Green reviews: add your feedback

UnclaimedEnergy

Not sure I would define that as a pyramid scheme.
Are they asking you to also offer free money to people who lend you some?

thelight

brewerdave said:

Are they still offering to give you free money if you lend them some ?? Still have no idea how that pyramid scheme was allowed !!

Now and again. I decided to give it a try on the last round, deposit went in fine but you have to wait 6 weeks (I think) to get the bonus rate which hasn't arrived yet for me, so I can't confirm whether it works as stated or not

redlakes

It's 60 days from deposit to bonus added. Done it twice now on different occasions and it does add credit, but it's literally 60 days, so still a bit longer to wait

Inigo_Montoya

thelight said:

brewerdave said:

Are they still offering to give you free money if you lend them some ?? Still have no idea how that pyramid scheme was allowed !!

Now and again. I decided to give it a try on the last round, deposit went in fine but you have to wait 6 weeks (I think) to get the bonus rate which hasn't arrived yet for me, so I can't confirm whether it works as stated or not

It worked last time so it probably will again this time - the credit is probably added automatically after exactly 60 days rather than manually by hand

Adding of the credit is not the issue IMO - its whether or not they will allow you to withdraw "excess" funds afterwards without, say,  them removing the bonus which could happen

I guess you could also change supplier after the bonus is awarded to try to get a refund of the credit balance but if Green were to go bust before they processed the refund (or even they simply just didnt process the refund) then you would be in serious trouble as the credit would not be protected like if you had stayed with Green & the SoLR had then become responsible for insuring your credit balance 

UnclaimedEnergy

Green did enter credit default with Elexon last week, so there's definitely signs there of some financial difficulties. I was surprised when they allowed customers to withdraw last time and I would be even more surprised if they allow it again. Maybe the reason they have done it a 2nd time is because more customers withdrew it than they were expecting?

That being said, Symbio have been in an out of credit default for what seems like the last 6 months but are still going so...

Come October when the next RO bill late deadline comes around, we may see a few more suppliers struggle to pay due to rising wholesale costs etc. Green. being one of them.

brewerdave

UnclaimedEnergy said:

Green did enter credit default with Elexon last week, so there's definitely signs there of some financial difficulties. I was surprised when they allowed customers to withdraw last time and I would be even more surprised if they allow it again. Maybe the reason they have done it a 2nd time is because more customers withdrew it than they were expecting?

And that's why I described it earlier in the thread as a pyramid scheme - scrabbling for new investments to allow initial investors to receive their rewards !!

thelight

Inigo_Montoya said:

It worked last time so it probably will again this time - the credit is probably added automatically after exactly 60 days rather than manually by hand

Adding of the credit is not the issue IMO - its whether or not they will allow you to withdraw "excess" funds afterwards without, say,  them removing the bonus which could happen

I guess you could also change supplier after the bonus is awarded to try to get a refund of the credit balance but if Green were to go bust before they processed the refund (or even they simply just didnt process the refund) then you would be in serious trouble as the credit would not be protected like if you had stayed with Green & the SoLR had then become responsible for insuring your credit balance 

I've thought of it more like fixed rate savings as the rate I should get on my credit is far above what I can get in the savings market so I won't be trying to withdraw my credit.

i've been with a few providers now who have gone bust after I've left them and the credit they owed me has always been picked up by the SoLR

Bacman

Been with Green Energy for a few months now, still good things to say about them. Yes, only viable way to get things resolved is to phone them as they don't seem to reply to emails, however when you phone them they resolve the matter in hand and are friendly with it too. Compare that to for example Scottish Power who you wait longer for and when you get through they don't seem a lot of help; or Neon Reef who have no phone service!

The thing with the "magic link" to log into your account I hadn't realised until recently is that unless you log out (whereby you need another "magic link" emailed to you to log in again, you remain logged in even when you have closed the tab. Handy.

Surprising how many small electricity companies are in major loss making mode, selling electricity cheaper than they buy it for in the hope they get enough customers on board to be of interest to larger firms to buy them (and make a profit from the sale); I checked out Green Energy before moving to them a few months back and they seem ok.

The link to see their financial accounts are on public view - https://find-and-update.company-information.service.gov.uk/company/04194006/filing-history/

I am not an accountant or that great in reading balance sheets but to me this looks ok (check the above if interested) - at least unlike many they are making a profit:

Point is whilst there is no guarantee that even a profitable company is going to stay that way or even in business, some companies are millions in debt so the probability they will go out of business are very high in the short-term.

Reviews for Green Energy i've seen from disgruntled people seem to be from people who don't have reasonable course to complain (eg didn't enter units used, took the low "estimate" figure and then got angry when the real amount was charged (!)), I waded through the comments before signing up, disregarding the "silly comments of people with a grudge/didn't do things like submit readings, etc" and looking for comments that seemed legit; on satisfaction, signed up. Still happy with decision made.

UnclaimedEnergy

Those financial accounts are for https://www.greenenergyuk.com/ and not Green.Energy
https://find-and-update.company-information.service.gov.uk/company/11042716 is where you wanna look on companies house.

brook_heather

Bacman said:

I checked out Green Energy before moving to them a few months back and they seem ok.

Oh dear - if you lookup the actual accounts for Green Supplier Limited you will see that they owed £1m at the end of 2019 which was their first year of trading.