Pure Planet faces becoming latest casualty of industry crisis

RolandFlagg

We are nearly £400 in credit with Pure Planet.
What happens to that if they go bust?

Should we be asking them to pay us some of that money back now?
Thanks.

spot1034

RolandFlagg said:

We are nearly £400 in credit with Pure Planet.
What happens to that if they go bust?

Should we be asking them to pay us some of that money back now?
Thanks.

I doubt you'll get very far - expect an announcement at any time. 

However do not worry as your credit is protected and will be moved over to whoever is appointed as supplier of last resort, although it can take a month or two as the administrators can take a while to produce final bills.

scrimpandsave

RolandFlagg said:

We are nearly £400 in credit with Pure Planet.
What happens to that if they go bust?

Should we be asking them to pay us some of that money back now?
Thanks.

I think at this point it will be radio silence….I went through the supplier of last resort last December, it took that long for them (Scottish Power) to actually contact me with any meaningful account information, roughly 60 days or so, that I had accrued a massive bill on a bad tariff (that being the special one they bung you on when they take over your energy) the second I could actually provide a meter reading and I ended up on a payment plan to clear it.

They kept telling me it was my fault for not supplying meter reads sooner…I had tried to call to find out an account number to no answer because 100000s more were doing the same, and diligently waited until a letter arrived with the information in. I had my direct debit money still sat in my bank account but because the tariff was woefully worse, the payment plan was for the difference. Not sure if any of this makes any sense?

 I thought those were dark days but this is going to be something else entirely. Think I need to learn a lesson now and stick with a main supplier, SOLR can be stressful.

In answer to your credit, as others already said it is protected by Ofgem, I had close to £200 credit from memory and it went over no problem to the new supplier, just took its sweet time! & yep even with the credit I ended up on a payment plan….go figure…round two….here we go!!!!

scrimpandsave

Should probably add, so sorry to anyone who works for them that this is happening because it’s terrible. Anyone with lots of credit deffo download your most recent bill and screenshot your credit. Whilst going through the switch, take regular meter reads, with photographs…know this sounds like overkill but it’s truly not.

UnclaimedEnergy

Thrugelmir said:

Any company which hasn't sufficiently hedged it's exposure is going to fail. Wafer thin margins resulting in attractive selling prices for new customers is never going to be a long term viable business strategy. 

Even ones which had hedged will be in trouble.
When hedging they would had likely accounted for customer churn on house moves and fixed tariff endings.

With customer losses basically at zero, they need to now buy that extra power for Winter.

You've also got all of the biggest suppliers taking on extra customers through SoLR and having to buy the extra power for them.

I doubt anyone had fully hedged in anticipation of there being 0 customer movement over winter.

zoonyx

I had an "argument" (not really) with someone on here about Shell and Shell Energy recently, and this is exactly what I meant.  It appears Shell have backed their own-branded energy company, but people seem to not realise how easy it is to cast off these wholly-owned, but separate sellable entities.

It might be backed by BP, but Pure Planet was always at risk, as any loss-making company would be if the funding plug is pulled.

scrimpandsave

I do have a question, quite understand if no one can answer it…but with the energy crisis picking up pace, is there a chance much like with financial crashes that this is just going to go bang and the bottom fall out completely, because in my limited knowledge they all seem to be sailing by the seat of their underpants….
follow on questions is can they really under these circumstances charge me an exit fee if I jump now? I almost certainly know this is a yes 🥴

MWT

scrimpandsave said:

follow on questions is can they really under these circumstances charge me an exit fee if I jump now? I almost certainly know this is a yes 🥴

Yes, if you jump ship before it actually sinks they can charge you as per your contract terms.

Generally speaking though you may not want to jump before you are pushed as you'll probably be better off on a SVT with the SoLR, unless you are going to have a try at the BG Zero tariff, or going to see how much longer Neon Reef can survive...

richpluk

zoonyx said:

I had an "argument" (not really) with someone on here about Shell and Shell Energy recently, and this is exactly what I meant.  It appears Shell have backed their own-branded energy company, but people seem to not realise how easy it is to cast off these wholly-owned, but separate sellable entities.

It might be backed by BP, but Pure Planet was always at risk, as any loss-making company would be if the funding plug is pulled.

Even though Pure planet was backed by BP, it  was still owned by a different company called “Blue Marble Holdings Limited” but Shell Energy is actually owned by Shell, it’s Shell Energy’s parent company. 

zoonyx

richpluk said:

zoonyx said:

I had an "argument" (not really) with someone on here about Shell and Shell Energy recently, and this is exactly what I meant.  It appears Shell have backed their own-branded energy company, but people seem to not realise how easy it is to cast off these wholly-owned, but separate sellable entities.

It might be backed by BP, but Pure Planet was always at risk, as any loss-making company would be if the funding plug is pulled.

Even though Pure planet was backed by BP, it  was still owned by a different company called “Blue Marble Holdings Limited” but Shell Energy is actually owned by Shell, it’s Shell Energy’s parent company. 

Yes, I understand that, and with Shell's brand plastered front and centre it would be unlikely to happen.  However, the point I was making (here and elsewhere) is that if Shell Energy was losing money hand over fist, it would be put into administration like any other energy firm recently.  Some people seem to think that can't happen because it's Shell.

I accept PP/BP is a different story, and maybe it was a leap to connect the two, but that was my point anyway.