Add your feedback on energy supplier Usio Energy
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Another one bites the dust. Usio have gone under.
My DD was jut cancelled, so quickly checked their website to get in touch to find out why, and saw this...
USIO energy supply limited has ceased to trade. Ofgem, the energy regulator, is appointing a new supplier for its customers. Customers need not worry, their supplies are secure and credit balances are protected. Ofgem's advice is not to switch, but to sit tight and wait until the new supplier has been appointed. This will help make sure that the process of handing customers over to a new supplier, and honouring credit balances, is as hassle free for customers as possible. Customers can find support and advice on the Ofgem website. Or alternatively if they need additional support they can call Citizens Advice on 03454 04 05 06 or email them via webform, or get in touch through Ofgem's facebook or twitter feed @ofgem
Yeh I just the exact same thing. I checked my email and saw an email it said my subscription had been cancelled so I thought better check the website as I thought it was a mess up as I had just moved to them on 23rd Sep. There I found the same message as you.
I might be a curse. I was only with GB Energy a month before they went bust too.0 -
Just checked www.energyhelpline.com and the current cheapest deal is over £140 more that our deal with Usio
I was with GB Energy last year and when Co-op energy took over the customers they honoured the deals that customers were on so hopefully it will be the same in this case0 -
7k customers will have been unlikely to have been covering their fixed costs even if they ran a very tight ship.
But it's odd they've gone at this time of year rather than after a bad winter, and also odd as after their pulled crowd funding they said they had a financial backer.
I'll try and do some digging.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Also joined Usio a couple of months ago. Due a smart meter fitting on Weds so not sure whether to cancel it? Not used a small company for energy before and this has put me off somewhat.Clutter Free Life 2019
31 of 172 items decluttered
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Photograph your meter readings today so you have proof of it0
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gadgetmind wrote: »7k customers will have been unlikely to have been covering their fixed costs even if they ran a very tight ship.
But it's odd they've gone at this time of year rather than after a bad winter, and also odd as after their pulled crowd funding they said they had a financial backer.
I'll try and do some digging.
But usio had no fixed contract, i doubt they will honor those prices0 -
But usio had no fixed contract, i doubt they will honor those prices
Sorry, by fixed costs I meant all of their overheads, such as software, staff, rent, and much much more.
But assuming they charged customers a fixed amount per month on direct debit, at this time of year they should have been rolling in it due to people having paid more than their consumption would consume for many months.
Anyway, let's see.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Just found this out having received an e-mail to say my dd had been cancelled. Taken a photo of both meters and in shot a phone showing today's headline and date. I too can't understand how this can have happened at this time of year - they should have loads of cash especially as the take the dd in advance. I'm about £110 in credit.
Can anyone here who's had experience of this comment on what happens next - did you get all your money back and how long did it take? For how long a period were you billed at an unfavourable rate (I presume that in the interim we will all be put on a 'standard' tariff (not sure of correct terminology), similar to when you move into a new property?0 -
I am a USIO customer I have yet to have the smart meter installed, so what happens to me? I have been waiting nearly 3 months for the install. How do they know what my previous readings were?
Also do I change suppliers myself or wait as OFGEN has said?0 -
beefturnmail wrote: »Just found this out having received an e-mail to say my dd had been cancelled. Taken a photo of both meters and in shot a phone showing today's headline and date. I too can't understand how this can have happened at this time of year - they should have loads of cash especially as the take the dd in advance. I'm about £110 in credit.
Can anyone here who's had experience of this comment on what happens next - did you get all your money back and how long did it take? For how long a period were you billed at an unfavourable rate (I presume that in the interim we will all be put on a 'standard' tariff (not sure of correct terminology), similar to when you move into a new property?
Don't worry, your money is safe
Ofgem will identify a new supplier as soon as possible - it should only take a few days. I would fully expect news on this by the weekend if not before.
The new supplier will contact you shortly thereafter. You will be on a deemed tariff i.e. one you have not expressly agreed to. It will have no early exit fees.
The deemed tariff may or may not be the usual deemed tariff of the supplier selected, which would typically be their standard variable tariff.
Ofgem will announce when you officially become a customer of the new supplier. Watch this space as I'm sure it will also be posted on here
Once you are contacted by the supplier, who will give ytou details of the tariff you are on, you can either ask them to put you on another tariff they have (if any - beware as anoy=ther tariff may incur early exit fees) or you can then switch to another supplier & tariff .
A transfer of tariff with the same supplier can often be done whilst you are on the phone to them, or within 24hrs at the longest. It may be that if you contact the supplier at the earliest opportunity, they may even backdate the requested tariff to the day you officially join them.
A switch of supplier will take at least 17 days from application, and may take as long as 5 weeks.
However, the difference in price for say 6 weeks at worst (allowing 1 week to be informed of new supplier) is probably going to be negligible and may be sweetened by cashback for switching :money:
The hit will be the loss of the favourable rates Usio customers were previously on.0
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