Neon Reef - any views?

[Deleted User]

@elucidate Not so long back, there was a page on the Ofgem site showing suppliers who were in arrears with their statutory payments to Ofgem, and the amounts. It featured the usual suspects (as I know now), and the values varied from £3000+ to £30000+ (Neon Reef, subsequently paid) to £300000+ (Colorado). 

dbks

Deleted_User said:

@Jinglish So a bit like buying web domains and addresses? I could buy up anything related to 'Jinglish', and then try to sell it to you at a premium. 

No, nothing like that at all.
The companies are not being set up just to register the name. (to prevent others using it)

If you look at Neon Reef you will see they changed their name before they started trading.

[Deleted User]

Fair enough. 

MWT

Exactly, just like any off-the-shelf company the first act of the new owner is to change the name and replace the existing officer.

Never any intention to trade with the name, especially as these days you do need to get your domain and other related account names in place before telegraphing your intention to the various professional squatters out there...

elucidate

dbks said:

Jinglish said:

So someone can buy an "Off-the Shelf" energy supply business from Dyball, get a licence from OFGEM and operate how they like? Just like Neon Reef are doing and the folded COLORADO/AVRO/GREEN/UP from the same group. Seems to me like a hole of exploitation, alarms bells should ring for another "state" company entering the market at this time. Perhaps OFGEM should put new licences on HOLD until this blows over.

Yes, or they could just start their own company for £20 and get a licence from Ofgem. Probably a lot of work to do going that way, and lots of possibilities of getting it wrong.
Don't know how much Dyball charge for a company properly set up to sell energy, but I bet it's a lot more than £20.

This was discussed here.
https://forums.moneysavingexpert.com/discussion/comment/78651610#Comment_78651610

70 big ones, reportedly:
https://www.dailymail.co.uk/news/article-10028689/amp/The-man-whos-fortune-helping-set-SEVEN-collapsed-energy-suppliers.html

[Deleted User]

The plot sickens...

gsmh

BigBlueSky said:

I'm wanting to change the account used for Neon Reef direct debit but cannot see any option anywhere to update it ??

I needed to do this a few months ago. I emailed them and they sent me a link to an online form I had to complete and return. The process was fast and painless. I can't give you the link since it was specific to my account.

BigBlueSky

gsmh said:

BigBlueSky said:

I'm wanting to change the account used for Neon Reef direct debit but cannot see any option anywhere to update it ??

I needed to do this a few months ago. I emailed them and they sent me a link to an online form I had to complete and return. The process was fast and painless. I can't give you the link since it was specific to my account.

Thank you for the confirmation.  I've e-mailed them so will have to wait for their reply.

Was it a generic link with just your account number on the end of it maybe ?

Thanks again

gsmh

BigBlueSky said:

Thank you for the confirmation.  I've e-mailed them so will have to wait for their reply.

Was it a generic link with just your account number on the end of it maybe ?

Thanks again

It was a Google Docs link which took me directly to a form with my account details at the top. After the Google Docs part the link was a series of over 50 characters and symbols. There is no way it can be broken down to arrive at a form to which you could add your account details. No doubt the form is generated specifically for the customer when needed.

BigBlueSky

gsmh said:

It was a Google Docs link which took me directly to a form with my account details at the top. After the Google Docs part the link was a series of over 50 characters and symbols. There is no way it can be broken down to arrive at a form to which you could add your account details. No doubt the form is generated specifically for the customer when needed.

OK, thanks for the confirmation - I thought I would suggest it just in case it had been straight forward.  I will continue to wait for them.

Thanks again.