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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 haven’t already, join the forum to reply.
    Read the latest MSE News
    Flag up a news story: news@moneysavingexpert.com
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Page 2
    • worn out
    • By worn out 9th Jan 19, 11:53 AM
    • 116 Posts
    • 20 Thanks
    worn out
    crooks ?
    not only scamming customers with vastly over estimated bills, i've also noticed they've fiddled the unit rates too which were supposedly fixed over my 12 month contract...going to be fun (not) trying to agree what my credit balance is with any new supplier...
    • paleale
    • By paleale 9th Jan 19, 11:56 AM
    • 4 Posts
    • 2 Thanks
    paleale
    I'm still owed £217 from when I left EE in August
    • worn out
    • By worn out 9th Jan 19, 11:58 AM
    • 116 Posts
    • 20 Thanks
    worn out
    think i'm owed £150+ but i'd expect to be in credit this time of year - according to EE i'm already £130 overspent !! ...
    • wavelets
    • By wavelets 9th Jan 19, 1:45 PM
    • 1,162 Posts
    • 488 Thanks
    wavelets
    think i'm owed £150+ but i'd expect to be in credit this time of year - according to EE i'm already £130 overspent !! ...
    Originally posted by worn out
    Don't pay it - it's only an invitation for you to pay. (said the chip shop owner)

    ... Oh, sorry, wrong board
    • Lifes Grand Plan
    • By Lifes Grand Plan 9th Jan 19, 3:26 PM
    • 1,035 Posts
    • 992 Thanks
    Lifes Grand Plan
    not only scamming customers with vastly over estimated bills, i've also noticed they've fiddled the unit rates too which were supposedly fixed over my 12 month contract...going to be fun (not) trying to agree what my credit balance is with any new supplier...
    Originally posted by worn out
    Just checked my latest bills and noticed that they massively overestimated my latest bill too.
    A big believer in karma, you get what you give

    If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
    • Consumerist
    • By Consumerist 12th Jan 19, 12:57 AM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    It looks like Ovo are taking on EE's customers and will refund former customers' credit balances.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • stevenpc
    • By stevenpc 14th Jan 19, 10:08 PM
    • 134 Posts
    • 24 Thanks
    stevenpc
    As a "disillusioned" former customer, awaiting a refund, I'll form an orderly queue......it's the British way
    Originally posted by ianto11
    ive been in the queue since september but after numerous emails was told in december i was now in the fast track i only got a reply from an email i sent 3/1 to there ceo on 8th jan saying they had ceased trading but as i was away i didnt see the email untill yesterday.As i change months ago who will be issuing the refund is it ovo or eon who i changed to or ee as from what ive read today ee had been told to issue overdue refunds by 18th jan to people that requested them before jan 4th and within 28 days for people who requested after that date. confused!
    Last edited by stevenpc; 14-01-2019 at 11:39 PM.
    • Consumerist
    • By Consumerist 14th Jan 19, 11:33 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    . . . confused!
    Originally posted by stevenpc
    I'm inclined to agree with you.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Butterfree_
    • By Butterfree_ 15th Jan 19, 12:09 PM
    • 3 Posts
    • 1 Thanks
    Butterfree_
    ive been in the queue since september but after numerous emails was told in december i was now in the fast track i only got a reply from an email i sent 3/1 to there ceo on 8th jan saying they had ceased trading but as i was away i didnt see the email untill yesterday.As i change months ago who will be issuing the refund is it ovo or eon who i changed to or ee as from what ive read today ee had been told to issue overdue refunds by 18th jan to people that requested them before jan 4th and within 28 days for people who requested after that date. confused!
    Originally posted by stevenpc
    It should be Ovo. When they become Supplier of Last Resort they become responsible for all credits on both active and lost customers. Ovo should credit you in the coming weeks, then once all the dust has settled they claim the money back from the industry who share the cost collectively. This is all part of the SOLR process.

    Note that this could take a while depending on the number of customers that need crediting and the quality of the data that EE was holding.
    • Consumerist
    • By Consumerist 15th Jan 19, 12:43 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    . . . Ovo should credit you in the coming weeks, then once all the dust has settled they claim the money back from the industry who share the cost collectively. This is all part of the SOLR process. . .
    Originally posted by Butterfree_
    Although, according to the MSE report that Ovo would take over EE's customers:
    Ovo Energy has also agreed to absorb the costs of taking on these customers and outstanding credit balances, which means the extra costs will not fall on the industry or households.
    I think Ovo may come to regret that undertaking.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • stevenpc
    • By stevenpc 15th Jan 19, 1:46 PM
    • 134 Posts
    • 24 Thanks
    stevenpc
    Although, according to the MSE report that Ovo would take over EE's customers:

    I think Ovo may come to regret that undertaking.
    Originally posted by Consumerist

    they will assuming they obtained details from ee about all outstanding credit refunds as i wouldnt believe anything that ee says.
    • Butterfree_
    • By Butterfree_ 15th Jan 19, 3:35 PM
    • 3 Posts
    • 1 Thanks
    Butterfree_
    ive been in the queue since september but after numerous emails was told in december i was now in the fast track i only got a reply from an email i sent 3/1 to there ceo on 8th jan saying they had ceased trading but as i was away i didnt see the email untill yesterday.As i change months ago who will be issuing the refund is it ovo or eon who i changed to or ee as from what ive read today ee had been told to issue overdue refunds by 18th jan to people that requested them before jan 4th and within 28 days for people who requested after that date. confused!
    Originally posted by stevenpc
    Although, according to the MSE report that Ovo would take over EE's customers:

    I think Ovo may come to regret that undertaking.
    Originally posted by Consumerist


    Aye you are right, I managed to miss that one, it is on the Ofgem press release, that I can't link because new account.

    Considering they now have an extra 200k customers though, even with mediocre retention I should imagine (depending on how they have priced and hedged) that they will have made that back and then some fairly quickly!
    • Sterlingtimes
    • By Sterlingtimes 15th Jan 19, 4:12 PM
    • 1,629 Posts
    • 3,948 Thanks
    Sterlingtimes
    Aye you are right, I managed to miss that one, it is on the Ofgem press release, that I can't link because new account.

    Considering they now have an extra 200k customers though, even with mediocre retention I should imagine (depending on how they have priced and hedged) that they will have made that back and then some fairly quickly!
    Originally posted by Butterfree_
    The two-thirds of current Economy's current customers (156,000) on pre-payment should come to OVO without baggage.

    The one-third of Economy's current customers (78,000) may come to OVO with the cost of credit, i.e. fuel paid for but not delivered.

    But we learn that 100,000 Economy customers left Economy last year. The ex-credit customers may be owed a lot of money.

    Presumably, OVO did its due-diligence.
    Solar installed 21 November 2014 > Centre of England > 3,780 Wp > 14 *270 Watt Trina panels > 14 * Enphase micro-inverters > managed by Enlighten Envoy Hub > 19° west of south > 35° pitch > tree shading to east > iBoost > Wattson Anywhere monitoring > Ovo Smart Gateway > Schneider Electric (Drayton) MiGenie smart thermostat.
    • stevenpc
    • By stevenpc 15th Jan 19, 5:53 PM
    • 134 Posts
    • 24 Thanks
    stevenpc
    The two-thirds of current Economy's current customers (156,000) on pre-payment should come to OVO without baggage.

    The one-third of Economy's current customers (78,000) may come to OVO with the cost of credit, i.e. fuel paid for but not delivered.

    But we learn that 100,000 Economy customers left Economy last year. The ex-credit customers may be owed a lot of money.

    Presumably, OVO did its due-diligence.
    Originally posted by Sterlingtimes

    Yes and a lot of customers who left last year left with credit balance in the £100s and have lost any interest they could have been getting on it.
    • Consumerist
    • By Consumerist 15th Jan 19, 8:59 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    . . . But we learn that 100,000 Economy customers left Economy last year. The ex-credit customers may be owed a lot of money. . .
    Originally posted by Sterlingtimes
    I would say this group presents the most reliable of these costs to Ovo in that EE will not have been able to massage this group's consumption figures once final bills had been issued. The other groups could have had their usage figures massaged to improve the look of EE's balance sheet.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • deely
    • By deely 15th Jan 19, 9:12 PM
    • 354 Posts
    • 289 Thanks
    deely
    we left EE mid Oct with a fairly large credit (almost £499) and was surprised to see we've had our credit come through on Friday!
    • Consumerist
    • By Consumerist 15th Jan 19, 9:31 PM
    • 5,156 Posts
    • 2,579 Thanks
    Consumerist
    we left EE mid Oct with a fairly large credit (almost £499) and was surprised to see we've had our credit come through on Friday!
    Originally posted by deely
    Quite a relief I should think. Thanks for sharing.

    Do you know whether this came from Ovo or EE ?
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • deely
    • By deely 15th Jan 19, 9:42 PM
    • 354 Posts
    • 289 Thanks
    deely
    Quite a relief I should think. Thanks for sharing.

    Do you know whether this came from Ovo or EE ?
    Originally posted by Consumerist
    huge relief TBH.
    Sorry, not sure who paid it as DH checked account today and it had been paid in Fri (he last checked Thurs) he didn't say who paid it, but presuming EE tho' or he would have queried OVO paying us??
    • stevenpc
    • By stevenpc 15th Jan 19, 9:47 PM
    • 134 Posts
    • 24 Thanks
    stevenpc
    Deely did ee cancel your dd when you started your switch they did with my dd.
    • deely
    • By deely 15th Jan 19, 9:53 PM
    • 354 Posts
    • 289 Thanks
    deely
    Deely did ee cancel your dd when you started your switch they did with my dd.
    Originally posted by stevenpc
    they didn't cancel it and actually took 2 more payments after we'd left, even though we were already well in credit - one of the many things we made a complaint about
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