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

MWT

Penelopa.Pitstop said:

Do they have to honour existing tariffs until their fixed period end?

No, it is not a requirement, but in some cases the SoLR has committed to do that as part of the tender process for selection as the SoLR.

As far as I can see, BG have not had to do that this time... but wait for the formal announcement, it should be quite soon now.

macladd

The UK Energy market is totally broken, Ofgem are doing nothing to fix the issues.They know the companies that are in trouble yet still allow them to continue until the last gasp. I have had no communication that PFP has failed from either PFP or Ofgem, I was just about to initiate a switch to Octopus and only found out when I logged in to PFP to double check my tariff. What would have happened if I had not seen anything and initiated the switch to Octopus? Now I am forced to wait for British Gas to set up an account before I can switch away!

I have zero interest in BG setting up accounts for me due to a previous horrendous experience with them, talk about consumer choice, what a joke! If Ofgem had got their finger out years ago we would have had same day switching, as it stands energy prices are skyrocketing and consumer energy switching is at a 3 year low, probably due to lack of confidence in the rip off, fractured and confusing energy market. 

look at the smart meter rollout, consumer confusion, energy companies lying to customers making out they have to have them,  smets 1 v smets 2 fiasco (which will cost us all money in the long run!) The whole thing stinks. Ofgem are not fit for purpose.

bagand96

British Gas FAQ's for PFP customers https://www.britishgas.co.uk/energy/pfp-energy.html

There will be a new tarriff "in-line with the price cap"

Switch date is tomorrow, 11th September. Whilst obviously the switch won't actually happen tomorrow, that's the date from which BG will bill. So take a meter reading tomorrow with a photo of your meter. 

MoneySavingNovice

macladd said:

..... Now I am forced to wait for British Gas to set up an account before I can switch away! ......

I have zero interest in BG setting up accounts for me due to a previous horrendous experience with them, ......

Totally in agreement with you on this!   British Gas is horrendous....if anything that's an understatement!   

However, reading the press release from OFGEM they state".....PfP Energy and MoneyPlus Energy’s customers will be supplied by British Gas as of Saturday 11 September 2021...'   and also state "...Once the transfer has been completed, customers can shop around for a better deal if they wish to...."

If I thought it was to my advantage I could interpret this to mean that the transfer was complete on the date they stated (11 Sept)  and thus could instigate a transfer on the same day!

https://www.ofgem.gov.uk/publications/ofgem-appoints-british-gas-take-customers-pfp-energy-and-moneyplus-energy

bagand96

MoneySavingNovice said:

macladd said:

..... Now I am forced to wait for British Gas to set up an account before I can switch away! ......

I have zero interest in BG setting up accounts for me due to a previous horrendous experience with them, ......

Totally in agreement with you on this!   British Gas is horrendous....if anything that's an understatement!   

However, reading the press release from OFGEM they state".....PfP Energy and MoneyPlus Energy’s customers will be supplied by British Gas as of Saturday 11 September 2021...'   and also state "...Once the transfer has been completed, customers can shop around for a better deal if they wish to...."

If I thought it was to my advantage I could interpret this to mean that the transfer was complete on the date they stated (11 Sept)  and thus could instigate a transfer on the same day!

https://www.ofgem.gov.uk/publications/ofgem-appoints-british-gas-take-customers-pfp-energy-and-moneyplus-energy

People often moan about the SoLR, of course it's usually one of the bigger suppliers who are less competitive.

You're free to start a switch whenever you want. Even now, even on the last 3 days. It may or may not be successful depending on how the I dustry process works and when BG start their processes. The advice is to wait only because jumping ahead of the SoLR process can cause even further delays in reconciling your PFP account and getting any outstanding credit from BG. 

macladd

MoneySavingNovice said:

If I thought it was to my advantage I could interpret this to mean that the transfer was complete on the date they stated (11 Sept)  and thus could instigate a transfer on the same day!

https://www.ofgem.gov.uk/publications/ofgem-appoints-british-gas-take-customers-pfp-energy-and-moneyplus-energy

Exactly my thoughts....but as i have a credit balance with PFP I would probably lose it if I switch away before BG get their evil grubby claws into me. 

One thing is for certain, I will hound BG relentlessly to get my account set up quickly, as soon as that is confirmed I will be switching to Octopus.

It will snow on the hills of Hell before I intentionally allow BG or any of their companies (including Hive) to provide services to me.

Evil company.

alicef

Goodness - the last time I had an account with BG must have been pre deregulation.  I won't be hanging around post transfer.

bagand96

macladd said:

MoneySavingNovice said:

If I thought it was to my advantage I could interpret this to mean that the transfer was complete on the date they stated (11 Sept)  and thus could instigate a transfer on the same day!

https://www.ofgem.gov.uk/publications/ofgem-appoints-british-gas-take-customers-pfp-energy-and-moneyplus-energy

Exactly my thoughts....but as i have a credit balance with PFP I would probably lose it if I switch away before BG get their evil grubby claws into me. 

One thing is for certain, I will hound BG relentlessly to get my account set up quickly, as soon as that is confirmed I will be switching to Octopus.

It will snow on the hills of Hell before I intentionally allow BG or any of their companies (including Hive) to provide services to me.

Evil company.

 
You won't lose any credit by jumping the SoLR process. It is protected.  But it may take a lot more effort and time to get it back if you've left before BG transfer you. The priority will be active accounts, dormant/closed accounts will take longer to reconcile. 

In the Yorkshire Energy -> Scottish Power transfer last year, those who "hounded" SP didn't seem to get anywhere much quicker than those who sat back and let it run its course. They did of course end up wasting a lot of their own time though. 

The thing to monitor is the "Who is my supplier" websites for electricity and gas. When they show BG rather than PFP, that's the point when the industry processes are complete and you can start a new switch. I expect that will be a few weeks yet. 

gt94sss2

I'm going to supply PFP with a meter reading in the morning.

Otherwise, I have found in the past that the reading that the SoLR uses to start billing at their tariff can vary considerably from the actual one - normally to the customers disadvantage!

Gary1963

Supplied mine. This is the second time for me!