Symbio Energy feedback

rp1974

devondiver said:
Perhaps I misunderstood? You seem to imply that you expect them to still be in business for some time.

Perhaps I could have put it better,to clarify,yes they might well go bottoms up granted,Im not owed anything so I'm not wasting time hand wringing over it.
If elsewhere was cheap enough to justify moving I would,but there not,for me so I'm staying put.
It seems that some would like seeing them fold,as with most things there's choices,in this case stay or leave.
Symbio remains operational at present,until such time as that changes I'm not fussed.

devondiver

Stratus said:

I don’t think they can have a long term future.

Looking back at my records, every electricity supplier I have had since 2015 has gone bust. The whole domestic energy market is seriously flawed. A market that only has a single differential (price) is doomed by an inevitable race to the bottom. I feel lucky to have had almost 12 months cheap electricity from Symbio and relieved to have escaped before they go under. 

Historically, there has been no real problem with a SOLR and then shopping around again but with the collapse of Eversmart and appointment of Utilita as SOLR last year, things appear to be changing. It is looking increasingly like there is no competition among suppliers to bid for customers of collapsed companies anymore. Utilita was the only company volunteering to OFGEM to take on Eversmart customers. We have no knowledge of the records available to the SOLR from the failed company and there appear to have been problems when Eversmart went under. Utilita’s opening readings were more creative then anything Symbio could ever imagine. It needed correct, dated readings from me to get things accurately billed. All this took time and this can quickly become quite expensive. 

OFGEM advises customers to sit tight while a SOLR is appointed. Then the SOLR has to set up your account. Then they have to sort out outstanding balances with the failed company. At this time it is very difficult to switch and you are invariably on a crucifying rate. Even when you can switch away, that process takes a few additional weeks. You can quite easily spend an additional 15%+ of your entire annual expenditure in the time it takes to sort out.

The costs involved can quickly dwarf any early exit penalty that might apply. I suppose the issue is simply, how lucky do you feel?

Brilliant! So any savings made by going with a cheap supplier are ultimately wiped out when they fold - unless of course one manages to bail in time - which, if Face Pilot is anything to go by, many are doing right now.
Lucky? - well I can't see SE lasting so there has to be only one option. But is it too late? That's the question facing everyone. Someone knows.

Talldave

devondiver said:

Stratus said:

I don’t think they can have a long term future.

Looking back at my records, every electricity supplier I have had since 2015 has gone bust. The whole domestic energy market is seriously flawed. A market that only has a single differential (price) is doomed by an inevitable race to the bottom. I feel lucky to have had almost 12 months cheap electricity from Symbio and relieved to have escaped before they go under. 

Historically, there has been no real problem with a SOLR and then shopping around again but with the collapse of Eversmart and appointment of Utilita as SOLR last year, things appear to be changing. It is looking increasingly like there is no competition among suppliers to bid for customers of collapsed companies anymore. Utilita was the only company volunteering to OFGEM to take on Eversmart customers. We have no knowledge of the records available to the SOLR from the failed company and there appear to have been problems when Eversmart went under. Utilita’s opening readings were more creative then anything Symbio could ever imagine. It needed correct, dated readings from me to get things accurately billed. All this took time and this can quickly become quite expensive. 

OFGEM advises customers to sit tight while a SOLR is appointed. Then the SOLR has to set up your account. Then they have to sort out outstanding balances with the failed company. At this time it is very difficult to switch and you are invariably on a crucifying rate. Even when you can switch away, that process takes a few additional weeks. You can quite easily spend an additional 15%+ of your entire annual expenditure in the time it takes to sort out.

The costs involved can quickly dwarf any early exit penalty that might apply. I suppose the issue is simply, how lucky do you feel?

Brilliant! So any savings made by going with a cheap supplier are ultimately wiped out when they fold - unless of course one manages to bail in time - which, if Face Pilot is anything to go by, many are doing right now.
Lucky? - well I can't see SE lasting so there has to be only one option. But is it too late? That's the question facing everyone. Someone knows.

Why does it matter to you so much?

CRISPIANNE3

You really cannot trust them On my bill it stated the dd payment would be taken 9 November. However checking my online account just now payment  has already been taken. Fortunately it not an issue for us but some people in these difficult times may find it so. 

Snudz

Good luck if / when you switch as well.  I submitted a final meter reading to Symbio and the same reading to my new supplier.  When I got the e-mail form the new supplier informing me the switch had finally been completed they apologised over the final meter reading.   It transpires that the final meter reading had to be adjusted by the regulator.  Not a problem.   The new supplier had given me a 10 day window to supply a reading.  Between 5 days before switch day and 5 days after.  I submitted straight away so 5 days before switch day.   So, I was expecting the reading to be adjusted up to allow for the 5 days.   However, that was not the case.  The regulator adjusted "my" reading down.   The figure I had been revised down to was higher than the reading I had submitted.   So, someone, independent of the regulator had taken it upon themselves to take my reading and add the usual "finger in the air" fudge factor to it.   They decided that for the 5 days between submission and switch over my usage would be double my EAC daily average.    This despite the switch over day being in August.

Talldave

CRISPIANNE3 said:

You really cannot trust them On my bill it stated the dd payment would be taken 9 November. However checking my online account just now payment  has already been taken. Fortunately it not an issue for us but some people in these difficult times may find it so. 

My bill, dated 2 Nov, says: "The billed amount will be deducted via Direct Debit 3 days from the date of issue of this invoice as per your Direct Debit Mandate."

Their email of the 3 Nov says: "We will debit your bank account **** by Direct Debit on or shortly after November 6, 2020."

Payment has gone out today, so all in line with their communication.

Stratus

devondiver said:
So any savings made by going with a cheap supplier are ultimately wiped out when they fold 

This is definitely not the case. I must have saved many hundreds if not thousands of pounds over the years by going with cheap suppliers. The point I was making was that when a company collapses and a SOLR is called in there are additional costs placed on the consumer through higher tariff costs and a closed switching window.

devondiver

Talldave said:

devondiver said:

Stratus said:

I don’t think they can have a long term future.

Looking back at my records, every electricity supplier I have had since 2015 has gone bust. The whole domestic energy market is seriously flawed. A market that only has a single differential (price) is doomed by an inevitable race to the bottom. I feel lucky to have had almost 12 months cheap electricity from Symbio and relieved to have escaped before they go under. 

Historically, there has been no real problem with a SOLR and then shopping around again but with the collapse of Eversmart and appointment of Utilita as SOLR last year, things appear to be changing. It is looking increasingly like there is no competition among suppliers to bid for customers of collapsed companies anymore. Utilita was the only company volunteering to OFGEM to take on Eversmart customers. We have no knowledge of the records available to the SOLR from the failed company and there appear to have been problems when Eversmart went under. Utilita’s opening readings were more creative then anything Symbio could ever imagine. It needed correct, dated readings from me to get things accurately billed. All this took time and this can quickly become quite expensive. 

OFGEM advises customers to sit tight while a SOLR is appointed. Then the SOLR has to set up your account. Then they have to sort out outstanding balances with the failed company. At this time it is very difficult to switch and you are invariably on a crucifying rate. Even when you can switch away, that process takes a few additional weeks. You can quite easily spend an additional 15%+ of your entire annual expenditure in the time it takes to sort out.

The costs involved can quickly dwarf any early exit penalty that might apply. I suppose the issue is simply, how lucky do you feel?

Brilliant! So any savings made by going with a cheap supplier are ultimately wiped out when they fold - unless of course one manages to bail in time - which, if Face Pilot is anything to go by, many are doing right now.
Lucky? - well I can't see SE lasting so there has to be only one option. But is it too late? That's the question facing everyone. Someone knows.

Why does it matter to you so much?

Isn't that the whole purpose of MSE? Personally I am relatively unaffected but surely a lot of people will be disappointed if they spend time and effort finding a cheap deal only to ultimately have to find an additional 15% unexpectedly. 

couriervanman

I might switch to PFP energy......they have a fixed tariff that is slightly (£15) cheaper but comes with a £30 exit fee 

devondiver

Stratus said:

devondiver said:
So any savings made by going with a cheap supplier are ultimately wiped out when they fold 

This is definitely not the case. I must have saved many hundreds if not thousands of pounds over the years by going with cheap suppliers. The point I was making was that when a company collapses and a SOLR is called in there are additional costs placed on the consumer through higher tariff costs and a closed switching window.

Thank you. I understand what you are saying but the situation seems to have worsened significantly so that what you say about substantial extra costs when a company folds, which is happening with increasing frequency, needs to be taken into account.