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MSE News: Extra Energy ceases trading - here's what you need to know
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I am with Extra Energy (no problems there but then I never had to contact them) and I am wondering if the new supplier might be Eversmart Energy, simply because I have just had an advertisement email from them about their family club and paying 1 year in advance to get interest, and I cannot think how else they would have got my email and targeted me
You had better pray that it's not Eversmart. They are truly dreadful, in my experience.0 -
You had better pray that it's not Eversmart. They are truly dreadful, in my experience.
Hmmm, well as soon as whoever is taking over is announced and it has all gone through smoothly, I shall be looking at my options for the best deal for my area through a comparison site.
If it is them taking over, it is surprising their first contact with me is a random mailing shot rather than an explanation of what will happen nextA chicken crossing the road is poultry in motion0 -
I have just checked my bank account and Extra Energy has taken £187 out my account this morning?! What is going on?!Trying to make my way on my MSE adventure.. Debt free since June 2018:j
December GC £32.58/£130
November GC £101.14/£135 :: another month under budget! :: another m
Emergency Fund £104.77/£1000
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Sorry to hear this. That's really not good news for your mother. I believe Extra Energy were NOT an obligated Warm Home Discount provider this year (or last year) as they fell below the customer number threshold. Sounds like she has been miss-sold to. She might want to sit tight until the new supplier is appointed and hope (which is likely) that they are taken over by a bigger supplier who is WHD and then immediately apply / register for it. Good luck.0
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My wife and I have had a 5 Year fixed price contract with ExtraEnergy for both gas and electricity thanks to the MSE Energy Switching Club bringing this super deal to our attention n 2015. There has never been a problem with dealing with the company or in looking forward to the mega-savings they were going to give us towards the end of the 5 year contract! The problem now is that the cost-busting savings have only just begun to kick in over the last few months and the benefits of more to come over the remaining 15 months have been lost for ever. This means that up until recently we have been paying way over the odds for our gas and electricity in order to capture the payback we will now never see! We are seriously out-of-pocket! So much so we haven’t had the courage to work it out yet!
What worries us is if we have over-paid for something which no longer exists then the company on the receiving end has been vastly over-paid for something they have not supplied! They are walking away from their resposibilitirs with our money stuffed in their pockets!
We imagine that we were not the only ones suckered in by the dream of big savings to come! We wonder how many of the other 107999 customers of ExtraEnergy are in a similar position to ourselves. We suspect it will be quite a few. It was a deal too good to resist! But that means that the owners of the business do not just have our money unaccounted for. There are 1000s of others out there who will have also paid over the odds before ExtraEnergy shut up shop! So where is all this dosh! And was this their business model from the outset! It won’t be the first time that the British public has been ripped off big time by unscrupulous businesses!
Or are we just sore losers who have been stung by our own greed? Do we have to turn a blind eye to what has happened and not complain that someone has possibly taken our money and run off scot-free!
MSE are of course entirely blameless in all this. They just told us about the deal. But the regulatory body OFGEM surely should have made it harder for us to be fleeced! One good thing to come out of all these energy businesses going to the wall is that OFGEM has decided to police newcomers to the market more strenuously.0 -
I dont consider that you were fleeced. You took a gamble that you'd save money in the long run and the cost of that gamble was to pay more in the earlier years.
Much in the same way that EE gambled that energy costs wouldn't rise as fast or as far as the price you would eventually be paying so they'd still be in profit.
TBH if energy costs hadn't risen as high as they have in the past year or so, you may never have broken even, even at the end of five years.
Five years is a long time for both you or an energy company to guess where the market will be, so an extra long fix will always be a gamble for both parties.Never under estimate the power of stupid people in large numbers0 -
Hi E sorry about your loss, but you hit the nail on the head!
It was a deal too good to resist!
We are all guilty of this, “too good to be true”
We are not greedy, just too trusting, and these charlatans prey on it.
It occurred again with Spark!
It will happen again.
One doesn’t know who to trust.
10 % are reckoned to go to the wall over this winter, that is another seven companies, and possibly more !
The info is there, no one is looking into it.
They all need stress testing, now.
Ofgem are not fit for purpose!
Too little,too late.
The market is broken, there needs to be an independent inquiry into it! Not Ofgem.0 -
I am with Extra Energy (no problems there but then I never had to contact them) and I am wondering if the new supplier might be Eversmart Energy, simply because I have just had an advertisement email from them about their family club and paying 1 year in advance to get interest, and I cannot think how else they would have got my email and targeted me
That’s interesting cos I’ve got that email, too. On 22nd. It’s in my spam box so I missed it...0 -
Does anyone know how long it takes for SOLR to declare themselves?0
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catslovelycats wrote: »Does anyone know how long it takes for SOLR to declare themselves?
Ofgem will make an announcement when it has 'appointed' a SoLR. I say 'appointed' as the preferred option is an auction to secure the best deal for all energy consumers. Ideally, Ofgem would like the new supplier to pay something for the x000 customers that it will gain. This reduces the amount charged to the Consumer Levy. If there are no bids, then Ofgem will appoint a supplier to take on the failed supplier's customers.0
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