Iresa ceases trading, move or wait?

gardner1

Hasbeen wrote: »

Got the email so went and compared with other suppliers IRESA still the cheapest. So have now went to account and renewed contract for an other year, hopefully will be honoured.

I'm confused by your comment...........iresa have gone bust

Mealyn

Hasbeen wrote: »

Worked for me if still open
https://selfservice.iresa.co.uk/selfServicePortal/accounts

Thanks, I too couldn't log in but followed your post and it worked for me and have downloaded all the info on my bills and summeries. Even submitted readings which were requested today and no mention of going bust!

[Deleted User]

Hasbeen wrote: »

Got the email so went and compared with other suppliers IRESA still the cheapest. So have now went to account and renewed contract for an other year, hopefully will be honoured.

Given the MSE News article states that the new supplier will put everyone onto a DEEMED CONTRACT - that is the new supplier's standard variable rate - you will not get IRESA's rates at all when the new supplier takes over your account.
And that is OFGEM's statement which is being reported there.
Looks like too many companies have gone to the wall and the bail out fund cannot cope with honouring bankrupt companies contracts.

antrobus

gsmlnx wrote: »

....
Looks like too many companies have gone to the wall and the bail out fund cannot cope with honouring bankrupt companies contracts.

There is no bailout fund.

There is a safety net that protects outstanding credit balances but that always applies.

jazzy

So is it best to stay and see what happens or start looking for a new supplier?

[Deleted User]

antrobus wrote: »

There is no bailout fund.

There is a safety net that protects outstanding credit balances but that always applies.

Bail out or safety fund.
Makes no difference what you call it, still a levy imposed on all consumers to pick up the pieces when an energy company goes bankrupt.
Most other industries require the companies to be bonded when dealing with consumer money. Not the other way round.

Rob_Wills

Go to your bank account and cancel the direct debit to Iresa.

antrobus

gsmlnx wrote: »

Bail out or safety fund.
Makes no difference what you call it, still a levy imposed on all consumers to pick up the pieces when an energy company goes bankrupt.

You said, "Looks like too many companies have gone to the wall and the bail out fund cannot cope with honouring bankrupt companies contracts."

But the safety net still applies.

So whatever you call it, you were still wrong.:)

In any case 'protecting outstanding credit balances' is something quite different from 'honouring bankrupt companies contracts'. There never has been any whatever you call it that has done the latter.:)

poppellerant

Hasbeen wrote: »

Got the email so went and compared with other suppliers IRESA still the cheapest. So have now went to account and renewed contract for an other year, hopefully will be honoured.

They won't honour your new contract:

Ofgem says that your current contract - whether you're on a fixed or variable tariff - will end when you join the new supplier, and you'll be placed on what's known as a 'deemed' tariff. These are often more expensive.

Taken from here: https://www.moneysavingexpert.com/news/energy/2018/07/iresa-energy-ceases-trading---what-it-means-for-customer

Poundnote

I was with GB Energy who went under and the advice given at that time is the same as given now.
Sit tight and wait to see what is on offer - then switch if it is too expensive.


There is a pool of 100,000 customers to be picked up by another energy supplier.


When GB Energy folded, the Co-Op took over the customer base and honoured the tariff GB Energy offered.


Wait and see.