Symbio Energy feedback

DiseasedBunny

Symbio not taking any more quotes…

joan1234

This appears to be a new loan to Symbio on 3rd September £1.9M any ideas if this will help their struggles with Ofgem?
 https://find-and-update.company-information.service.gov.uk/company/07999360/charges/qFQF7bjhuyQpMeTZfmo5izsGMgc

QrizB

joan1234 said:

This appears to be a new loan to Symbio on 3rd September £1.9M any ideas if this will help their struggles with Ofgem?
 https://find-and-update.company-information.service.gov.uk/company/07999360/charges/qFQF7bjhuyQpMeTZfmo5izsGMgc

That isn't a loan, that's an unpaid supplier registering a claim against Symbio's business asasets.

joan1234

QrizB said:

joan1234 said:

This appears to be a new loan to Symbio on 3rd September £1.9M any ideas if this will help their struggles with Ofgem?
 https://find-and-update.company-information.service.gov.uk/company/07999360/charges/qFQF7bjhuyQpMeTZfmo5izsGMgc

That isn't a loan, that's an unpaid supplier registering a claim against Symbio's business asasets.

Thats Symbio snookered then. Presuming the August 20 charge is the same? Ofgem is a bit slow pulling their license.

gt94sss2

QrizB said:

joan1234 said:

This appears to be a new loan to Symbio on 3rd September £1.9M any ideas if this will help their struggles with Ofgem?
 https://find-and-update.company-information.service.gov.uk/company/07999360/charges/qFQF7bjhuyQpMeTZfmo5izsGMgc

That isn't a loan, that's an unpaid supplier registering a claim against Symbio's business asasets.

Or more accurately, its Symbio agreeing that its supplier will be able to claim against the the company's assets if it doesn't pay.

A charge isn't that unusual. A mortgage company takes one out when you borrow money against a property for instance.

dbks

QrizB said:

joan1234 said:

This appears to be a new loan to Symbio on 3rd September £1.9M any ideas if this will help their struggles with Ofgem?

That isn't a loan, that's an unpaid supplier registering a claim against Symbio's business asasets.

It's a loan secured against the assets of the company
The lender now also owns (i.e. has purchased) 10% of Symbio

niktheguru

I'm surprised symbio has managed to stay open this long. Surely it's a matter of time now given all the wholesale price rates and symbios own very low loss leading rates.

The only hope is perhaps their crazy advanced billing allowing them to hold on that bit longer.....saying that tho most symbio customers will see a 100% price increase for their energy if they fail. (Making the advance billing saga seem like a walk in the park!)

UnclaimedEnergy

Elexon had a meeting today regarding Symbio not having enough credit with them and came to the below decision.

"subject to approval by the Authority, expel the Defaulting Party from the BSC in accordance with the requirements of Section A5."

I don't know how Symbio are gonna get out of this one.

Sillychuckie

Symbio have £100 credit of mine that they are refusing to refund (keep fobbing me off, telling me they are on hold until management approve - suggest I call back every 2 weeks). I even have that in writing from them.
However, I'm no longer a customer of theirs, as I switched away to another provider about 3 months ago.

SO the question is - will ofgem help me here if it goes under?
I may have been better off staying a customer of theirs, cancelling the direct debit, and at least be in a position where I owe them... not they owe me. This feels like the worst of both worlds.
Now I'm just a creditor that'll have to register with any underwriter. Nightmare.

Complaint ongoing with the ombudsman...  but as I only got the official complaint ref recently, that is still the best part of an 8 week wait.

niktheguru

Sillychuckie said:

Symbio have £100 credit of mine that they are refusing to refund (keep fobbing me off, telling me they are on hold until management approve - suggest I call back every 2 weeks). I even have that in writing from them.
However, I'm no longer a customer of theirs, as I switched away to another provider about 3 months ago.

SO the question is - will ofgem help me here if it goes under?
I may have been better off staying a customer of theirs, cancelling the direct debit, and at least be in a position where I owe them... not they owe me. This feels like the worst of both worlds.
Now I'm just a creditor that'll have to register with any underwriter. Nightmare.

Complaint ongoing with the ombudsman...  but as I only got the official complaint ref recently, that is still the best part of an 8 week wait.

As @inigo_@Inigo_Montoya posted on another similar thread, your credit balance is protected:

The answer is on the ofgem website here
https://www.ofgem.gov.uk/information-consumers/energy-advice-households/what-happens-if-your-energy-supplier-goes-bust

I recently closed my account. Will I get back the credit I’m owed?Read less

We’ll look to appoint a new supplier who will pay back money that's outstanding on closed accounts. 

Costs for the energy you have used but have not yet had a bill for will be deducted from your account balance.