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

CRISPIANNE3

I have advised MIL not to do anything until her supply and has been transferred to BG and she has been refunded or credited with the monies from PFP.

darrenjuggins2

Morning,

the biggest frustration I have with all this, is this will be the second time in less than a year I have been rudely kicked off a deal and thrown back facing the newest price hikes.

firstly with YE to which I’d still be in a deal to Scottish power and now from pfp energy to BG.

instead of having great deals fixed, all I’ve ended up with is taking a hit in the two latest price hikes.

it’s about time, there was some compensation or at least a continuous of existing tariffs until the expire.

at this rate it will be the big six that are left, what’s the point in having these smaller suppliers if all that happens is they go but before seeing out a contract.

im well and truly peeved that through not fault of my own I will be paying several hundreds of £’s more from my energy through no fault of my own apart from using the energy market as we’ve been asked too.

a very poor performance by ofgem and the issuing of licences to companies Ill placed to operate them….

if the move from YE to SP is anything to go by I might be moved over before Xmas 🤶.

ranty, rant over with…..

tlcgrantham

Still not heard exactly what the new tariff will be but BG promise “a competitively priced tariff just for PFP customers in line with the Price Cap” In other words it won’t be more than about 4.0pkw for Gas and can’t be increased before 1/4/2022. At the moment few fixed tariffs are cheaper. Therefore this winter at least no one will lose any more than they already have( assuming they had a cheaper tariff with PFP) by not switching.

[Deleted User]

darrenjuggins2 said:

Morning,

the biggest frustration I have with all this, is this will be the second time in less than a year I have been rudely kicked off a deal and thrown back facing the newest price hikes.

firstly with YE to which I’d still be in a deal to Scottish power and now from pfp energy to BG.

instead of having great deals fixed, all I’ve ended up with is taking a hit in the two latest price hikes.

it’s about time, there was some compensation or at least a continuous of existing tariffs until the expire.

at this rate it will be the big six that are left, what’s the point in having these smaller suppliers if all that happens is they go but before seeing out a contract.

im well and truly peeved that through not fault of my own I will be paying several hundreds of £’s more from my energy through no fault of my own apart from using the energy market as we’ve been asked too.

a very poor performance by ofgem and the issuing of licences to companies Ill placed to operate them….

if the move from YE to SP is anything to go by I might be moved over before Xmas 🤶.

ranty, rant over with…..

I am sorry but when you buy a product at a cheap price then you must take any consequences for the poor decision if the supplier goes bust.  Compensation: who would pay it? Protection of your existing tariff: again who would pay for it given the most likely reason that the supplier went bust was because it was offering tariffs that were making it a loss. The SoLR is not going to offer tariff protection in a rapidly rising wholesale market unless it can reclaim the cost of doing so.

Energy consumers are already paying a levy on their bills to pay off the credit balances of failed suppliers. The money for this doesn’t come from the failed supplier. Are you really suggesting that I and others should pay more on our bills because you have made a poor decision and have chosen a supplier that has run out of cash just because you are ‘well and truly peeved’? Rant over.

PS There is though a simple solution. All energy suppliers should pay into an insurance scheme from which the total cost of a supplier failure would be covered. That said, I expect that the premium would be very high for new entrants which, in turn, would increase the cost of energy and reduce the number of new suppliers.

Inigo_Montoya

CRISPIANNE3 said:

I have advised MIL not to do anything until her supply and has been transferred to BG and she has been refunded or credited with the monies from PFP.

Completely agree with this

IMO any credit built up with PfP is much more likely to be repaid via the SOLR transfer process rather than an attempt at a transfer to another supplier  

danielson81

Those thinking of Neon Reef, check this out: 

https://forums.moneysavingexpert.com/discussion/6296978/utility-point-to-cease-trading#latest

I am sure Neon Reef are linked to Utility Point 

Edit - both have same Director: https://find-and-update.company-information.service.gov.uk/officers/v2NhjpkIWYIlyQFN2DrnB4VeKaE/appointments

Swipe

danielson81 said:

I am sure Neon Reef are linked to Utility Point 

Same directors, different company

darrenjuggins2

[Deleted User] said:

darrenjuggins2 said:

Morning,

the biggest frustration I have with all this, is this will be the second time in less than a year I have been rudely kicked off a deal and thrown back facing the newest price hikes.

firstly with YE to which I’d still be in a deal to Scottish power and now from pfp energy to BG.

instead of having great deals fixed, all I’ve ended up with is taking a hit in the two latest price hikes.

it’s about time, there was some compensation or at least a continuous of existing tariffs until the expire.

at this rate it will be the big six that are left, what’s the point in having these smaller suppliers if all that happens is they go but before seeing out a contract.

im well and truly peeved that through not fault of my own I will be paying several hundreds of £’s more from my energy through no fault of my own apart from using the energy market as we’ve been asked too.

a very poor performance by ofgem and the issuing of licences to companies Ill placed to operate them….

if the move from YE to SP is anything to go by I might be moved over before Xmas 🤶.

ranty, rant over with…..

I am sorry but when you buy a product at a cheap price then you must take any consequences for the poor decision if the supplier goes bust.  Compensation: who would pay it? Protection of your existing tariff: again who would pay for it given the most likely reason that the supplier went bust was because it was offering tariffs that were making it a loss. The SoLR is not going to offer tariff protection in a rapidly rising wholesale market unless it can reclaim the cost of doing so.

Energy consumers are already paying a levy on their bills to pay off the credit balances of failed suppliers. The money for this doesn’t come from the failed supplier. Are you really suggesting that I and others should pay more on our bills because you have made a poor decision and have chosen a supplier that has run out of cash just because you are ‘well and truly peeved’? Rant over.

PS There is though a simple solution. All energy suppliers should pay into an insurance scheme from which the total cost of a supplier failure would be covered. That said, I expect that the premium would be very high for new entrants which, in turn, would increase the cost of energy and reduce the number of new suppliers.

Well Dolor,

thanks for your reply….

The thing is, if this was a bank that got into trouble, then the contracts would be taken over and continue.

When someone gets a licence for any activity, such as providing energy, bank services, etc then you expect them to be actually able to provide the service..

All well and good preaching from a view point of I’m alright jack, like you’ve chosen to, but there is nothing wrong with my decision making regarding the suppliers I and many other chose, so if you’ve just jump on the thread to gloat, I suggest you’ve had your gloat, now disappear again unless you’ve got anything productive to say.

it seems to easy for suppliers to offer a service, not fulfil it and then have another bail the situation out, leaving consumers in the current situation.

I’ll remember to jump on and gloat when you’re energy company takes a dump dolor…. I’ve tagged you down, be seeing you….

Inigo_Montoya

Swipe said:

danielson81 said:

I am sure Neon Reef are linked to Utility Point 

Same directors, different company

Would not surprise me if they set up neon reef because UP was failing

Makes you wonder if they have found some way to transfer assets from UP to NR with sharp accounting practices

QrizB

darrenjuggins2 said:

I’ll remember to jump on and gloat when you’re energy company takes a dump dolor…. I’ve tagged you down, be seeing you….

I'm sure Dolor is quaking in his boots.
Maybe you'd like to read the forum rules before posting again, in particular the one headed "Always be friendly".