Outfox the market - stay or go?

Nick_C

QrizB said:

Well Ofgem says:

https://www.ofgem.gov.uk/what-happens-if-your-energy-supplier-goes-bust

I've recently closed my account. will I get back the credit I'm owed?
We’ll try to appoint a new supplier who will refund money that's outstanding on closed accounts. Costs for the energy you have used but have not yet had a bill for will be deducted from your account balance. 

I accept that says "try" but so far they always have.

That is very very helpful, and reassuring.  Thank you so much!

Liku

I switched from them and it went through on 22/09. If I log on to my account it still shows me being on a tariff but I am definitely with Neon Reef now (lol)
Is this normal? Not had a final bill yet so should I cancel my dd? I believe I will owe a small amount with a rough calculation in my head but not 100% sure. Who would I pay if they did go bust?

Verdigris

Liku said:

I switched from them and it went through on 22/09. If I log on to my account it still shows me being on a tariff but I am definitely with Neon Reef now (lol)
Is this normal? Not had a final bill yet so should I cancel my dd? I believe I will owe a small amount with a rough calculation in my head but not 100% sure. Who would I pay if they did go bust?

You'd pay the administrators. It could be a while before final accounts are prepared so it might be wise to cancel the DD as the normal monthly payment may well carry on. You'd get back any accumulated balance but if you are tight for cash, probably better to cancel and pay up a one-off amount later.

Liku

Thanks, first time I switched when I actually might owe something and they didn't block it. Only going to be about £5-10 if my quick calculation was correct using estimates. Currently in credit there but it wont cover the use from the last bill to the switch. Last time I owed a bit the company blocked it until I paid. Don't know if it's OFTM being good or the fact I was in credit at the time even though I wont be.

mpet

stanley25 said:

Hi, just wanted to add my OTM stats in case it is of use to someone or in case someone has a suggestion for me.

Moved to OTM from Bulb in March/April this year. My direct debit has been 114.34 since then until yesterday when I had a message they wanted to increase to £163pm. Approaching Winter normally I would understand wanted to accumulate a buffer against increased heating use but my account is actually £192 in credit already (they owe me).

Context; Current tariff is Spring 21 Variable. Annual usage last annum was Gas 10654kwh (339units), Elec 6188kwh.

Am I being really cynical, given my account is in credit am I wrong to think that this is a potential cash grab from OTM whereby they already know that the road ahead looks bad? Given that as I understand it Ofgem would step in to cover and pay back any credit their customers had accrued. I don't know if OTM were to fold whether if they had cash assets such as customer credit they would not be allowed to simply walk away with it all?

Does anyone know if OTM are one of the suppliers that 'hedged' their purchases long enough in advance that they might ride out the troublesome Winter we appear to be facing?

I had an online chat with them as the revised annual charge and subsequent monthly DD increase does not take into account the £200+ credit I am in.

They told me the credit covers the higher winter months which is rubbish. I asked for a refund of the credit, but they said they can’t do this until after the winter.

I have raised a complaint with them as it seems they are holding credits as some kind of financial buffer.