Small Provider

Adviceuk3

I am currently with a Small Provider luckily with my Gas supply and in credit over £400.00 with them.

I am aware many are going under and if it happened to mine that I will be transferred to a supplier of last resort.

I am just worried about the huge credit and that it will indeed transfer to a new supplier.

I usually save like this going through the winter months knowing that my gas bill will get paid.

Should I just hold tight given I am on a fixed tariff and wait for them to go bust. Or would you transfer now and demand a refund?

Reed_Richards

Your credit balance will transfer to your new supplier or be given back to you should your current provider go bust.  But you may have to wait some time before your credit balance is acknowledged.  You probably won't get as good a tariff if you transfer now than if you wait for your supplier to go bust.  If your current provider acknowledges that you have a credit balance then you can ask for a refund but some small providers require payment in advance. 

Adviceuk3

How quickly on average is it taking for balances to appear with the new supplier? I just dont want an account that I am paying more against when I am in a large credit?

Verdigris

How long's a piece of string?

I got my credit back from a SoLR after a couple of months, about a year ago. With the huge numbers of failures at the moment, expect to wait longer.

wittynamegoeshere

If you were to ask for a refund then there's a slim chance that your money may vanish if the company goes bust while in the process of paying it.  You wouldn't lose it, but it may end up taking much longer to get it back, it would probably need manual payment.

If they go bust while you're mid-switch then you can end up having to deal with three companies, as you'll need to get a refund from whoever is appointed as the SoLR, which is unlikely to randomly be the one you happen to switch to.

Also no major suppliers are taking new customers, so that pretty much decides it for you - you can't switch, whether you want to or not.

It's likely that you will need to pay your new supplier before the refund arrives.  Your monthly payment is likely to be higher, as your per-unit rate will be higher.