Outfox The Market Direct Debit changes

Lijong wrote: »

I need some advice...

I am currently £672 in credit with OTM. I intentionally wanted to be in credit because A. I didn't want winter price hikes and B. I am seriously ill and didn't want to leave my wife in debt and thought by being in a lot of credit this would help her out after I go.

Given their recent price increases I requested they give me my credit back. This was on the 20th and they have ignored all my emails. will not speak to me about it on chat and despite a further 3 emails to them they keep ignoring me.

My ? is, if they go bust will I get my credit back? If I switch now will this force them into repaying me?

Thanks Li

I would email them again but this time the subject line is Notice of intention to prosecute
Then you tell them unless they comply you will take legal action commencing in XX days. In the prosecution you will be claiming back ALL money in credit plus £XXXX in compensation and ALL out of pocket expenses.

Emails like that seem to make companies take notice. If they don't turn up you win by default.

editor1 wrote: »

However, please remember funds are in danger during the timelines between changing a supplier if the business hits the wall, which could be anytime soon given two energy price increases in the space of a week, regardless of the DD debacle.

I'm on a little mobile phone so can't check back through this thread, but a few pages back I raised this concern about whether credit is protected after you've left a supplier but before they've refunded it to you.
Hengus replied with a really helpful link to an OFGEM paper which said that the rules for supplier of last resort refunds are changing to allow this credit to be covered. For previous customers. This is good news. My only query was that it said the rules change on 1st January. Therefore, although I'm definitely going to switch, I'm thinking I shouldn't leave until after this perhaps, to make totally sure my large credit is protected for if/ when OFTM go bust ?

Is my understanding of all this correct, Hengus?
Could you kindly post the link again for editor1 and others to read?

I switched to OTM around 3 months ago and I'm £150 in credit, that's due to them not issuing a bill even though I provide meter reading every month.

I've also began switching today and I can't wait to move companies.

Echoing the previous thoughts, it looks like a matter of time before this company goes under.

I shall be watching this with interest; I am with OFTM and am typically saving over £1,000 per annum as a very high user. So I'm not going anywhere. If they go bust credit balances are protected. OFTM have made all of their industry payments (Renewable Obligation & Feed in Tariffs) and are not on the Non-Payment list of companies with the Electricity Settlements Company..... all early signs of a problem.

I switched to Fox in November and all went 'swimmingly'... But I was a bit surprised when the Winter / Summer DD split was announced. A cursory calculation shows that the six winter DDs are 140% of the 12mth average, and the summer are 60%. I've had a career where I've used A-level grade maths regularly and when I saw the above I was a bit concerned because I estimated an unfavourable balance in favour of Fox. Anyway I put a spreadsheet together to analyse the figures, and was totally surprised to see that this 2xDD method gives an almost zero balance throughout the year. So am a bit impressed with whoever thought of that one. Mind you I manage my finances very carefully - I have the IT skills to help and the time; but for the less able or chronically busy, they could forget to save when paying the lower summer DDs and then be hit with the high winter DDs and with no savings. So Fox tariffs need to carry a warning. However, for those who are keen that the balance through the year is close to zero this system meets that need. Otherwise, at this very early stage I actually have no complaints - which must be a first...