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  • FIRST POST
    • MSE Callum
    • By MSE Callum 8th Jan 19, 12:45 PM
    • 493Posts
    • 174Thanks
    MSE Callum
    Economy Energy stops trading - MSE News
    • #1
    • 8th Jan 19, 12:45 PM
    Economy Energy stops trading - MSE News 8th Jan 19 at 12:45 PM
    Economy Energy, a gas and electricity supplier with about 235,000 domestic customers, has ceased trading. If you're a customer, your energy supply will continue as normal - but here's what you need to know...
    Read the full story:
    'Economy Energy stops trading'

    Click reply below to discuss. If you havenít already, join the forum to reply.
    Read the latest MSE News
    Flag up a news story: news@moneysavingexpert.com
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Page 1
    • molerat
    • By molerat 8th Jan 19, 12:51 PM
    • 20,405 Posts
    • 14,701 Thanks
    molerat
    • #2
    • 8th Jan 19, 12:51 PM
    • #2
    • 8th Jan 19, 12:51 PM
    It was only a matter of when rather than if.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • wakeupalarm
    • By wakeupalarm 8th Jan 19, 1:02 PM
    • 735 Posts
    • 316 Thanks
    wakeupalarm
    • #3
    • 8th Jan 19, 1:02 PM
    • #3
    • 8th Jan 19, 1:02 PM
    Maybe it would be easier to just start a thread with the companies that are still trading.

    Ofgem keeps carrying on as if nothing is wrong but all these losses from these companies going bust are being added to customers bills.

    Their licencing policy has been a complete failure that the current system allows to be hidden.
    Last edited by wakeupalarm; 09-01-2019 at 11:41 AM.
    • Londoner_1
    • By Londoner_1 8th Jan 19, 1:34 PM
    • 131 Posts
    • 39 Thanks
    Londoner_1
    • #4
    • 8th Jan 19, 1:34 PM
    • #4
    • 8th Jan 19, 1:34 PM
    Shame, my tariff ends mid feb.
    • Consumerist
    • By Consumerist 8th Jan 19, 1:59 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    • #5
    • 8th Jan 19, 1:59 PM
    • #5
    • 8th Jan 19, 1:59 PM
    If you've recently switched or you're currently in the process of switching away from Economy Energy, any remaining credit is protected under Ofgem's 'safety net' scheme.
    That's encouraging. It may mean that if you have switched and are still owed a refund on a credit balance you may get it refunded by the new supplier. That would be far better for former customers than becoming a low-priority creditor of the failed company.
    Last edited by Consumerist; 08-01-2019 at 2:03 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • pdickinson
    • By pdickinson 8th Jan 19, 9:44 PM
    • 1 Posts
    • 1 Thanks
    pdickinson
    • #6
    • 8th Jan 19, 9:44 PM
    • #6
    • 8th Jan 19, 9:44 PM
    I can only go off what has happened to me so ... i was £203 in credit on my electricity and £96 in credit on gas. Just downloaded my new invoices before the site goes down and they have added 4000 units of electricity and 500 units of gas so acording to their invoices I'm now £800 in dept.



    All this talk of "if you're in credit" bunkum ... who they kidding?


    Question is, i have other invoices to prove it but do I now have a fight on my hands to change supplier.


    I've been through this before with GB Energy when they went under. Didn't get my credit back then either. Although they wern't as creative with their invoicing lick these schrubs.
    • ianto11
    • By ianto11 8th Jan 19, 10:08 PM
    • 41 Posts
    • 19 Thanks
    ianto11
    • #7
    • 8th Jan 19, 10:08 PM
    • #7
    • 8th Jan 19, 10:08 PM
    That's encouraging. It may mean that if you have switched and are still owed a refund on a credit balance you may get it refunded by the new supplier. That would be far better for former customers than becoming a low-priority creditor of the failed company.
    Originally posted by Consumerist
    So are you saying you believe the ROC's they owe won't/don't take precedence over domestic customers ?
    • Consumerist
    • By Consumerist 8th Jan 19, 10:16 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    • #8
    • 8th Jan 19, 10:16 PM
    • #8
    • 8th Jan 19, 10:16 PM
    I can only go off what has happened to me so ... i was £203 in credit on my electricity and £96 in credit on gas. Just downloaded my new invoices before the site goes down and they have added 4000 units of electricity and 500 units of gas so acording to their invoices I'm now £800 in dept. . .
    Originally posted by pdickinson
    If it was me in that position, I would seriously think this through.

    You have been billed for an extra 4,000 units of electricity and 500 units of gas at Economy Energy's prices. Had your statement been correct then you would have had to pay for those units at the new supplier's rates. If you leave the statement unchallenged then you could save some money. It could be worth going through the numbers to check.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Consumerist
    • By Consumerist 8th Jan 19, 10:21 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    • #9
    • 8th Jan 19, 10:21 PM
    • #9
    • 8th Jan 19, 10:21 PM
    So are you saying you believe the ROC's they owe won't/don't take precedence over domestic customers ?
    Originally posted by ianto11
    No.

    It seems [likely] possible that Ofgem (i.e. all of us, eventually) is now footing the bill for unpaid credit balances for former customers who have switched as well as current customers who haven't switched.

    Bear in mind I'm only quoting the original MSE article and don't know anything about it for certain. This must be a recent change to what used to happen but, fingers crossed, it might be good news for former customers awaiting refunds.
    Last edited by Consumerist; 08-01-2019 at 10:33 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • ianto11
    • By ianto11 8th Jan 19, 10:26 PM
    • 41 Posts
    • 19 Thanks
    ianto11
    No.

    It seems likely that Ofgem (i.e. all of us, eventually) is now footing the bill for unpaid credit balances for former customers who have switched as well as current customers who haven't switched.

    Bear in mind I'm only quoting the original MSE article and don't know anything about it for certain. This must be a recent change to what used to happen but, fingers crossed, it might be good news for former customers awaiting refunds.
    Originally posted by Consumerist
    As a "disillusioned" former customer, awaiting a refund, I'll form an orderly queue......it's the British way
    • Consumerist
    • By Consumerist 8th Jan 19, 10:34 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    As a "disillusioned" former customer, awaiting a refund, I'll form an orderly queue......it's the British way
    Originally posted by ianto11
    Do let us know what happens.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • ianto11
    • By ianto11 8th Jan 19, 10:40 PM
    • 41 Posts
    • 19 Thanks
    ianto11
    I won't.....I'm sure there'll be tears ;(
    • JJ7
    • By JJ7 8th Jan 19, 11:01 PM
    • 535 Posts
    • 1,819 Thanks
    JJ7
    [QUOTE=pdickinson;75287971]I can only go off what has happened to me so ... i was £203 in credit on my electricity and £96 in credit on gas. Just downloaded my new invoices before the site goes down and they have added 4000 units of electricity and 500 units of gas so acording to their invoices I'm now £800 in dept.



    Hi, this has happened to me too, Random extra 2000 plus units of electricity appeared on my account. I was waiting for them to call me back when this happened. What a mess this will be to sort out.
    • jk0
    • By jk0 8th Jan 19, 11:05 PM
    • 2,844 Posts
    • 26,256 Thanks
    jk0
    If it was me in that position, I would seriously think this through.

    You have been billed for an extra 4,000 units of electricity and 500 units of gas at Economy Energy's prices. Had your statement been correct then you would have had to pay for those units at the new supplier's rates. If you leave the statement unchallenged then you could save some money. It could be worth going through the numbers to check.
    Originally posted by Consumerist



    Great idea.



    Just read my meter. It may be my eyesight, but my readings are now what I would expect them to be some time in 2020.
    • Consumerist
    • By Consumerist 8th Jan 19, 11:12 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    Great idea.

    Just read my meter. It may be my eyesight, but my readings are now what I would expect them to be some time in 2020.
    Originally posted by jk0
    Yes, I can see that future meter readings could be an issue.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Consumerist
    • By Consumerist 8th Jan 19, 11:14 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    I won't.....I'm sure there'll be tears ;(
    Originally posted by ianto11
    Just what the forum needs. Not very British.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • jk0
    • By jk0 8th Jan 19, 11:15 PM
    • 2,844 Posts
    • 26,256 Thanks
    jk0
    Yes, I can see that future meter readings could be an issue.
    Originally posted by Consumerist

    Oh, yeah. Didn't think of that.
    • Consumerist
    • By Consumerist 8th Jan 19, 11:53 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    In practice, it is unlikely that the verification process would accept such exaggerated usage figures.

    It might be helpful for affected customers to send meter snapshots, taken today, when asked for meter readings by the new supplier.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • houseowner
    • By houseowner 9th Jan 19, 10:40 AM
    • 1 Posts
    • 0 Thanks
    houseowner
    I've got the same problem, not quite as bad as you. They said I'm £150 in debt but just worked out on todays readings and they owe me £264!
    • Consumerist
    • By Consumerist 9th Jan 19, 11:51 AM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    It looks as though EE staff were determined to have a last laugh at complaining customers before the former lost their jobs.
    Last edited by Consumerist; 09-01-2019 at 11:54 AM. Reason: ambiguity
    Warning: In the kingdom of the blind, the one-eyed man is king.
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