Avro Energy

richard_k82

Has anyone received a refund for any credit from when Avro went bust?

I have yet to receive a final bill, although have estimated it should be in the region of £300+ refund.

Octopus energy have been very quiet, stating that it takes time to sort it. I had actually just completed a switch from Avro when they went bust.
Last night, they replied to a email asking for an update, stating that
"Any debt or credits on accounts prior to Octopus Energy taking initially becomes the responsibility of the Administrator appointed by Avro. We will work to secure a good outcome for current customers with balances but cannot confirm any plans until the administrators of Avro agree."

I was under the impression from previous updates, that my credit balance was 100% safe, but this latest advice implies that isn't the case. 

Have been in touch with OFGEM who said they will investigate. Wondered what others experiences were?

TheMilkmansDad

it is safe, why do you think it's not?

richard_k82

take a look at the bold section! if its safe, why is it taking so long to even product final fills?

oliverbrown

Ofgem's page is quite clear, your balance is protected. I've no idea why Octopus have to use cryptic phrases like "working to secure a good outcome".

TheMilkmansDad

There are many threads already regarding credit balances and time taken to transfer.. It will take a while but it will get sorted in the end.

Either Octopus will receive the credit and it will be applied to your account; or you'll receive the refund via the administrators by wire (assuming the DD is still open) or by cheque.

All this will take time due to the sheer numbers involved.

rusty_frog

We left Avro with only a small amount of credit owing to us.
However I am aware others were not so lucky, and face anxious times.
Reading that Avro went bust owing some £90m and no assets. so where does any repayment of customer credit come from?

vincit_veritas

Whilst I didn't expect my enforced transfer from Avro to Octopus to be achieved overnight, it doesn't exactly inspire confidence to see that the administrators Alvarez & Marsal Europe LLP list "fun" amongst their core values ("These are our core truths by which we work and hire").  But hey - maybe it's just me.....

QrizB

rusty_frog said:

We left Avro with only a small amount of credit owing to us. However I am aware others were not so lucky, and face anxious times. Reading that Avro went bust owing some £90m and no assets. so where does any repayment of customer credit come from?

Customer credit will be repaid by the SoLR, who will be reimbursed by Ofgem, who will in turn raise the money from a levy on consumer bills (you and me, and everyone else). It's a marvellous circular money-go-round.

lindylootoo

richard_k82 said:

Has anyone received a refund for any credit from when Avro went bust?

I haven't! I've calculated my final bill and believe I am £100 in credit as at 22/9/21. I don't want to set up a direct debit with Octopus as I am sick and tired of too much money being taken and a direct debit allows the supplier to increase the amount whenever they choose and the customer appears to have no choices. What I'd like to do is to calculate my energy bills and pay them whatever I believe I owe by a direct transfer or some means which gives ME control - obviously making sure I completely settle my bills promptly. 

rusty_frog

QrizB said:

rusty_frog said:

We left Avro with only a small amount of credit owing to us. However I am aware others were not so lucky, and face anxious times. Reading that Avro went bust owing some £90m and no assets. so where does any repayment of customer credit come from?

Customer credit will be repaid by the SoLR, who will be reimbursed by Ofgem, who will in turn raise the money from a levy on consumer bills (you and me, and everyone else). It's a marvellous circular money-go-round.

To ask Octopus to pay out some £90m in the form of customer credit I think is asking a lot.
Can they afford it, or would that also push them to the edge?

QrizB

rusty_frog said:

QrizB said:

rusty_frog said:

We left Avro with only a small amount of credit owing to us. However I am aware others were not so lucky, and face anxious times. Reading that Avro went bust owing some £90m and no assets. so where does any repayment of customer credit come from?

Customer credit will be repaid by the SoLR, who will be reimbursed by Ofgem, who will in turn raise the money from a levy on consumer bills (you and me, and everyone else). It's a marvellous circular money-go-round.

To ask Octopus to pay out some £90m in the form of customer credit I think is asking a lot.
Can they afford it, or would that also push them to the edge?

I can't speak for Octopus but they're a US$4.6B company and have recently received US$500M of new investment. If they can't find £90M down the back of the sofa, no-one can.