Utility Point => EDF - Progress with dates on EDF web-site (new?)

Doc_N

Same position here. 

Somebody, and I’m unsure whether it’s the administrators of Utility Point or EDF at this point, is holding on to several million in credit balances, with no incentive whatever to repay it any time soon.

smileguy

Yes i managed to contact EDF on WhatsApp they are telling me I will see my final bill by the end of February. I reminded them last time they had promised my final bill by the end of January 🤷‍♂️. Someone is making a lot of money holding onto our credit 🤷‍♂️.

Curiousgirl1

smileguy said:

Yes i managed to contact EDF on WhatsApp they are telling me I will see my final bill by the end of February. I reminded them last time they had promised my final bill by the end of January 🤷‍♂️. Someone is making a lot of money holding onto our credit 🤷‍♂️.

No one is making any money on your credit as there isn’t any as such. Previous supplier does not transfer final credits to SoLR, the SoLR gets told how much it is, credits the accounts with that amount then claims it back from ofgem which is why everyone’s electric standing charge is going up, to pay for it all. You should be lucky this happens otherwise you would be a creditor to your failed supplier & end up with a fraction of what you’re owed 

Doc_N

Curiousgirl1 said:

smileguy said:

Yes i managed to contact EDF on WhatsApp they are telling me I will see my final bill by the end of February. I reminded them last time they had promised my final bill by the end of January 🤷‍♂️. Someone is making a lot of money holding onto our credit 🤷‍♂️.

No one is making any money on your credit as there isn’t any as such. Previous supplier does not transfer final credits to SoLR, the SoLR gets told how much it is, credits the accounts with that amount then claims it back from ofgem which is why everyone’s electric standing charge is going up, to pay for it all. You should be lucky this happens otherwise you would be a creditor to your failed supplier & end up with a fraction of what you’re owed 

Luck doesn’t come into it. That’s the arrangement that applies, that’s what the government approved, and were it not for that very few people would have switched. The fact remains that there’s a large sum of money out there, not in the hands of those it belongs to, and someone is making money from it.

QrizB

Doc_N said:

The fact remains that there’s a large sum of money out there, not in the hands of those it belongs to, and someone is making money from it.

You keep saying this and we keep correcting you.

• Utility Point don't have the money. If they ahd the money they wouldn't have gone bust yet.
• EDF don't have the money.
• Ofgem don't (yet) have the money.
  

The money is in the pockets of you, me and all the other retail electricity customers who will be paying it to Ofgem via our bills from april, so that Ofgem can reimburse EDF.

Doc_N

QrizB said:

Doc_N said:

The fact remains that there’s a large sum of money out there, not in the hands of those it belongs to, and someone is making money from it.

You keep saying this and we keep correcting you.

• Utility Point don't have the money. If they ahd the money they wouldn't have gone bust yet.
• EDF don't have the money.
• Ofgem don't (yet) have the money.
  

The money is in the pockets of you, me and all the other retail electricity customers who will be paying it to Ofgem via our bills from april, so that Ofgem can reimburse EDF.

As I said, someone is making money from it because it’s a debt that’s due. It could be the exchequer, but the fact remains that it’s a debt unpaid. As featured today on BBC Radio 4 Moneybox.

smileguy

What I don’t understand is why it’s taking so long to reimburse people with credit if it’s not money but just a figure on the computer billing system 🤷‍♂️

smileguy

Why were comparison sites switching customers to companies that were so unstable financially? .

Thrugelmir

Doc_N said:

QrizB said:

Doc_N said:

The fact remains that there’s a large sum of money out there, not in the hands of those it belongs to, and someone is making money from it.

You keep saying this and we keep correcting you.

• Utility Point don't have the money. If they ahd the money they wouldn't have gone bust yet.
• EDF don't have the money.
• Ofgem don't (yet) have the money.
  

The money is in the pockets of you, me and all the other retail electricity customers who will be paying it to Ofgem via our bills from april, so that Ofgem can reimburse EDF.

As I said, someone is making money from it because it’s a debt that’s due. It could be the exchequer, but the fact remains that it’s a debt unpaid. 

The Exchequer will ask the Debt Management Office to sell Gilts in the market to raise the money to credit peoples accounts with. Putting the purchases made by the BOE aside. The UK is dependent upon the charity of overseas investors to raise the money required to service the UK's borrowing requirement. As a consequence we all get progressively poorer. There's no magic money trees or piggy banks to raid. 

Spies

Those who moved before the SoLR process completed... I trust you haven't received a cheque yet? Could really do with the balance paid back.