Utility Point to Cease Trading

Yorkshire_Pud

Bulb energy with 1.7 million customers asking for help/investment and four other companies likely to cease trading this week.

Martin Lewis money show this week Thursday 8.30pm itv, guess the main topic, including “how to avoid an energy price hike”. Yeah right, not if you are with one of the many failing energy companies.

Doc_N

Seems to me that we’re now in the incredibly bizarre situation of being on the lowest priced tariff available with EDF, even though a few weeks back it would have been one of the most expensive.

The price cap will make our new EDF tariff the lowest price on the market, because it’s actually below the cost of supply.  Which is why none of the bigger companies want to take on the hundreds of thousands of customers whose suppliers are likely to go under this week.

I’d never ever have thought to benefit from the price cap which always in the past looked extremely expensive!

Inigo_Montoya

Doc_N said:

Seems to me that we’re now in the incredibly bizarre situation of being on the lowest priced tariff available with EDF, even though a few weeks back it would have been one of the most expensive.

The price cap will make our new EDF tariff the lowest price on the market, because it’s actually below the cost of supply.  Which is why none of the bigger companies want to take on the hundreds of thousands of customers whose suppliers are likely to go under this week.

I’d never ever have thought to benefit from the price cap which always in the past looked extremely expensive!

don't forget that the price cap is going up by (my reckoning) about 12% at the start of October

https://www.ofgem.gov.uk/publications/record-gas-prices-drive-price-cap-ps139-customers-encouraged-contact-supplier-support-and-switch-better-deal-if-possible

So, for example, if my EDF SVR for gas increases by 12% then, for me, it would go from 4.043p per kWh to about 4.53p per kWh

That assumes we are all put on EDFs SVR which looks likely from a press release I read

The government could also decide to remove the price cap or (more likely?) allow Ofgem to increase it further

When I do a cheapenergyclub comparison for gas only (I am only with UP for gas ) the cheapest fixed rate that comes up is with British Gas at

Unit rate	4.417p per kWh
Standing charge	30.232p per day

So after the price cap increase the unit rate with the above BG fixed rate could be marginally lower than the EDF SVR but the BG standing charge would still be marginally higher

For me, at least, the above BG fixed rate is not attractive enough to warrant trying to move away from UP before the EDF transfer completes (and the associated hassle that entails)

For anybody in a position to switch both gas & electric then the Sainsburys 2 year fix with 120000 nectar points looks to be the best bet but that wont be around for much longer

gwiddecommbe

Inigo_Montoya said:

Doc_N said:

Seems to me that we’re now in the incredibly bizarre situation of being on the lowest priced tariff available with EDF, even though a few weeks back it would have been one of the most expensive.

The price cap will make our new EDF tariff the lowest price on the market, because it’s actually below the cost of supply.  Which is why none of the bigger companies want to take on the hundreds of thousands of customers whose suppliers are likely to go under this week.

I’d never ever have thought to benefit from the price cap which always in the past looked extremely expensive!

don't forget that the price cap is going up by (my reckoning) about 12% at the start of October

So, for example, if my EDF SVR for gas increases by 12% then, for me, it would go from 4.043p per kWh to about 4.53p per kWh

That assumes we are all put on EDFs SVR which looks likely from a press release I read

The government could also decide to remove the price cap or (more likely?) allow Ofgem to increase it further

When I do a cheapenergyclub comparison for gas only (I am only with UP for gas ) the cheapest fixed rate that comes up is with British Gas at

Unit rate	4.417p per kWh
Standing charge	30.232p per day

So after the price cap increase the unit rate with the above BG fixed rate could be marginally lower than the EDF SVR but the BG standing charge would still be marginally higher

For me, at least, the above BG fixed rate is not attractive enough to warrant trying to move away from UP before the EDF transfer completes (and the associated hassle that entails)

For anybody in a position to switch both gas & electric then the Sainsburys 2 year fix with 120000 nectar points looks to be the best bet but that wont be around for much longer

I am in similar position to you just having my gas with UP (my electric is with Symbio, just waiting to hear the inevitable about them going bankrupt too!). Even being on the EDF SVR tariff after a quick comparison there are no cheaper fixes. The cheapest fix (with BG) works out £60 a year more expensive than the SVR!! There are variable rate ones that are cheaper (e.g. Daligas with saving of £98 a year) but pointless switching if they go bankrupt too plus rate could change anyway. So difficult to know what to do really, will prob wait and see for now.

I think ofgem really need to fix this broken energy market. How can it be right when you have signed an agreed contract with fixed prices for 1 year (and budgeted based on the original contract you signed) that you can then be prematurely forced out of that and immediately made to pay what amounts to £200+ per year more? In my opinion ofgem should appoint a Big 6 company and force them to honour existing contracts that were agreed. Their financial checks on new market entrants clearly need to be much more comprehensive as well to ensure they are adequately supported financially to avoid these situations happening again and again.

QrizB

gwiddecommbe said:

I think ofgem really need to fix this broken energy market. How can it be right when you have signed an agreed contract with fixed prices for 1 year (and budgeted based on the original contract you signed) that you can then be prematurely forced out of that and immediately made to pay what amounts to £200+ per year more?

You still have your contract with Utility Point. If you really feel lucky you could sue them for the difference between your contracted rate and the new EDF SVR. And you could well win in court, the problem then comes to how you enforce it; you'd join the long line of unsecured creditors who will have to share whatever's left once all the preferred creditors have had their payments.

gwiddecommbe said:

In my opinion ofgem should appoint a Big 6 company and force them to honour existing contracts that were agreed.

So you think those of us who are with other suppliers should compensate you personally? Not a hope. You can join the SoLR on a price-cap SVR until you find a better deal.

Inigo_Montoya

gwiddecommbe said:

I am in similar position to you just having my gas with UP (my electric is with Symbio, just waiting to hear the inevitable about them going bankrupt too!). Even being on the EDF SVR tariff after a quick comparison there are no cheaper fixes. The cheapest fix (with BG) works out £60 a year more expensive than the SVR!! There are variable rate ones that are cheaper (e.g. Daligas with saving of £98 a year) but pointless switching if they go bankrupt too plus rate could change anyway. So difficult to know what to do really, will prob wait and see for now.

Currently there will be around a 12% increase in the EDF SVR in October but as things stand the next price cap increase should not be till April 2022

Unless of course the government changes the rules and allows another price cap increase before April 2022 to prevent the energy industry from collapsing 

So it might be a case of just accepting the EDF SVR for now & hoping some better deals come along before April next year if the  wholesale gas price comes back down

Also if the GNE to EDF SOLR transfer is anything to go by then the new EDF accounts may not be fully set up till January 2022 anyway

sam1970

Utility point still releasing new usage statements on their website. Just found September statement which was not there two days ago (My billing day is 10th of the month). As expected, they over estimated my usage of both elec. and gas so they dented my credit even more.

TickersPlaysPop

CRISPIANNE3 said:

Inigo_Montoya said:

I have changed my mind about cancelling the UP DD after looking at their T&Cs

https://www.utilitypoint.co.uk/wp-content/uploads/2021/05/E011-140521_UP_Terms__Conditions-FINAL.pdf

If I am reading it correctly they say they will charge £15 per missed DD & switch you over to their standard variable rate

So I am going to keep paying the DD & just keep a manual record of my balance if the website login is down permanently 

Under normal conditions I can understand it by these are not. They have gone out of business. In my case I am over a £100.00 in credit. If I keep the dd going  this will just build up a bigger credit with them. They can  easily take out any outstanding amounts  from the amount they owe me. 

From Which

Should I cancel my direct debit?

Ofgem says that you can cancel your direct debit if you want to. 

If you are in credit the energy supplier should not take any direct debit payments from you.

If you are in debt and owe money to the energy supplier then any direct debit payments will be taken as normal. You will be able to set up a new direct debit with the new supplier when they contact you.

It will also help you set up your new account and explain how it will arrange your direct debit payments.

unquote.

Simple....

Within 1 phone call to your bank, instruct the bank to recall a number of direct debits.  It happens instantly.  Recall enough direct debits to reduce the credit held on the energy account.

That is what the direct debit agreement is there for.

QrizB

TickersPlaysPop said:

Simple....
Within 1 phone call to your bank, instruct the bank to recall a number of direct debits.  It happens instantly.  Recall enough direct debits to reduce the credit held on the energy account.
That is what the direct debit agreement is there for.

The Direct Debit Guarantee states:

Direct Debit Guarantee

• The Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits
• If there are any changes to the amount, date or frequency of your Direct Debit the organisation will notify you (normally 10 working days) in advance of your account being debited or as otherwise agreed. If you request the organisation to collect a payment, confirmation of the amount and date will be given to you at the time of the request
• If an error is made in the payment of your Direct Debit, by the organisation or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society
• If you receive a refund you are not entitled to, you must pay it back when the organisation asks you to
• You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify the organisation.

Exactly which of those clauses are you claiming UP to be in breach of?

Inigo_Montoya

sam1970 said:

Utility point still releasing new usage statements on their website. Just found September statement which was not there two days ago (My billing day is 10th of the month). As expected, they over estimated my usage of both elec. and gas so they dented my credit even more.

that will probably be your last statement generated (September 10th) for a while

from September 18th we were all switched to EDFs SVR so your next & last bill should be your final UP bill - probably a few months from now

In the meantime UP will continue to collect DDs