Energy company going bust

Hardisty92

Hi, just after a bit of advice as I'm a bit confused with all this energy crisis...

I'm with Green Energy who have just announced they are about to enter administration. My Fixed Rate ended last month, I'm with LookAfterMyBills who have told me to sit tight as I'm still on the best price. But with prices rising should I just go it alone and switch on my own?

A couple of things that have thrown me is we are in credit on the account so are owed money and don't want to lose that. Also looking on MSE website they are saying if your energy company goes bust then sit tight, wait to be appointed a new supplier then switch.

So what do I do - sit and wait before switching but then do I risk paying more long term. Or switch but then do I lose my credit and cause more hassle with Green about to go under?

[Deleted User]

Hardisty92 said:

Hi, just after a bit of advice as I'm a bit confused with all this energy crisis...

I'm with Green Energy who have just announced they are about to enter administration. My Fixed Rate ended last month, I'm with LookAfterMyBills who have told me to sit tight as I'm still on the best price. But with prices rising should I just go it alone and switch on my own?

A couple of things that have thrown me is we are in credit on the account so are owed money and don't want to lose that. Also looking on MSE website they are saying if your energy company goes bust then sit tight, wait to be appointed a new supplier then switch.

So what do I do - sit and wait before switching but then do I risk paying more long term. Or switch but then do I lose my credit and cause more hassle with Green about to go under?

You have to wait until Ofgem appoints a Supplier of Last Resort. The SoLR will takeover all Green Energy accounts. You are then free to decide whether to stay with the SoLR or switch. Sadly, the cost of fixed tariffs has gone through the roof in the past few days and a number of suppliers will not allow new customers to switch to their Ofgem-capped cheaper variable tariff. You might be better off staying with the SoLR in the near term.

You will not lose your credit balance as this is fully protected by Ofgem; however, you may have to wait a while to get any credit back.

worrywart_3

You can switch and it may go through but it may be stopped but you will have to act quick irrespective your credit balance is protected personally I would look for the best deal rarther than wait for a solr it hasn’t been announced yet 

Robin9

Take control and do it yourself rather than LAMB - they do nothing that you can't do yourself with a little effort and you can do it better.

GunJack

Ditch LAMB as stated above, and then sit tight until the SoLR process has settled down before switching. If you try and switch now, you may be lucky and it goes through, but you'll still have to deal with the SoLR regarding final billing and refund of credit balance from your current supplier. That is likely to take longer than if you let the process take it's course.

Went through this with Yorkshire/SP last year, and currently with Green for leccy-only, so not just spouting off