Economy Energy stops trading - MSE News

Butterfree_

stevenpc wrote: »

ive been in the queue since september but after numerous emails was told in december i was now in the fast track i only got a reply from an email i sent 3/1 to there ceo on 8th jan saying they had ceased trading but as i was away i didnt see the email untill yesterday.As i change months ago who will be issuing the refund is it ovo or eon who i changed to or ee as from what ive read today ee had been told to issue overdue refunds by 18th jan to people that requested them before jan 4th and within 28 days for people who requested after that date. confused!

Consumerist wrote: »

Although, according to the MSE report that Ovo would take over EE's customers:

I think Ovo may come to regret that undertaking.

Aye you are right, I managed to miss that one, it is on the Ofgem press release, that I can't link because new account.

Considering they now have an extra 200k customers though, even with mediocre retention I should imagine (depending on how they have priced and hedged) that they will have made that back and then some fairly quickly!

Sterlingtimes

Butterfree_ wrote: »

Aye you are right, I managed to miss that one, it is on the Ofgem press release, that I can't link because new account.

Considering they now have an extra 200k customers though, even with mediocre retention I should imagine (depending on how they have priced and hedged) that they will have made that back and then some fairly quickly!

The two-thirds of current Economy's current customers (156,000) on pre-payment should come to OVO without baggage.

The one-third of Economy's current customers (78,000) may come to OVO with the cost of credit, i.e. fuel paid for but not delivered.

But we learn that 100,000 Economy customers left Economy last year. The ex-credit customers may be owed a lot of money.

Presumably, OVO did its due-diligence.

stevenpc

Sterlingtimes wrote: »

The two-thirds of current Economy's current customers (156,000) on pre-payment should come to OVO without baggage.

The one-third of Economy's current customers (78,000) may come to OVO with the cost of credit, i.e. fuel paid for but not delivered.

But we learn that 100,000 Economy customers left Economy last year. The ex-credit customers may be owed a lot of money.

Presumably, OVO did its due-diligence.

Yes and a lot of customers who left last year left with credit balance in the £100s and have lost any interest they could have been getting on it.

Consumerist

Sterlingtimes wrote: »

. . . But we learn that 100,000 Economy customers left Economy last year. The ex-credit customers may be owed a lot of money. . .

I would say this group presents the most reliable of these costs to Ovo in that EE will not have been able to massage this group's consumption figures once final bills had been issued. The other groups could have had their usage figures massaged to improve the look of EE's balance sheet.

deely

we left EE mid Oct with a fairly large credit (almost £499) and was surprised to see we've had our credit come through on Friday!

Consumerist

deely wrote: »

we left EE mid Oct with a fairly large credit (almost £499) and was surprised to see we've had our credit come through on Friday!

Quite a relief I should think. Thanks for sharing.

Do you know whether this came from Ovo or EE ?

deely

Consumerist wrote: »

Quite a relief I should think. Thanks for sharing.

Do you know whether this came from Ovo or EE ?

huge relief TBH.
Sorry, not sure who paid it as DH checked account today and it had been paid in Fri (he last checked Thurs) he didn't say who paid it, but presuming EE tho' or he would have queried OVO paying us??

stevenpc

Deely did ee cancel your dd when you started your switch they did with my dd.

deely

stevenpc wrote: »

Deely did ee cancel your dd when you started your switch they did with my dd.

they didn't cancel it and actually took 2 more payments after we'd left, even though we were already well in credit - one of the many things we made a complaint about

stevenpc

deely wrote: »

they didn't cancel it and actually took 2 more payments after we'd left, even though we were already well in credit - one of the many things we made a complaint about

as soon as my switch started i got an email from them saying they had canceled my dd so im woundering if they have passed my bank details to ovo.I did read somewhere that said credit refunds for those that aplied b4 the 4th january had to be paid by the 18th.My switch started early october