Energy

phantom177

Hi if when we recive the £400 cash/loan from the taxpayers of this country will if my account is in credit and I change suppliers will I get the full refund of all monies paid into my bank account or will it be transfered to the new supplier 

Mstty

That is not clear at this stage as far as I am aware and the £400 will only be paid into an electricity customers account and suggests it will be laid over 6 months starting October 2922 at £66.66 per month.

All of this could change but suspect if you move supplier during this 6 month period things may well get complicated and you will have to keep all bills to prove what you have received and what you are owed.

Cardew

The £400 will be paid over 6 months from October as a credit each month to your bill.

So if you move supplier any credit at the date of changeover should be repaid to your bank account.

However it is a racing certainty that there will be issues with a new supplier making any remaining monthly payments!!

Ultrasonic

It's not a loan, and it may be paid in monthly instalments over many months rather than a single £400 payment.

Note that if you change supplier you would need to take on a fixed term tariff offered to new customers. There aren't many available and a generally looking like a more expensive option right now. If you did transfer suppliers then I would guess that any account credit would need to be returned to you as has previously been the case, but the details of this government support are not 100% clear yet.

Ultrasonic

Cardew said:

The £400 will be paid over 6 months from October as a credit each month to your bill.

Have you seen definite confirmation of this? I don't think we know yet...

pochase

As @Mstty said, most likely the £400 will be paid in instalments over 6 months. At least that is how the information is read.

Otherwise it should be the same process that is currently in place, if you have credit in your account it will be paid to you, if you have debt you pay your old supplier. All remaining instalments of the £400 that have not been credited should go to the new supplier and be credited there. 

It is no longer a cash/loan as you are saying, only the initial £200 announced in February were a loan/not loan, now the £400 are a grant and don't need to be paid back.

brewerdave

pochase said:

As @Mstty said, most likely the £400 will be paid in instalments over 6 months. At least that is how the information is read.

Otherwise it should be the same process that is currently in place, if you have credit in your account it will be paid to you, if you have debt you pay your old supplier. All remaining instalments of the £400 that have not been credited should go to the new supplier and be credited there. 

Hmmmm......in view of the generally very poor state of account keeping and the equally poor Customer Services amongst most ,if not all, of the remaining Utility suppliers, my own view is that switching before the full £400 has been credited, is a recipe for much wailing and gnashing of teeth - how many posts are there going to be after October along the lines of " XXX company tell me my old supplier is responsible for the credits!"

Alnat1

Going to be messy if you move house after October too.

GingerTim

Remember that it's not a credit to an individual person, but on an individual energy supply and its associated account.

pochase

brewerdave said:

pochase said:

As @Mstty said, most likely the £400 will be paid in instalments over 6 months. At least that is how the information is read.

Otherwise it should be the same process that is currently in place, if you have credit in your account it will be paid to you, if you have debt you pay your old supplier. All remaining instalments of the £400 that have not been credited should go to the new supplier and be credited there. 

Hmmmm......in view of the generally very poor state of account keeping and the equally poor Customer Services amongst most ,if not all, of the remaining Utility suppliers, my own view is that switching before the full £400 has been credited, is a recipe for much wailing and gnashing of teeth - how many posts are there going to be after October along the lines of " XXX company tell me my old supplier is responsible for the credits!"

Completely agree with you here. That is how most likely it is supposed to work, but you might be right that the old supplier is responsible, even if it does not make sense. Like you I see huge problems coming up.

Also how will they handle people moving homes, or even move into a new home for the first time? Or will it be like with the council tax rebate that you get the £400 only if you have the account on the 1st of October even if the payments are monthly?

Lots of questions, and I am not even sure they have a plan at the moment.

brewerdave

pochase said:

brewerdave said:

pochase said:

As @Mstty said, most likely the £400 will be paid in instalments over 6 months. At least that is how the information is read.

Otherwise it should be the same process that is currently in place, if you have credit in your account it will be paid to you, if you have debt you pay your old supplier. All remaining instalments of the £400 that have not been credited should go to the new supplier and be credited there. 

Hmmmm......in view of the generally very poor state of account keeping and the equally poor Customer Services amongst most ,if not all, of the remaining Utility suppliers, my own view is that switching before the full £400 has been credited, is a recipe for much wailing and gnashing of teeth - how many posts are there going to be after October along the lines of " XXX company tell me my old supplier is responsible for the credits!"

Lots of questions, and I am not even sure they have a plan at the moment.

And Government/Civil Service shuts down for the Summer fairly shortly - so prepare for a mad panic in late September