Article in The Times: small utility firms going bust

dickun

Today's paper reveals that many new small energy suppliers are gong under. What are the ramifications for customers - financial loss or just hassle ?
I switched to Bulb quite recently , prompted by MSE analysis but was surprised how quickly I was notified that they had become very uncompetitive.

Robin9

dickun wrote: »

.............. What are the ramifications for customers - financial loss or just hassle ?.

Just hassle - I was with gbEnergy when they went under - all dropped into place with a new supplier in a couple of weeks.

It's a highly competitive market out there and only the fittest will survive.

matelodave

As Robin says, mainly hassle, I was with GB when they folded and just recently with IRESA.

It helps a lot of you've kept your accounts up to date by reading your meters regularly, sending in a meter reading once a month and making sure that you get any estimated bills correceted immediately.

Despite the hassle I've saved hundreds by going with a lower cost supplier so I'm prepared to put up with it.

My present supplier is looking a bit flakey at the moment as they seem to have been swamped by lots of ex IRESA/Octopus customers.
However as my contract is around £150 a year cheaper than the next unknown, I'll hang on until something goes wrong especially as it's the winter period when I use most of my energy so I want it as cheap as possible..

I Maintain my own records and frequently download and save PDFs of all on-line bills and statements for when the IT system breaks down or gets turned off.

My records go back the eght years and eight suppliers that we've had since I've lived here, just in case.

Sterlingtimes

I have ridiculously cheap fixed prices from my current supplier, but I had to spend a considerable amount of personal time in enforcing the contract. I did get support from OFGEM, MSE and Citizens Advice Extra Help Unit.

Ideally, I would get through the colder winter and spring months before my supplier declares itself insolvent. Sadly, the consumer is best protected in an insolvency situation.

With my current supplier, I see all the hallmarks present of cash-flow difficulties.

Farway

matelodave wrote: »

As Robin says, mainly hassle, I was with GB when they folded and just recently with IRESA.

It helps a lot of you've kept your accounts up to date by reading your meters regularly, sending in a meter reading once a month and making sure that you get any estimated bills correceted immediately.

Despite the hassle I've saved hundreds by going with a lower cost supplier so I'm prepared to put up with it.

My present supplier is looking a bit flakey at the moment as they seem to have been swamped by lots of ex IRESA/Octopus customers.
However as my contract is around £150 a year cheaper than the next unknown, I'll hang on until something goes wrong especially as it's the winter period when I use most of my energy so I want it as cheap as possible..

I Maintain my own records and frequently download and save PDFs of all on-line bills and statements for when the IT system breaks down or gets turned off.

My records go back the eght years and eight suppliers that we've had since I've lived here, just in case.

Ditto the above, just hassle but even that is mainly sit & wait for it to get sorted, cogs turning slowly, especially if refund due

Main point as MD says, keep your own records, I go OT maybe and have photos of the monthly meter reads but come the day I'll have something to show and not just "my word" Plus don't rely upon a web based records for anything

editor1

Lots of howls with regards OFTM on the boards, which, if in a Fixed Contract, remains the cheapest option until they go bust. So yes, its hassle only with no VAR (Value at Risk), namely the credit, if any, you have built up. However, said credit is in danger if you begin switching, so best advice is hang on until your provider goes bust and a new provider appointed by OFGEM, then you can begin the process of finding a decent Fixed deal, which is what this site is all about.

Pete99

Your credit is safe if you've already instigated a switch to a new supplier, this is from the Ofgem website FAQ,
'You don’t need to worry. If it’s already in progress, you will continue to be moved to the new supplier you have chosen. You don’t need to do anything.
When your switch completes and the account with your old supplier is closed, you may be owed money if your account had built up credit with the old supplier. We'll look to appoint a supplier who will pay back money owed to you that's outstanding from a closed account.'
so the supplier they appoint to take over from the failed one will pay you your credit, no idea where that money will be coming from, but as long as you get it back !