People’s energy customer switch now before October price hike

brad26

Hi, would like a bit of advice please. 

I’m a people’s energy customer and wondering whether to switch now or not. I know the advice has been not to switch and wait for a new supplier to be sorted but if prices across the board are set to be hiked from October I’m wondering if I should just go for it now before the hikes come in. I have £49 credit but I’m even happy to risk losing this if it means greater savings further down the line. 

Also, would their early exit fees still apply?  

ScottHart

Hi Brad26, I'm also with PE, but started a switch to Sainsbury's Energy when I found out PE had ceased trading. 
Imo prices are only going to up for the foreseeable future. 
I have £230 in credit, but happy to fight another day to get that back. 
I'm just hoping my switch doesn't get blocked. 
That's a very good question about the exit fees. 

milgo

Exit fees... NO! On the day that PE stopped trading they broke the (your) contract, along with the terms and conditions of that contract that you had earlier agreed with them. It would be like you saying to them "I know that you have ceased trading, but I expect you to honour the prices that I signed up to you with" 

bristolleedsfan

DiseasedBunny said:
If you try an switch anyway, it’s likely to be stopped by whoever the allocated solr 

That is not true based on previous experiences, only apparent disadvantages of switching out early is will delay credit refund and possibility of SOLR automatically trying to switch the account to them at a later date, latter can be avoided if and when that time comes

Taken from Ofgem Q+A to UP customers  "Waiting for them to contact you will be the smoothest way for any credit balances domestic customers had with Utility Point honoured by EDF"

molerat

I switched away from a supplier and they announced they were shutting down on the day of my switch.  I got switched to the SoLR once and instigated an erroneous transfer.  Once back with my selected supplier they tried again.  Worked out OK in the end as I got £60 compo from the SoLR with no energy costs and my chosen supplier didn't figure out how to bill me for the period I was away from them   But it could have been a nightmare for some people who are not switched on to what is happening.  At some point a "switch in progress" will be put on the national database and they will reject a switch coming in from elsewhere.