Avro Worry

Sarbar56

I am currently with Avro and am worried that if they go bust I am in credit and may lose my money.  If they do go bust and I get changed over then will my credit get transferred over too?

littlemissbossy

I am with Avro too and also in credit..... I'm not worried, all credit will be transferred to a new supplier.

[Deleted User]

Sarbar56 said:

I am currently with Avro and am worried that if they go bust I am in credit and may lose my money.  If they do go bust and I get changed over then will my credit get transferred over too?

All credit balances are 100% protected by the Ofgem Consumer Levy that we will all pay for in the form of higher future bills. Your credit balance will be transferred over to any SoLR; however, as you know, a credit balance is only valid provided it is based on actual meter readings and then for just one day.

pearl123

I'm with Avro and it is without a doubt concerning. However, there have been numerous posters who've said that we would get our money back. It's probably too late to jump ship, as the increase in tarrif elsewhere would be huge. Plus, we might find ourselves more in limbo regarding refunds. 
I hope out of this mess comes greater regulation. I'd like to see for instance prompt refunds. 

[Deleted User]

pearl123 said:

I hope out of this mess comes greater regulation. I'd like to see for instance prompt refunds. 

Greater regulation will undoubtedly lead to much higher prices if new suppliers have to provide Bonds against failure; pay to hedge all their future energy; immediate refunds on demand etc. It is partly consumers switching en masse to the cheapest supplier ( as advised by this site and others) that has made this problem as bad as it is.

In the event that any supplier goes into liquidation, the process of agreeing what to all intents and purposes is a Final Account with the failed supplier's Administrators will take time. Consumers who decide to switch away from the appointed SoLR tend to be the last in the queue for account reconciliation and repayment of credit balances.

adam06_2

I was with Yorkshire energy last year and it went bust. I got my credit back eventually from Scottish power who took over.. but it took about 5 months...