Oneselect ceased trading

emmac1

Hi everyone,
I have been with Oneselect for a while and wanted to reduce my DD as my account is £75 in credit, so emailed customer services last week, with no reply. Having sent another email today, I received an email from Ofgem, saying Oneselect has ceased trading and Ofgem will appoint another service provider.
Was anyone else aware of this?
Could someone please advise me what to do?
Many thanks

System

Welcome to the forum. Details here:

https://www.ofgem.gov.uk/publications-and-updates/ofgem-protects-customers-failed-supplier-one-select

Your credit balance is 100% protected and it will be credited to your new account with the Supplier of Last Resort.

merchcon55

There is another thread you should read:

https://forums.moneysavingexpert.com/discussion/5936493


For now, take a meter reading - I was in fact still able to go onto the Oneselect website today and enter a meter reading today.


I have stopped my Direct Debit with them, which would have had a payment taken next week.


For now, we have to wait and see who OFGEM will appoint as our new supplier. Then we can decide whether or not to stay with that new supplier.

emmac1

Many thanks to you both for your advice. Hopefully the changeover will run smoothly and customers will not lose their credit

System

emmac1 wrote: »

Many thanks to you both for your advice. Hopefully the changeover will run smoothly and customers will not lose their credit

Your credit is protected by a Levy which is added to the energy bills of all energy consumers. With over 10% of the 70 or so suppliers having failed so far this year, it could prove to be an additional cost that most people will not welcome.

WhoIsThat

emmac1 wrote: »

Hi everyone,
I have been with Oneselect for a while and wanted to reduce my DD as my account is £75 in credit, so emailed customer services last week, with no reply. Having sent another email today, I received an email from Ofgem, saying Oneselect has ceased trading and Ofgem will appoint another service provider.
Was anyone else aware of this?
Could someone please advise me what to do?
Many thanks

Legendino

I am (was) in my 2nd year with OneSelect. The 1st year (ended approx Jun 2018) was Ok, I was on a fixed tariff and the price was as good as any and better than most. I have watched them go downhill over the last few months Attempting to put up my DD by a ridiculous amount that bore no relation to energy consumed over the previous year. (cashflow problems ?) Then there were stories about the sister/parent company in Holland getting in financial trouble and winding up I believe. I believe OneSelect is the 7th small energy provider to 'fold' this year and the 3rd in the last 3 weeks. So much for privatisation and competition eh ?

masonic

merchcon55 wrote: »

I have stopped my Direct Debit with them, which would have had a payment taken next week.

I won't be cancelling mine until immediately before the next payment. The last failed company, Spark, was taken over by Ovo and they honoured existing tariffs. No doubt One Select's prices will be deemed too cheap to preserve, but here's hoping.

ARK5

Legendino wrote: »

I am (was) in my 2nd year with OneSelect. The 1st year (ended approx Jun 2018) was Ok, I was on a fixed tariff and the price was as good as any and better than most. I have watched them go downhill over the last few months Attempting to put up my DD by a ridiculous amount that bore no relation to energy consumed over the previous year. (cashflow problems ?) Then there were stories about the sister/parent company in Holland getting in financial trouble and winding up I believe. I believe OneSelect is the 9th small energy provider to 'fold' this year and the 3rd in the last 3 weeks. So much for privatisation and competition eh ?

I had a similar experience. Great at first and gradually became quite awful. When my fixed tariff ran out in September, I rang them and they put me on another fixed rate while I decided whether to switch. They also agreed my DD was too high. Within a couple of weeks, I had an account assessment from them and they put my monthly payment up £35! Anyway, I switched provider mid-November and had my final statement last week. Silly me, I didn't call straight away to claim my £130 closing credit - I got round to it today and heard the recorded message about having ceased trading. I believe I'll get my £130 one way or another (don't know who from as I won't be a customer of whoever is appointed by Ofgem) but I could do with it now and it looks like it will be January now at the earliest.

Legendino

I have an approx credit balance of £120.00, it will all work out . . . . eventually.

matelodave

In my experience with two failed energy companies (GB Energy and Iresa) it seems to take around three months to get your credit back from the new supplier possibly a bit longer if the old supplier's accounts were in a bit of a shambles