PfP Energy ceases trading - here's everything you need to know

Stompa

Yikes, I only switched to PfP a couple of months ago. That was a 16% increase on what I'd previously been paying. The best fix I can see currently is 30% higher than the PfP price, so some 51% in all.

eversotired

So, only found out about the demise of PFP today when British Gas emailed to say they were my new supplier!!!

How did I miss that piece of news?
When was it announced?
Why didn’t PFP inform me?

Anyway, cancelled my DD as they have more than enough of my money already.

fly-catchers

Just heard today myself as well. Cancelled my DD but as the Bank said it will take two working days and my next payment is due on the 14th guess I might have another payment taken. Currently over £300 in credit as it is. Just over a year ago was moved from Tonik to SP. And ending up with BG who have had bad dealings with in the past. Seems like switching is just a waste of time overall. As all the best deals with smaller companies just don’t last! As it was I ended up paying for 5 days of energy when I switched from SP to PFP twice. With no resolution! An expensive winter awaits!

Verdigris

Just got my email from BG too. PHP only ceased trading on the 7th. Could have done without this as I'll be moving house at some point in the, hopefully, not-too-distant future.

Does anybody know if BG are in the habit of honouring fixed deals until their expiry?

QrizB

Verdigris said:

Just got my email from BG too. PHP only ceased trading on the 7th. Could have done without this as I'll be moving house at some point in the, hopefully, not-too-distant future.

Does anybody know if BG are in the habit of honouring fixed deals until their expiry?

BG honour their own fixed deals, but (according tot his thread) have announced that ex-PFP customers will be put onto a variable tariff that meets the Energy Cap.

Verdigris

Looks like I'll have to suck it up to avoid early termination charges. By the time I can transfer away from BG I'll probably be on the move, anyway.

Einst

bagand96 said:

Here we go again, Yorkshire Energy at the end of last year and now PFP.

Remembering the YE thread and the experiences there:

- Many did go against Ofgem advice and initiated switches away immediately. This had mixed results, although I think there is potential for issues.  Some had a double switch problem, their chosen switch started to happen, but then Scottish Power the SoLR also tried to start a switch. If you’ve got credit it also could delay this being refunded, the SoLR priority will be setting up the existing accounts.

Last time I followed the advice and sat and waited until SP had transferred me. It was slow but I had no issues. This time I’m kind of tempted this time to start a switch today, with tariffs continually rising st the moment. 

- Direct Debit.  I’m not so sure on leaving this active. I see no reason. I’m not paying any more to a company in administration.  Especially if you’re in credit and have enough there to cover final bill. .  Even if you’re in debt, eventually they will reconcile the accounts and if you owe money can ask for it.  In the YE -> SP transfer the DD were not moved across, SP set up new ones. 

- Log into the PFP account now and download as much recent data as you can. Bills, meter read screen shots, account balance screenshot.

- Take meter readings today with photos. Take more meter readings when Ofgem announce the SoLR and announce the actual transfer date. 

Yes, I suffered the failure of Yorkshire energy last December.. and the first thing I did was cancel the DD, the second was to contact Scottish Power and find out what the "prefential" tariffs were.. and as I thought, astronomically high.
Thirdly, I did a comparison with MSE, and switched to PFP...   after a few weeks, I received a refund from YE, as I was in credit.. The new tariff started with PFP, and Scottish Power got nothing at all.  I calculated the bills, and I had saved £88 just over the 3 weeks or so that it took to complete the switch.... SP was ridiculously more expensive.

I have done exactly the same this time.. Read the meters, cancelled the DD, contacted BG, who can't tell me what the "preferential" tariff is going to be, but could only advise me to do a quote with them... and their cheapest tariff is off the clock.
And lastly, I have put in a switch with another provider.. and I can only advise you all to do the same, BEFORE BG set up an account.

It's a shame really, as I was on a REALLY good deal with PFP... £63 a month.. fixed until Dec 21... cheapest fix now is £94

Cherry2blost

This whole Energy market is a scam, this will be the 3rd Supplier in 5 years we have had go bust, each time the 'new' supplier canes you really hard with the prices. I only just finished up with Scottish power having had to resort to OfGem for remediation as my energy costs literally DOUBLED with a move from YE to SP all without Scottish Power letting us know in a reasonable manner about the situation.
Being called 'stupid' by a member of SP staff for not reading an unsolicited email from a company I would NEVER again consider using was the reason for an apology from SP.
I swear these majors are setting up these small companies to fail so we all miss out on the decent fixed tariffs that they offer from time to time, and it always happens Sept/Oct just coming into the high burn season.

deanos

So have we officially switched to BG once had the email and can now move ? 

Einst

Just going to add...

The "preferential" tariff, is going to be a variable in line with the current energy cap... in other words, it the MAXIMUM that any supplier can charge...  now that's what I call preferential...... they must think we are stupid.

For God's sake guys.. switch ASAP and save yourselves..