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

bagand96

HonestJohn said:

Any point in setting up a DD with BG? I am happy to pay quarterly.

The Price Promise April 2022 tariff has the same rates for DD or pay on receipt of bill, so there shouldn't be any need to set up a DD if you don't want to.

devondiver

So - what is the feeling on paying October bills (mine was due on 15th November) even though the PFP credit still 'in limbo' is more than enough to cover this?

This money now rightly belongs in customers' new BG accounts. Where exactly is it; and who is accruing the interest? What incentive is there on 'the holders' to pass it on rapidly? Any more cash that I fork out now is costing me 35%, at least in the short term.

Exile28

It's very annoying but I don't think there is anything you can do about it? All you can do is pay when you get the bill and wait until the credit is applied. You will get the amount back as billing credit or as a refund eventually but I'll be surprised if you can claim the interest back. 

I don't think there is anyway to know what's going on with it as the process is far from transparent. Hopefully they will update the PFP page on the BG site with this information but I'm not holding my breath.

On another note I got a notification from my credit report checking service to tell me a 'British Gas - Gas' account was opened on the 16th. I've never had this with any other supplier and suggests to me they are having issues with the electrical side of things and we will have two accounts and/or direct debits for gas and electric.

devondiver

devondiver said:

This money now rightly belongs in customers' new BG accounts. Where exactly is it; and who is accruing the interest? What incentive is there on 'the holders' to pass it on rapidly? 

Exile28 said:

I don't think there is anyway to know what's going on with it as the process is far from transparent. 

Plainly a far from satisfactory situation. Surely someone knows the answer and is prepared to speak up.

[Deleted User]

Hi,

no need to panic, any credit balance will be returned to you, either by a refund or into your BG account.

My last PfP statement was in August, in credit, last DD taken September, in the meantime still have a gas and electricity supply.

Not going to set up a DD with BG as with the cap prices no different, will just pay £xx per month an keep eye on usage and cost with a wee spreadsheet.

devondiver

frugalmacdugal said:

no need to panic

Absolutely - but what about answers?

alicef

My PfP 'My Account - Home' page now displays a header stating:

'£13.98 - next due on Thursday 2nd December' No idea what this figure is based on. 

Not much happening on the BGas side - though I can submit meter readings now.

Verdigris

PfP "accidentally" showed some final accounts a week or so ago. They quickly disappeared.

Mine now just says I owe nothing, but no actual final account shown.

drsquirrel

At what point do we expect to see our PFP credits with BG ?

bagand96

devondiver said:

So - what is the feeling on paying October bills (mine was due on 15th November) even though the PFP credit still 'in limbo' is more than enough to cover this?

This money now rightly belongs in customers' new BG accounts. Where exactly is it; and who is accruing the interest? What incentive is there on 'the holders' to pass it on rapidly? Any more cash that I fork out now is costing me 35%, at least in the short term.

The money isn't anywhere.  PFP are insolvent and in administration.  PFP don't pass over cash to British Gas who then give it back to us.... PFP just inform BG what the final credit balances were and then BG credit us with that amount out of their own funds.  They will then likely reclaim much of that from Ofgem, who then pass that cost on to everyone via the industry levy.

drsquirrel said:

At what point do we expect to see our PFP credits with BG ?

It won't happen until PFP have generated Final Bills and then passed credit balance information to British Gas who then have to process it and credit it to accounts.  Optimistically it could start happening in December, realistically it will be in the New Year.