and consistently poor customer service.

I also saw that one of the small energy switching services has pulled Iresa due to their concerns that the model is not sustainable at current pricing levels.

Maxwell007

Iresa or not to Iresa that's the Question . . .