Neon Reef - any views?

grandadgolfer

As I mentioned a few days ago I'm sure some people on here are almost wetting themselves in anticipation of NR going bust

[Deleted User]

@grandadgolfer As a customer, not at all. However it’s no good burying our heads in the sand, and this is what happens when there is a lack of information and engagement. That vacuum is filled with speculation and rumour, and NR has not done anything to counter that. 

rp1974

grandadgolfer said:

As I mentioned a few days ago I'm sure some people on here are almost wetting themselves in anticipation of NR going bust

Much like those on the Symbio thread,utter incompetents that they were,just what's it achieving when they do fold?.
Other than the gleeful carping from the sidelines and opportunity for rousing choruses of told you so's apart.

Some folk really do need to give their heads a wobble.

CRISPIANNE3

Any any thread you will always get the doom mongers it's such a pity there are more on energy forums. 

wittynamegoeshere

It's not a football match, the world doesn't neatly divide up into pro and anti Neon Reef fanatics!

What has been expressed about NR is concern - that they (were) actively recruiting customers, doing the opposite of everyone else and taking lots of money from people.

I'm sure many posting here see energy switching as a bit of a game, a hobby even.  I'm sure there are people who don't care if they're going to be a few hundred quid down for a few months.

Many people who are on a really tight budget may have signed up for NR in an attempt to save money, and may end up hard-up if their money ends up inaccessible in the SoLR process after they inevitably close.  Plenty of others find switching time-consuming and stressful.  Lots of people get stressed if their supplier goes bankrupt.  If one or two are given reason to think about it then that's definitely a good thing.

There's also understandable indignation at the fact that Ofgem allows a company to willingly crash itself into the buffers and undoubtedly end up with debts that everyone else will end up paying off, presumably while the directors continue to enrich themselves until the last dying moments.

QrizB

rp1974 said:

grandadgolfer said:

As I mentioned a few days ago I'm sure some people on here are almost wetting themselves in anticipation of NR going bust

Much like those on the Symbio thread,utter incompetents that they were,just what's it achieving when they do fold?.

The more public-spirited posters could believe they're giving customers advance notice of problems with suppliers, so they can have a controlled switch to a different one rather than having to go through the SoLR process.

rp1974

That's a view I'd love to share,unfortunately it's not one that's really borne out,imho.
Especially reading many of the comments in this very forum.
It's the almost self stroking satisfaction that certain people seem to get from such situations that I find puzzling,if not actually quite worrying.

Having been through the SOLR process previously and currently in it,it has it's limitations but at least it's there rather than not.

Liku

wittynamegoeshere said:

Many people who are on a really tight budget may have signed up for NR in an attempt to save money, and may end up hard-up if their money ends up inaccessible in the SoLR process after they inevitably close.  Plenty of others find switching time-consuming and stressful.  Lots of people get stressed if their supplier goes bankrupt.  If one or two are given reason to think about it then that's definitely a good thing.

I'm someone that falls into the camp of doing it to keep costs down due to finances especially as I need quite a bit more due to health problems. However, I manage money well despite my situation so losing access to credit wont matter so much, I can manage that part. 
It's the increased costs I will have to deal with especially as I am having to make several purchases atm (eg an air purifier). So people like me will be affected but not as much as someone else similar who isn't able to manage finances, has dependents etc.

ivanleo

QrizB said:

The more public-spirited posters could believe they're giving customers advance notice of problems with suppliers, so they can have a controlled switch to a different one rather than having to go through the SoLR process.

There is no real need to go through the SOLR process as far as your supply is concerned. The industry can only support one switch at a time, and it's not as if a switch that is requested five minutes before the OfGem press release will go through without a hitch but a switch requested five minutes later won't go through.

In practice if you switch supplier within a day or so of the announcement, you can escape the bankrupt supplier and go over to one of your choice, I've been doing this ever since the Iresa days and it's worked with Eversmart, Symbio, and I've helped friends and family escape the SOLR process for PFP.

Obviously your account will be notified to the SOLR supplier as "live", so if you're too fast you might find that your switch to the supplier of your choice goes through before the SOLR even tried, this recently happen to someone I know who switched from PFP (after they went bust) to E.ON next, and then a week or so later got an email from E.ON Next saying sorry you're leaving and a "welcome to British gas" email (and obviously the British Gas tariff was more expensive than the E.ON Next fix).

It just took an email to E.ON Next (I did not request this switch, please object to it) and British Gas (I'm not on supply with PFP I'm an E.ON Next customer what the heck are you playing at?) and E.ON Next confirmed they'd object, and British Gas apologized and confirmed they would not try and switch again.

Of course, you still have to wait for the SOLR process to get your credit back, but this OfGem inspired idea that you shouldn't switch when your supplier goes bust is complete BS. They only say it because it makes the SOLR process easier for the industry and the SOLR supplier, which is relying on the forcefully imposed deemed tariff to cover some of the costs of the SOLR process at the customer's expense.

So if you're with a small supplier the best thing you can do is subscribe to the OfGem newsletter and if NR or whatever company you're with goes bust, switch away as soon as the announcement is made.

Shedman

ivanleo said:

QrizB said:

The more public-spirited posters could believe they're giving customers advance notice of problems with suppliers, so they can have a controlled switch to a different one rather than having to go through the SoLR process.

There is no real need to go through the SOLR process as far as your supply is concerned. The industry can only support one switch at a time, and it's not as if a switch that is requested five minutes before the OfGem press release will go through without a hitch but a switch requested five minutes later won't go through.

In practice if you switch supplier within a day or so of the announcement, you can escape the bankrupt supplier and go over to one of your choice, I've been doing this ever since the Iresa days and it's worked with Eversmart, Symbio, and I've helped friends and family escape the SOLR process for PFP.

Obviously your account will be notified to the SOLR supplier as "live", so if you're too fast you might find that your switch to the supplier of your choice goes through before the SOLR even tried, this recently happen to someone I know who switched from PFP (after they went bust) to E.ON next, and then a week or so later got an email from E.ON Next saying sorry you're leaving and a "welcome to British gas" email (and obviously the British Gas tariff was more expensive than the E.ON Next fix).

It just took an email to E.ON Next (I did not request this switch, please object to it) and British Gas (I'm not on supply with PFP I'm an E.ON Next customer what the heck are you playing at?) and E.ON Next confirmed they'd object, and British Gas apologized and confirmed they would not try and switch again.

Of course, you still have to wait for the SOLR process to get your credit back, but this OfGem inspired idea that you shouldn't switch when your supplier goes bust is complete BS. They only say it because it makes the SOLR process easier for the industry and the SOLR supplier, which is relying on the forcefully imposed deemed tariff to cover some of the costs of the SOLR process at the customer's expense.

So if you're with a small supplier the best thing you can do is subscribe to the OfGem newsletter and if NR or whatever company you're with goes bust, switch away as soon as the announcement is made.

Switch away to where exactly....given that there are virtually no tariffs currently available that are below the cap so being SOLR'd to new supplier on capped rate is likely to be the best option for just about anyone whose current supplier goes bust.