Bulb Customer - In Credit

lewdsnarler

Hi,

Just need a quick question as I have read in the news that Bulb, our energy provider could be going under. We put extra in our account each month to pay for the winter as many do, but if they go under, what happens to our credit? They have £300 of ours in savings. Would this go to the new provider they would switch us to? Or do we need to claim it back somehow? Just a little concerned at the moment

Penguin_

I believe it is protected.

MWT

lewdsnarler said:

Hi,

Just need a quick question as I have read in the news that Bulb, our energy provider could be going under. We put extra in our account each month to pay for the winter as many do, but if they go under, what happens to our credit? They have £300 of ours in savings. Would this go to the new provider they would switch us to? Or do we need to claim it back somehow? Just a little concerned at the moment

Probably the #1 most asked, and answered question on here lately, ordinarily it would be the responsibility of the new supplier appointed by Ofgem to make sure you get your credit applied to your new account..

In this case things are likely to be a little different as it is very unlikely that there will be a 'supplier of last resort' appointed given the number of customers, so for all practical purposes I doubt that Bulb will be allowed to cease trading, but will continue to function in administration for some months..

QrizB

lewdsnarler said:

Just need a quick question as I have read in the news that Bulb, our energy provider could be going under. We put extra in our account each month to pay for the winter as many do, but if they go under, what happens to our credit? They have £300 of ours in savings. Would this go to the new provider they would switch us to? Or do we need to claim it back somehow? Just a little concerned at the moment

Bulb haven't gone bust yet.

If they do, and you're a customer at the time, your account will transfer to a new supplier (the SoLR). The new supplier will take account of your Bulb credit.

If you switch away with Bulb owing you money, that money will also be repaid by Bulb's SoLR. Howeever this could take several months.

lewdsnarler

Thanks for letting me know everyone! We were a bit concerned. I have to admit Bulb have been really good since we've been with them but was just checking to see what happens.

Swipe

Very many of Bulb customers will currently be in credit going into winter. No need to worry.

[Deleted User]

QrizB said:

lewdsnarler said:

Just need a quick question as I have read in the news that Bulb, our energy provider could be going under. We put extra in our account each month to pay for the winter as many do, but if they go under, what happens to our credit? They have £300 of ours in savings. Would this go to the new provider they would switch us to? Or do we need to claim it back somehow? Just a little concerned at the moment

Bulb haven't gone bust yet.

If they do, and you're a customer at the time, your account will transfer to a new supplier (the SoLR). The new supplier will take account of your Bulb credit.

If you switch away with Bulb owing you money, that money will also be repaid by Bulb's SoLR. Howeever this could take several months.

It is unlikely that Ofgem could impose Bulb on any other supplier: it is just too big. Expert money is on the yet untested Special Administrative Regime. Under SAR, the supplier would run normally in so far as customer service etc is concerned with deemed tariff arrangements similar to a SoLR with debts underwritten by the Government. The Special Administrator will then look for ways of securing an external takeover; selling off parts of the business etc before Bulb is finally wound up. In sum, Nationalisation in all but name. I suspect that there may well be legal challenges from some of the other suppliers that have already gone, or are likely, to go to wall.

https://www.ofgem.gov.uk/sites/default/files/docs/2017/02/201612_05_-_sar_mou_2_2.pdf

It is somewhat ironic that today Ofgem has all but admitted that its oversight of suppliers has failed. No doubt greater regulation will result in even higher energy bills.

london21

They have gone into administration today.
The credit balance is protected.
Few weeks ago tried to withdraw my credit balance but they said had to leave 1 months bill in credit.
Now that energy prices have increased massively so annoying will be starting all over. 

Rich2808

Swipe said:

Very many of Bulb customers will currently be in credit going into winter. No need to worry.

And this is unlikely to be resolved for months potentially - so that large credit will disappear over the winter as intended.

jimjames

london21 said:

They have gone into administration today.
The credit balance is protected.
Few weeks ago tried to withdraw my credit balance but they said had to leave 1 months bill in credit.
Now that energy prices have increased massively so annoying will be starting all over. 

You won't be starting all over, Bulb will carry on as normal. Or do you mean you withdrew your balance other than £100?