GOTO Energy Cease Trading

Former_MSE_James_F

GOTO Energy, which has about 22,000 household customers, has become the latest energy provider to cease trading – meaning a total of 13 suppliers have gone bust in the past six weeks.

Read the full story here:
'GOTO Energy Limited stops trading - here's what it means for your gas and electricity'

Click reply below to discuss. If you haven’t already, join the forum to reply.

apo84

I was only just talking to the company around 2PM yesterday and the person i spoke to was not even suggesting any issues but wanting me to go onto their variable rate and wanting me to now pay £112.85 instead of £45 per month even though the rise in unit rate my usage isn't going to change and would be in credit within 2 months again and already £95 in credit

edwintheelf

I cancelled my Direct Debit with Goto Energy (next payment due on 4 November) and got the following threat in an emailed letter:

"We’ve been unable to collect your payments via Direct Debit, which means that your Direct Debit agreement has
been cancelled.

Please be aware that if you intentionally cancel your Direct Debit, this will start an automated process whereby this
missed payment is recorded on your credit file. This process is described in detail in our T&Cs. We automatically
share information about failed payments with other creditors. Allowing this payment to continue to fail will affect
your credit report and it may prevent you accessing certain financial products such as lower mortgage rates and
other credit products."

I'm guessing that this is an automatically generated email/letter and in reality nothing will happen.  Given that they've ceased trading, they have no right to seek further payment, therefore there should be no missed payment to report to any credit agency.

However, one to keep an eye on in respect of your credit rating and challenge if Goto do report your missed payment!!

MWT

I would be cautious about treating the term 'ceased trading' as though it was an end to your obligations and their ability to do things like collect payments.

In all probability they are about to go into Administration and that means that aspects of the business continue to run, such as payment collections.

For all practical purposes it means that the directors take great care not to increase the company's liabilities in the gap between deciding to cease trading and entering administration, but otherwise they will continue to protect the interests of their creditors and prepare for the hand-over of accounts under the SoLR process.

That hand-over includes passing on account details, active DD agreements etc.

Cancelling your DD can mean you will be handed over as a standard credit account, which is under a higher cap level for the tariff than the DD payment method.

I do appreciate why people rush to cancel their payments, but it is not always the best idea, especially when the SoLR has not yet been appointed as they are not allowed to go into Administration until that is done.

[Deleted User]

Ofgem has just announced Shell Energy as the SoLR for GoTo. 

[Deleted User]

Ofgem - Summary of all SoLRs. Also scroll down for Administrator details (where available) 

https://www.ofgem.gov.uk/publications/check-whos-taken-over-your-energy-supply?utm_source=twitter&utm_medium=ofgem&utm_term=&utm_content=&utm_campaign=