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

Inigo_Montoya

I am starting to wonder if most of these companies going bust are being created with the directors knowing full well they will fold within a couple of years & the company debt will be covered by the insurance scheme

seems like a fairly easy way to fleece the energy supply system if their accountants can find a way to remove money from the company into senior executive hands before its goes bust

I wonder how much bills are increased by for everyone by all these companies going bust

Wilt

brewerdave said:

I've been thru 4 * SOLR procedures 

Could you let us know where you are going next so we can all avoid them?

[Deleted User]

Inigo_Montoya said:

I am starting to wonder if most of these companies going bust are being created with the directors knowing full well they will fold within a couple of years & the company debt will be covered by the insurance scheme

seems like a fairly easy way to fleece the energy supply system if their accountants can find a way to remove money from the company into senior executive hands before its goes bust

I wonder how much bills are increased by for everyone by all these companies going bust

For the avoidance of doubt, there is no insurance scheme. Insurance requires companies to pay a premium which isn’t the case with energy suppliers. What Ofgem has brought in is a Consumer Levy. When a supplier fails, the SoLR is allowed to make a claim to cover in part the cost of taking over the failed supplier’s customers: this includes the repayment of all credit balances. The amount claimed is added to all consumer bills. I would argue that this is not fair on many consumers who shun small suppliers and their cheap tariffs.

jeremygiles

Robin9 said:

deanos said:

I'm caught in this too , do we continue to make payments ?  Or is it best to cancel the direct debit 

If you look at the extensive threads on the GNE failure (for which Edf is the SoLR)  those people who  seem have the most hassle have been those who have not followed the advice -   1) read your meter NOW (and continue to do so as log as the PfP site will let you and always keep your own records)  - 2)   keep the DD going

I get why it's important to keep meter readings going, why do you think it's a good idea to keep the DD active too? I'm trying to decide what to do about my DD which is due in 2 days (£65). My account is already £95 in credit and I know I haven't spent that much over the last month. Ofgem says don't instigate a switch, but cancel DD if you want to. I'm just thinking of I let the next DD go through it might take months to get my money back

brewerdave

Wilt said:

brewerdave said:

I've been thru 4 * SOLR procedures 

Could you let us know where you are going next so we can all avoid them?

That's the risk you take, hunting the lowest tariffs. 
 I just take extra care to avoid having sizeable credits with anyone. The "failures" were in 2018 so I've got away with it for a couple of years, altho two more suppliers I've been with ,have gone since I left them !
Currently I have my leccy with Neon Reef - hoping they survive til next Feb.  

Swipe

jeremygiles said:

Robin9 said:

deanos said:

I'm caught in this too , do we continue to make payments ?  Or is it best to cancel the direct debit 

If you look at the extensive threads on the GNE failure (for which Edf is the SoLR)  those people who  seem have the most hassle have been those who have not followed the advice -   1) read your meter NOW (and continue to do so as log as the PfP site will let you and always keep your own records)  - 2)   keep the DD going

Ofgem says don't instigate a switch, but cancel DD if you want to. I'm just thinking of I let the next DD go through it might take months to get my money back

I'd definitely cancel but if the DD date is close (within a couple of days) the payment might have already initiated the request to your bank

razord

Swipe said:

I'd definitely cancel but if the DD date is close (within a couple of days) the payment might have already initiated the request to your bank

Until the point the money leaves your account, you can still cancel the Direct Debit. Doesn't matter if it's been initiated as it can still fail (just like, for example, if you don't have enough money on the day its due to leave)

tux900

Matthaus73 said:

If u offered a new tariff but turned it down to get ur own new supplier what tariff were u on in between?
In other words how much am I paying per unit today ? My old tariff or some new tariff that I won't know for maybe weeks ? 

The latter.

To illustrate with dates relating to Tonik ceasing trading, this is how things went for me:

7th Oct 2020 - Tonik ceased trading
14th Oct 2020 - Scottish Power got in touch to advise that they have taken over supply from 10th Oct 2020
30th Oct 2020 - Scottish Power told me what tariff I had moved over to
2nd Nov 2020 - Attempt to transfer away from Scottish Power failed/rejected
28th Nov 2020 - Second attempt to transfer away from Scottish Power succeeded
2nd Dec 2020 - Tonik produced Final Bill (covering the period up to 9th Oct i.e. the day before Scottish Power took over)
2nd Dec 2020 - Scottish Power produced Final Bill (covering the period 10th Oct to 27th Nov)
11th Dec 2020 - Transfer to Scottish Power complete (just a belated formality - I'd moved on for a couple of weeks already!)
7th Jan 2021 - Scottish Power advised me of the process for receiving the Tonik credit balance
19th Jan 2021 - Scottish Power sent a cheque for the Tonik credit balance less the money owed to them for the month I was with them

So, in answer to your question and assuming the process flows similarly in your/my case (there's no guarantees - I know there are many still battling with Tonik/Scottish Power even now!), you will be moved over to the new SoLR's tariff in a few days time and will remain on that until you're able to move away which as my dates show only took a month but it felt a lot longer being in the middle of it all and not knowing how long it might take which is why this time I'll try and be more patient and ride it out without too much stressing!

MWT

flyingflea said:

What happens to the referral credit earned but not yet applied to the account, does that still get honoured if both parties have fulfilled all the terms and conditions (3x DD taken etc)? The fact that they've taken the referral progress page on the account down suggests they're trying to remove any evidence of it.

If it isn't on your account already then it isn't going to be covered by the SoLR process.

t0rt0ise

I've just checked and with todays meter read I've enough credit to cover so have cancelled the DD. I'd only just left Symbio thinking I was getting out in time!