Help Needed Following Enforced Switch

TomHark

I was until recently with Economy Energy who went out of business. The regulator has moved me to OVO. I was in credit by around £140 with Economy Energy and Ovo state they will honour the credit on the account (verbally, not yet in writing). The account with OVO started at the end of January. My first statement will take around 6-8 weeks.
I can switch elsewhere and save £120 on a fixed rate. If I were to do that would OVO still honour the credit from economy energy or would they refuse? Has anyone any idea or experience in a similar situation?
Thanks in advance

antrobus

TomHark wrote: »

I was until recently with Economy Energy who went out of business. The regulator has moved me to OVO. I was in credit by around £140 with Economy Energy and Ovo state they will honour the credit on the account (verbally, not yet in writing). The account with OVO started at the end of January. My first statement will take around 6-8 weeks.
I can switch elsewhere and save £120 on a fixed rate. If I were to do that would OVO still honour the credit from economy energy or would they refuse? Has anyone any idea or experience in a similar situation?
Thanks in advance

OFGEM's safety net protects your credit balance. As part of the SOLR process Ovo will pay you and reclaim the cost from all the other suppliers

https://www.ofgem.gov.uk/consumers/household-gas-and-electricity-guide/extra-help-energy-services/ofgem-safety-net-if-your-energy-supplier-goes-out-business

Switch away.

wavelets

TomHark wrote: »

I was until recently with Economy Energy who went out of business. The regulator has moved me to OVO. I was in credit by around £140 with Economy Energy and Ovo state they will honour the credit on the account (verbally, not yet in writing). The account with OVO started at the end of January. My first statement will take around 6-8 weeks.
I can switch elsewhere and save £120 on a fixed rate. If I were to do that would OVO still honour the credit from economy energy or would they refuse? Has anyone any idea or experience in a similar situation?
Thanks in advance

https://www.ovoenergy.com/economy-energy

You will get a final bill for your as yet unbilled usage whilst you were supplied by Economy Energy - any credit will be be carried over to your new Ovo account.

If you switch to a new supplier from Ovo (ensuring first that Ovo have fully transferred you to themselves) then you will receive a final bill from them.
They will repay you any accrued credit (including any carried forward from Economy Energy) less the cost of energy you have used whilst supplied by Ovo Energy.

TomHark

Switch underway, thanks for the replies antrobus and wavelets. Mucho appreciado