Fuse Energy, anybody with them?

debitcardmayhem

The arguments about energy companies is totally irrelevant, they don't set your prices for your supply, they make their money by selling oil or gas. The oil is then refined to other products, the energy companies don't set the prices the market sets the price based on supply and demand. They make money by their ability to extract the product at cost , if the market pays them more than that cost then they profit, if the market pays less they make a loss, which is not unknown.

jaybell

I too was asked to deposit £400 and refused without an explanation as to why when 40 years at same address and excellent credit rating. over 10 hours on their chat trying to get this resolved and still not completed.

Makes me wonder what future service would be like if Im still tempted by their current offer and prices

HillStreetBlues

When do people find out if they want a deposit? have I read it can be £400?

Swipe

https://forums.moneysavingexpert.com/discussion/comment/82142448#Comment_82142448

I believe you find out when you are credit checked during the switch request. There are two things here, a sand boxed deposit which you do not get back until you switch away and a request for prepayment credit which your first bills are taken from. Make sure you are clear on which is being requested.

Sea_Shell

https://forums.moneysavingexpert.com/discussion/comment/82142518#Comment_82142518

Are they really taking "sand box" deposits off customers, and holding on to it .

If so, I'm guessing they're not paying out any interest on it.😉 (But earning some)

Bit cheeky. But it must be allowed, legally, or they wouldn't do it.

But if it stops customers getting into arrears, then fair play.

Swipe

https://forums.moneysavingexpert.com/discussion/comment/82142561#Comment_82142561

From their T&Cs: https://www.fuseenergy.com/legal/energy-supply-terms-and-conditions

Security deposit
We may ask you to pay a reasonable amount upfront (a security deposit) before we begin supplying Energy to you or at any time during your Contract if it is reasonable for us to do so. This deposit serves as protection against unpaid Energy charges or other amounts due under this Contract (for example, following missed payments or suspicion of fraud or theft). The amount of your security deposit will depend on your individual circumstances, including factors such as your estimated monthly billing. We will give you a reasonable period to pay the deposit, and it must be paid by the date we specify.

The security deposit is held separately from your Energy account. It does not count toward your Energy charges and it does not earn interest. However, if your payment to us is late, we may use all or part of the security deposit to cover any outstanding amounts.

If you do not owe us any money when your Contract ends, your security deposit will be returned after we issue your final bill.

If we request a security deposit and you don’t pay it:

We may refuse to begin supplying Energy to your premises; or
We may suspend or stop supplying Energy in accordance with Section 9 “Ending your Contract”.
Alternatively, we may offer a prepayment meter as a substitute. If you accept, you may be required to switch to a different tariff or plan, and charges for installing or operating the prepayment meter may apply.

If you are switching to us from another supplier and we request a security deposit, we cannot complete your switch until the deposit is paid. Failure to pay within the timeframe we specify may result in cancellation of your switch request.

Prepayment
We may ask you for a prepayment in certain circumstances, including (but not limited to) where a credit reference agency has flagged your credit history to us. In line with our credit policy, we may ask for a prepayment before we can open your account. This prepayment is not an additional cost, instead the prepayment will be credited to your account and used to pay your future Energy bills.

The amount you need to prepay will depend on your individual circumstances, including the likely value of your Energy charges. We will tell you the amount and when it must be paid. We may adjust the amount of your prepayment from time to time, for example if your usage changes.

If you have made prepayments and your account is in credit at the end of your Contract (after your final bill has been issued and paid), we will refund the credit to you.

If you are required to do a prepayment and you do not do so:

we may refuse to begin supplying Energy; or
we may stop supplying Energy in line with Section 9 “Ending your Contract”.
What if you don’t pay your bill?
If you don’t pay your bills or any other amounts owing under your contract by the payment due date, then we may:

require a security deposit from you;
take such steps as are necessary, including employing a debt collection agency, to recover the sums due to us;
use any money we owe you, any money you’ve paid to us, or any money you’ve paid into a different account you hold with us to pay off any money you owe us (even if that account is for a different property);
add the amount of debt to your next bill;
provide information about your non-payment to credit reference agencies;
recover from you all costs incurred by us in pursuing your non-payment;
charge interest at the rate of 5% above the Bank of England base rate on all outstanding charges;
object to you transferring to another supplier until you’ve paid your account in full;
disconnect your Energy supply.

t0rt0ise

They should add "and if we go bust, you likely won't get the deposit back".

Sea_Shell

Do any other energy suppliers do this?

If not, why not. (other than because it might seriously reduce their potential customer base)

I guess that would have the potential to leave swathes of customers "supplierless", if they are deemed not to be credit worthy, and don't have a spare £400 they don't need.

Might this be the future. In that those customers will end up with a "supplier of last resort", eg State provided

Or is that effectively what happens already, with pre-pay meters, if debt has already been accrued.

(I passed the test, so didn't look that closely at the whole deposit issue)

Swipe

https://forums.moneysavingexpert.com/discussion/comment/82142579#Comment_82142579

Ideally, any security deposits should be held by a third party entity and only applied for by Fuse when there is proof of unpaid bills. These should be returned to the customer in full and not touchable by Fuse creditors in the event of administration.

missile

Are fuse the only provider charging a deposit?