Symbio Energy feedback

QrizB

drsquirrel said:

I switched months ago to a new supplier. They still owe me a substantial credit. Is this protected also?

Probably. From another thread:

QrizB said:

Nick_C said:

QrizB said:

Nick_C said:

What is worrying me is if OTM go bust after Sunday when I switch, then as a former customer I don't think my credit balance is protected.

Yes it is protected under the SoLR process. It could however take weeks or months for you to get the refund (other posters have anecdotes where it has taken more than an year).

But I wouldn't be switching to an OFGEM appointed SOLR.  I will already have switched to Sainsburys.  Is my credit balance with OTM protected once I am no longer a current customer?  If you think it is, can you point me to an authoritative source of information please?

Well Ofgem says:

https://www.ofgem.gov.uk/what-happens-if-your-energy-supplier-goes-bust

I've recently closed my account. will I get back the credit I'm owed?
We’ll try to appoint a new supplier who will refund 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. 

I accept that says "try" but so far they always have.

drsquirrel

Thanks, seems a bit odd a new supplier that I won't be with owes me.

The company I switched to also owes me credit after being switched automatically to BG.

So got 2 credits pending !

CRISPIANNE3

I am tempted to switch to Neon Reef but will they go the same way as the other minnows.  That is the question?

kaMelo

Frankly there is no tariff on offer form anyone that is cheaper than the capped SVR. No one is offering their SVR as a tariff to new customers. Why would anyone switch to a more expensive tariff?

CRISPIANNE3

kaMelo said:

Frankly there is no tariff on offer form anyone that is cheaper than the capped SVR. No one is offering their SVR as a tariff to new customers. Why would anyone switch to a more expensive tariff?

The difference is Neon have a two year fix and compares well with the SVR that will be increased in 6 months times.  It's a trust issue with me.

mikbandit

Well it is, sort of. In cases where they owe you lots of money I’d say stick to that, but in my case I owe them a little, and neon reef is currently cheaper than where I’d end up so just sort of playing the odds I suppose.
if neon reef go bust will end up in same position, or they don’t I’ll be be in better position fixed.
Not sure taking over symbios book, will be very popular!

elucidate

Personally I feel that NR's 12-month Neptune v3 is the way to go.

It's cheaper than their SVT. If it goes bust in, say, December, then there's a good chance that, for the time you were with them, you would have saved a significant amount of money compared to the SVT of another supplier.

Worst case scenario, they go bust soon after you join. But you would have at least got a £50 referral credit along with cheaper electricity for the few days/weeks you were with them, and you can then move onto the SVT (whose rates will be the same until April) and get a referral for another supplier.

The 24-month tariff is good if you're optimistic about them surviving more than a year from now.

kaMelo

CRISPIANNE3 said:

kaMelo said:

Frankly there is no tariff on offer form anyone that is cheaper than the capped SVR. No one is offering their SVR as a tariff to new customers. Why would anyone switch to a more expensive tariff?

The difference is Neon have a two year fix and compares well with the SVR that will be increased in 6 months times.  It's a trust issue with me.

It may increase, decrease or go nowhere. We don't know yet. 
I get the point about knowing what you'll pay and locking in a good deal but like Symbio Energy things move fast in the energy world, for that reason I don't consider anything longer than twelve months worth looking at as it's no guarantee of anything really.

I keep it simple, pick the cheapest available at that point in time rather than what may or may not happen at some point in the dim and distant future. Then keep an eye on things every month. If a significant enough saving is to be had at any point(only you can define significant) taking into account exit fees and the hassle of moving supplier then I'll move. If I don't consider the hassle worth the savings then I don't. 
It's served me well up until now.

matelodave

kaMelo said:

CRISPIANNE3 said:

kaMelo said:

Frankly there is no tariff on offer form anyone that is cheaper than the capped SVR. No one is offering their SVR as a tariff to new customers. Why would anyone switch to a more expensive tariff?

The difference is Neon have a two year fix and compares well with the SVR that will be increased in 6 months times.  It's a trust issue with me.

It may increase, decrease or go nowhere. We don't know yet. 
I get the point about knowing what you'll pay and locking in a good deal but like Symbio Energy things move fast in the energy world, for that reason I don't consider anything longer than twelve months worth looking at as it's no guarantee of anything really.

I keep it simple, pick the cheapest available at that point in time rather than what may or may not happen at some point in the dim and distant future. Then keep an eye on things every month. If a significant enough saving is to be had at any point(only you can define significant) taking into account exit fees and the hassle of moving supplier then I'll move. If I don't consider the hassle worth the savings then I don't. 
It's served me well up until now.

Thats the way I look at it - I've now been with four companies that have gone bust (Symbio being the latest) but I reckon I've managed to save anywhere between £200 and £500 a year for the past ten years by going for the cheapest.

CRISPIANNE3

The situation is I will have paid Symbio up until 31 October and now Neon Reef want £87.00 to cover nearly the same period on the 11 October. Also there is a chance if I stop the DD for Symbio that is due to be taken on the 8 October they will block the switch.  Therefore I have decided not to do anything and see what happens. Thanks everyone who commented.