Economy Energy, who are they?

edited 30 November -1 at 1:00AM in Energy
208 replies 377.4K views
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  • Newbie and not afraid to admit I have worked for one of the big 6 in direct sales for a couple of years. We have come across Economy Energy an awful lot over the last 5/6 months and in the vast majority of customers we speak to they have been completely mislead, mis-sold and tricked into signing.

    Problem is once the 7 day cooling off period is over there are huge exit fees of £100 to leave them (bear in mind a high percentage of prepayment customers are on a low/limited income - and I am being sincere when I say that).

    Whilst I would prefer a whole raft of new suppliers entering into the market (I make my money by people changing suppliers then changing back - and yes I do my job compliantly) there really needs to be a quick and forceful crackdown on blatant mis-selling and hideous exit fees.

    Economy Energy......until they can give you a proper comparative quote and remove their exit fees avoid at all costs in my opinion.
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  • Richie-from-the-BoroRichie-from-the-Boro Forumite
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    energyguy wrote: »
    Newbie and not afraid to admit I have worked for one of the big 6 in direct sales for a couple of years. We have come across Economy Energy an awful lot over the last 5/6 months and in the vast majority of customers we speak to they have been completely mislead, mis-sold and tricked into signing.

    Problem is once the 7 day cooling off period is over there are huge exit fees of £100 to leave them (bear in mind a high percentage of prepayment customers are on a low/limited income - and I am being sincere when I say that).

    Whilst I would prefer a whole raft of new suppliers entering into the market (I make my money by people changing suppliers then changing back - and yes I do my job compliantly) there really needs to be a quick and forceful crackdown on blatant mis-selling and hideous exit fees.

    Economy Energy......until they can give you a proper comparative quote and remove their exit fees avoid at all costs in my opinion.

    - welcome to the forum energyguy
    Disclaimer : Everything I write on this forum is my opinion. I try to be an even-handed poster and accept that you at times may not agree with these opinions or how I choose to express them, this is not my problem. The Disabled : If years cannot be added to their lives, at least life can be added to their years - Alf Morris - ℜ
  • edited 8 May 2014 at 1:42PM
    energyguyenergyguy Forumite
    11 Posts
    edited 8 May 2014 at 1:42PM
    Thanks Richie,

    Not going to hide that I have a vested interest in customers shopping around but doesn't mean I enjoy seeing customers duped or ripped off.

    In addition, many prepayment customers have qualified for the Government's Warm Home Discount scheme where they can receive a voucher for £135 free electricity during the winter months, however anybody who has been swopped to Economy Energy (or Utilita for that matter) will likely not receive it - so a £30/year saving could actually end up costing them £100+/year more.

    Says everything when these guys just roll up in a town centre without council permission and run off as soon as they see security.

    These [TEXT DELETED BY FORUM TEAM] practices really need to be fed on to the tabloids/local mp's as the CAB have little or no power to stop these [TEXT DELETED BY FORUM TEAM] tactics.
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  • its 14.2 per unit , i changed with them from british gas and now what was my 10 pounds a week i used to put on is now lasting me an extra 2 days , i new what i was signing for when i was approached and its saveing me money .
  • edited 9 May 2014 at 9:56AM
    energyguyenergyguy Forumite
    11 Posts
    edited 9 May 2014 at 9:56AM
    Hi Violet,

    Most energy companies vary price by region so depending on where you live compared to BG you could be on a good deal or a poor one, just because your electric lasts longer in summer doesn't mean you will put less in during the winter as consumption goes up and the 'no standing charge - high unit rate' may not actually prove cost effective.

    One shoe never fits all and I for some users Economy Energy may be an option, I just think it is very odd [TEXT DELETED BY FORUM TEAM] that they don't openly publish their UK wide gas & electricity rates (I thought they have to in their licence conditions - thanks OFGEM), give comparative quotes to customers, have a very short 7 day cooling off period, excessive cancellation fees, and run away at the first sign of security.......Alarm bells are ringing!

    Hope your deal goes well Violet and you don't have the issues from their customers that we have to deal with on a daily basis.
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  • I know its a bit late but I was approached by a lady from Economy energy this week and I signed up ( knowing I wouldn't actually use it until I checked reviews as it seemed slightly dodgy) she did give me a copy of the contract and she was very friendly but seeing that theres not any reviews as such, I think ill stick to british gas!
  • When I arrived home a few weeks back, my wife said someone had been to read the meter and that we had the wrong key and one would be sent out. seeing the slip of paper that was left I contacted bg and requested that a transfer to economy energy be declined.

    I was told not to worry and that I would get a letter off bg verifying if I wanted to move or not.. letter never came. When bg tried getting the electric back economy energy (ee) declined.

    Now I have to chase and argue with ee as it's now outside the "cool off period" to get Control of my energy supply back.

    After doing some digging out looks like economy energy limited is classed as non-trading. Which smells very funny to me.

    Companycheck.co.uk /director/917303177 <- director information which states ee is non-trading

    So far, to date we have had no Letters, no key, no contact and no tariff information.

    If I don't have any joy with ee ill be seeking legal advice. So much for economy.
  • JoyfulJoyful Forumite
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    I work for British Gas and every week we have to action erroneous Transfers re this company. So many customers say they did not agree to move supplier. I am all for competition but this is the reason all the larger suppliers stopped door step selling. Due to that it has been months since I raised an ET for another company.

    Customers should never sign on the doorstep or in a shop. Instead they should research what company they wish to transfer to first. If they give you any info in a shop do not sign anything or give your address to them.
    ****Released the reins and am now Self employed runnung two business's****
  • edited 9 May 2014 at 10:12AM
    MysteMyste Forumite
    1 Post
    edited 9 May 2014 at 10:12AM
    Should you be approached for a Survey by a "mumble mumble" company who says they just want your opinion and will send you a voucher ... TELL THEM TO TAKE A LONG JUMP OFF A SHORT PIER.

    They approached me as I was leaving Sainsbury's about three months ago. AND have managed to [TEXT DELETED BY FORUM TEAM] my account. I was under the impression all I was signing was an acceptance that details I gave could be used in the survey, most definitely NOT giving them my account. I tell EVERYONE that I have NO INTENTION of changing to a new energy company, because every company works out the same in the long run, putting up costs within a month of me going to them, better the devil you know ..., and the gay chap running the survey ASSURED me that I was NOT changing suppliers. No paperwork has EVER arrived, NO KEY has ever arrived, and so as far as I was concerned, I was happily with British Gas. ... until the letter arrived about a month ago asking why I had left MY CHOSEN Energy Company.

    This has cost me my Dual Fuel Discount, and a lot of stress and because of the stress I have become sick. I suggest others also contact the Regulator for Energy Supply in the UK should they have [TEXT DELETED BY FORUM TEAM] your account.

    They have an extremely VAGUE website which has NO workable links,[TEXT DELETED BY FORUM TEAM]. I reiterate that have never even received any paperwork [TEXT DELETED BY FORUM TEAM], or any way to "charge up" my prepayment meter should I have wanted to go to them, which I most definitely did NOT. I am demanding that they be taken to court and be forced to refund me any monies I have lost because of their having stolen my account, as well as demanding compensation for all the stress I have had to endure since trying to get my account back to my OWN Chosen Supplier. I stand now to lose my Warm Front Entitlement too, it appears, and this means I will end up really sick this coming winter, because I cannot afford the extra charges. How wonderful.

    O WONDERFUL ... I cannot post the Website for the Ombudsman for energy, but the factsheet reads problems resulting from an energy company’s sales activity - which proves they are not entitled to sell in the manner they are doing.

    ombudsman-services.org/contact-us-energy

    In short: [TEXT DELETED BY FORUM TEAM].
  • edited 8 May 2014 at 1:50PM
    Richie-from-the-BoroRichie-from-the-Boro Forumite
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    edited 8 May 2014 at 1:50PM
    Myste wrote: »
    O WONDERFUL ... I cannot post the Website for the Ombudsman for energy, but the factsheet reads problems resulting from an energy company’s sales activity - which proves they are not entitled to sell in the manner they are doing. In short: BEWARE ECONOMY ENERGY - [TEXT DELETED BY FORUM TEAM]

    There you are Myste,

    The Energy Ombudsman can only help if you have a complaint with the companies which participate in the scheme, economy energy are a participating member. The Ofgem complaint page is here.
    Disclaimer : Everything I write on this forum is my opinion. I try to be an even-handed poster and accept that you at times may not agree with these opinions or how I choose to express them, this is not my problem. The Disabled : If years cannot be added to their lives, at least life can be added to their years - Alf Morris - ℜ
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