Bulb - £450 in credit - What to do?

sjw64

Hi

I'm with Bulb Energy with about £450 credit in the account. 

Being in credit this much always bugs me but with winter it generally drops down and even out (ish)

As Bulb are on the edge of going under - will I lose this credit or should I act quickly and switch tonight?

Does the credit switch as well or do I get refund does anyone know?

I genuinely don't know what to do - switch and wait or switch tonight.

TIA

Verdigris

Your credit is protected if a SoLR has to take over. The same applies even if you've already left. I left Yorkshire energy a week or two before they folded. I eventually got my credit back from Scottish Power after a couple of months.

[Deleted User]

Your credit is always protected under the current Ofgem rules but how long it might take for a refund if the supplier goes bust is unclear, some people wait months.

I'm in a similiar boat with another supplier (now ex-supplier) that has declared problems publicly with about £900 credit but I don't worry about whether I will get it back, just a case of when if things go wrong.

Switching won't make any difference to the security of that credit, your switching decision should be based on the tariff cost for the future as always so nothing has changed with that regard, but you have probably missed the boat for the best fixed deals at the moment.

Londoner_1

You may not get the money back, it will be transferred to the new supplier who will credit your new account. 

t0rt0ise

You won't lose the credit. If you move now, Bulb will pay it back. If they go bust, the new supplier will pay it back. Either way it may take a long time.

TickersPlaysPop

sjw64 said:

Hi

I'm with Bulb Energy with about £450 credit in the account. 

Being in credit this much always bugs me but with winter it generally drops down and even out (ish)

As Bulb are on the edge of going under - will I lose this credit or should I act quickly and switch tonight?

Does the credit switch as well or do I get refund does anyone know?

I genuinely don't know what to do - switch and wait or switch tonight.

TIA

Hi

Call your bank, and recall a number of direct debits to reduce your credit held by the energy company.

It takes a few minutes to do it during 1 phone call to your bank.  The money instantly arrives in your account.

This probably also moves you to the top of the pile at the new provider when Bulb goes bust.  So you probably won't have to wait months and months to re gain the freedom to move provider.  If Bulb goes bust you will be stuck in limbo for an undefined length of time.

adam06_2

Citizens advise say you can claim it back from them unless they have a good reason.. 

https://www.citizensadvice.org.uk/consumer/energy/energy-supply/claim-back-credit/claim-back-credit-from-your-energy-supplier/

If they go under you still get your credit back, but I was with Yorkshire energy last year when it ceased trading and it took about 5 months to get my credit back after they stopped trading...

The other option is to switch now, they will honour any switches requested before they stop trading and it should take about 21 days and you will get your credit back... Though you will probably get a worse rate as the options at the mo are rubbish and you will probably need to pay your first month upfront and you may have an exit fee from bulb depending on your tariff.

If I where you I'd get some quotes and see how it compares to what you have at the mo, then make a decision.