GB Energy ceases trading

MSE advice was to leave your DD in place too. Personally I think I'd have cancelled mine and just started again with the new company.
 
If I wasn't in credit I may have just left the DD in place but I'll wait to see what happens now with my credit before paying anyone else.
 
Advises against cancelling DD or switching or risk saying bye-bye to credit as you won't have rights under OFCOM safety net.
 
+1 affected.

Your direct debit shouldn't affect your contact it'll just make it harder for the receiving company to set things up I would have thought. I wouldn't worry about being in credit as it has to be paid back (Unless your a a business ..) the same as if a bank fails, I guess the risk is you might get a mark in your credit history for non payment by the receiving company if you cancel.

The rules on paying back the credit only came in at the start of the month.. some nice timing there!
 
All this advice coming from MSE is a joke. If it wasn't for them pushing GBe I wouldn't even have known about them. There's quite a backlash against them on their forums as well. People on their forums are still having direct debits taken even though they are in credit which goes against what everyone is telling us. Now we all have to sit around and wait for the useless Ofgem to get things moving. This could take up to 14 days before we get moved to a new supplier on a much more expensive "deemed" tariff and then up to 3 weeks to switch away from them. In the meantime our credit balances could be wiped out due to the more expensive tariff. I am just glad I pushed for a refund of £200 credit I had built up with them back in September. Still, I have built up £137 in credit since then so that's probably gone.
 
Seems GB Energy had quite a few customers in credit. I was one of them and contacted them a couple of weeks ago to get a refund. The only response I got was an acknowledgement they had received my email and they would respond in due course.

http://www.telegraph.co.uk/business/2016/11/28/gb-energy-customers-owed-24m-supplier-went-bust/

Dunno if it's just me but the communications coming from OFGEM at the minute seem to be all hopes and dreams. They're hoping a new supplier will take all of GB Energy's customers on including their credit balances. Given we are within our rights to switch straight away to another supplier, which company would do that? It's not like they could gamble on a % of customers not bothering to switch as I imagine if you are with GB Energy in the first place, you're more than likely a customer that will be prepared to switch to a cheaper deal.
 
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That's exactly the case. Ofgem says they "hope" to move us to a new supplier and that our credit balance "should" be protected. Nothing is certain at this point. At the end of the day Ofgem is just a toothless entity that is not good for anything. How do they expect a supplier to take us all on and refund our credit balances when most, if not all of us will migrate elsewhere due to the more expensive tariff.

I still haven't officially recieved anything from anyone that they have gone bust. I only found out after GBe sent me the monthly email to update my meter readings. I went to their website to find the ceased trading message. It's truly shocking.

It's apparently even worse for the staff going by comments on MSE's forum. They went into work on Saturday only to be told by a customer that they had gone bust!!
 
Direct debits take 3 working days, so mine came out yesterday, so would have been instigated Thursday last week. They pulled the plug after that. And they're not going to stop taking DDs before the announcement are they?
 
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That's ok then. It could have been much worse and the fact they will be keeping the prices the same (for the moment anyway) is a very good result. Would have been nice to have been told about everything though rather than finding things out on various forums.
 
I'm happy with that too.
It looks like you won't be able to get any credit back off them as it's going to be used against future usage which I don't mind as I'd just reduced my monthly payment with GB to use up the credit anyway.
 
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