Neon Reef Ordered to pay £350k by Sunday 31 Oct 2021

Liku

Oh well, was nice while it lasted but looks like it wont last much longer. Compared to what I paid on the previous deal with OFTM I'll be paying getting on for double p/kwh once it happens. Though the SC will 'only' be 20% higher compared to that one. 50% more on both compared to now.
What really bugs me is the cap for electricity seems to be based on you having heating/hot water that isn't electric. Is that right?

QrizB

Liku said:

What really bugs me is the cap for electricity seems to be based on you having heating/hot water that isn't electric. Is that right?

There are three Ofgem caps:

• One for single-rate electricity supplies,
• One for dual-rate electricity supplies (E7); and
• One for mains gas.
  

If you have dual-rate electricity, the dual-rate cap applies. And most likely if you have electric heating or hot water, you have dual-rate electricity.

matelodave

QrizB said:

Liku said:

What really bugs me is the cap for electricity seems to be based on you having heating/hot water that isn't electric. Is that right?

There are three Ofgem caps:

• One for single-rate electricity supplies,
• One for dual-rate electricity supplies (E7); and
• One for mains gas.
  

If you have dual-rate electricity, the dual-rate cap applies. And most likely if you have electric heating or hot water, you have dual-rate electricity.

You forgot that there are also three different payment options which also affect the cost cap for each of the above categories

1- Direct debit
2 - Payment on recipt of the bill
3 - Pay as you go

QrizB

matelodave said:

QrizB said:

Liku said:

What really bugs me is the cap for electricity seems to be based on you having heating/hot water that isn't electric. Is that right?

There are three Ofgem caps:

• One for single-rate electricity supplies,
• One for dual-rate electricity supplies (E7); and
• One for mains gas.
  

If you have dual-rate electricity, the dual-rate cap applies. And most likely if you have electric heating or hot water, you have dual-rate electricity.

You forgot that there are also three different payment options which also affect the cost cap for each of the above categories

1- Direct debit
2 - Payment on recipt of the bill
3 - Pay as you go

Yes, of course you're right. Looking at my area (Southern) the caps are (DD / credit / prepay):

• Single-rate electricity, 3100kWh inc. SC: £694.37 / £742.86 / £699.49
  
• Dual-rate electricity, 4200kWh inc. SC: £855.47 / £912.24 / £859.56
  
• Gas, 12000kWh inc. SC: £567.21 / £608.84 / £591.68
  

For electricity, prepayment isn't all that more expensive than DD; "standard credit" (the middle numbers) is the pricy option.

wittynamegoeshere

MWT said:

wittynamegoeshere said:

Still, that's another £17 million in the pockets of company directors, to be repaid by all of us, on top of the rest.

It really doesn't work like that, the directors may well be walking away owed a lot of money themselves as well.

Every company failure is different and you can expect the administrators to scrutinize payments to directors and related parties for months before the failure, but in good companies that have failed due to these sudden changes in the market, you will often find the directors took the hit first to keep the staff paid, so it is a little offensive to assume that just because someone has the title 'director' that they are walking away with all the cash...

I'm happy to be "offensive", as Neon Reef's current behaviour defies all reasonable explanation.

They're recruiting new customers by basically selling £10 notes for £5 each, doing the exact opposite of every other supplier, who are all behaving responsibly by protecting themselves from further losses.

Until they provide a rational explanation of how they're able to defy gravity then I think it's entirely reasonable to doubt their motives.

matelodave

I left NR in July and after several prods they've finally agreed to pay out my credit plus compensation (late bill plus late payment) although I'm still waiting to see it actually appear in my bank acount.

Not sure which is going to happen first, me getting my owings or NR going down the tubes.

[Deleted User]

@dbks Doesn't that effectively mean Friday 29th October then, given that 30th and 31st are non bank working days? If I had a debt due 31st, and the funds, I would pay it on the 29th. Better to be safe than sorry. 

MWT

wittynamegoeshere said:

I'm happy to be "offensive", as Neon Reef's current behaviour defies all reasonable explanation.

If you had only referred to Neon Reef in your reply I would probably not have disagreed

It was only that you included all the other companies with the £17m reference...

Liku

QrizB said:

Liku said:

What really bugs me is the cap for electricity seems to be based on you having heating/hot water that isn't electric. Is that right?

There are three Ofgem caps:

• One for single-rate electricity supplies,
• One for dual-rate electricity supplies (E7); and
• One for mains gas.
  

If you have dual-rate electricity, the dual-rate cap applies. And most likely if you have electric heating or hot water, you have dual-rate electricity.

I have single rate. When I say electric I mean a heat pump which still costs more than gas. But in any case, 2 caps or 1, it might work out the same anyway if they are realistic about wholesale costs. With how much cheaper it is, part of me wishes I could have gas but my village doesn't have a supply and I live too far from a town for it ever to, especially now.

TonySimon

Hi. I am a former customer of Neon Reef.  I am still waiting on refund and it's just not on.  Also NMT says its capped at £90 but citizens advice says different..