Higher tariff for existing customers (Symbio)

spot1034

Swipe said:

spot1034 said:

Swipe said:

jbuchanangb said:

As long as Symbio do not go belly-up, I will stick with them at 12.283p until 31 May 2022, and see what renewal deal they offer me!

I very much doubt Symbio will even be around at the end of the month, let alone next May

How many months have you been saying that?

It's in my interest that they don't but maybe the only thing that's helping them survive is their dirty practices and not paying out final bill refunds. That can only go on for so long though.

I wonder if there's some manoeuvreing going on behind the scenes with all the bigger suppliers making clear to Ofgem that on no account do they wish to be the company landed with the task of sorting out Symbio's customer accounts!

Cardew

spot1034 said:

Swipe said:

spot1034 said:

Swipe said:

jbuchanangb said:

As long as Symbio do not go belly-up, I will stick with them at 12.283p until 31 May 2022, and see what renewal deal they offer me!

I very much doubt Symbio will even be around at the end of the month, let alone next May

How many months have you been saying that?

It's in my interest that they don't but maybe the only thing that's helping them survive is their dirty practices and not paying out final bill refunds. That can only go on for so long though.

I wonder if there's some manoeuvreing going on behind the scenes with all the bigger suppliers making clear to Ofgem that on no account do they wish to be the company landed with the task of sorting out Symbio's customer accounts!

I suspect you are correct.

Judging by the number of companies going bust, it seems a computer in a back bedroom is sufficient for Ofgem to grant a licence.

I am contemplating starting a company selling gas/electricity at 3p/12p/kWh. Customers would need to pay a deposit of £400 in advance!

elucidate

Back in February I locked myself into a dirt-cheap 18 month fix with Symbio - thinking to myself "surely it won't get cheaper than this for a long while".

Though prices went up temporarily, they started dropping again, and a couple of months ago Symbio offered everyone a free exit due to customer dissatisfaction. I simply asked them to move me onto their cheapest variable, as at the time it was £5pm cheaper than my fix.

Oh boy, how I regret that now.

niktheguru

elucidate said:

Back in February I locked myself into a dirt-cheap 18 month fix with Symbio - thinking to myself "surely it won't get cheaper than this for a long while".

Though prices went up temporarily, they started dropping again, and a couple of months ago Symbio offered everyone a free exit due to customer dissatisfaction. I simply asked them to move me onto their cheapest variable, as at the time it was £5pm cheaper than my fix.

Oh boy, how I regret that now.

variable tariffs = short term gain, potential long term pain. You've just been unlucky!

[Deleted User]

Cardew said:

spot1034 said:

Swipe said:

spot1034 said:

Swipe said:

jbuchanangb said:

As long as Symbio do not go belly-up, I will stick with them at 12.283p until 31 May 2022, and see what renewal deal they offer me!

I very much doubt Symbio will even be around at the end of the month, let alone next May

How many months have you been saying that?

It's in my interest that they don't but maybe the only thing that's helping them survive is their dirty practices and not paying out final bill refunds. That can only go on for so long though.

I wonder if there's some manoeuvreing going on behind the scenes with all the bigger suppliers making clear to Ofgem that on no account do they wish to be the company landed with the task of sorting out Symbio's customer accounts!

I suspect you are correct.

Judging by the number of companies going bust, it seems a computer in a back bedroom is sufficient for Ofgem to grant a licence.

I am contemplating starting a company selling gas/electricity at 3p/12p/kWh. Customers would need to pay a deposit of £400 in advance!

This has long been the case and you can actually pay someone to do all the paperwork for you. That said, there is now a ‘fit and proper’ persons test but I am not sure what it takes to fail. 

greenguppie

spot1034 said:

Swipe said:

spot1034 said:

Swipe said:

jbuchanangb said:

As long as Symbio do not go belly-up, I will stick with them at 12.283p until 31 May 2022, and see what renewal deal they offer me!

I very much doubt Symbio will even be around at the end of the month, let alone next May

How many months have you been saying that?

It's in my interest that they don't but maybe the only thing that's helping them survive is their dirty practices and not paying out final bill refunds. That can only go on for so long though.

I wonder if there's some manoeuvreing going on behind the scenes with all the bigger suppliers making clear to Ofgem that on no account do they wish to be the company landed with the task of sorting out Symbio's customer accounts!

If the situation arises where a SoLR is appointed, it wouldn't be the responsibilty of the appointed SoLR to sort out Symbio's customer accounts. That unfortunate task will fall down to the appointed administator.

All the SoLR has to do is take over the supply of affected customers, which essentially only needs a customer list consisting of customer name, contact detail (e.g. email address) & associated supply address. 

It is a condition of the terms of a supply licence, that you may be called upon to be 'army volunteered' as the SoLR for a failed supplier. That only occurs if Ofgem does not receive any appropriate bids requesting to be the SoLR. That situation has never occurred so far, but it may do.

greenguppie

Cardew said:
I am contemplating starting a company selling gas/electricity...Customers would need to pay a deposit of £400 in advance!

The existing regulations would not allow you to do that, unless you could justify the £400 under the terms of a 'security deposit'. Unlikely, unless you only took on those customers who have a poor (or non existant) credit history.