Bulb - Finally going into Administration

neil_g · 22 Nov 2021 at 13:18

https://www.bbc.co.uk/news/business-59373198

Will wait to see what happens I guess. Writing was on the wall really after the weeks of rumours.

Hardly surprising as they were cheap, although ramped up monthly payments recently.

Can't get onto their site right now due to high demand..

do_ron_ron · 22 Nov 2021 at 13:23

Govt have had to take it over due to size. 1.7 million customers. Too big for others to swallow.

Locky · 22 Nov 2021 at 14:55

So what happens to the credit I have with them?

Yaayuh! · 22 Nov 2021 at 14:56

Big ol' thread being used for the energy companies going **** up.

https://forums.overclockers.co.uk/threads/energy-suppliers-strictly-no-referrals.18712884/

neil3k · 22 Nov 2021 at 15:07

Locky said:
So what happens to the credit I have with them?

gets transferred to new provider.

dlockers · 22 Nov 2021 at 15:20

Locky said:
So what happens to the credit I have with them?

It's safe

Energize · 22 Nov 2021 at 15:40

Glad I switched provider just in time!

neil_g · 22 Nov 2021 at 15:44

Energize said:
Glad I switched provider just in time!

we looked at switching a couple weeks ago, uswitch said not recommended and the cheapest was about £30/month more.

unless you went with neon reef or someone equally small which will probably go the same way.

Deleted member 77746 · 22 Nov 2021 at 15:50

1.7m customers. What on earth are they doing with the money?

Other energy providers will be happy.

200sols · 22 Nov 2021 at 15:52

Bouton Aide said:
1.7m customers. What on earth are they doing with the money?

Other energy providers will be happy.

What money? Because of the price cap they are selling at a loss.

dlockers · 22 Nov 2021 at 15:54

Energize said:
Glad I switched provider just in time!

Just in time for what?

OFGEM does such a cracking job, this should be somewhat irrelevant to people, even if you are a Customer. Your service is safe....... your credit balance is safe...... your direct debits will continue as normal....... even your tariff is safe (although TBC on what regulators are forced to do on this one).

fez · 22 Nov 2021 at 15:55

Bouton Aide said:
1.7m customers. What on earth are they doing with the money?

Other energy providers will be happy.

I'm not sure they will. Every energy provider is making a loss on every customer right now I reckon. I assume the governement are going to have to step in at some point. It hasn't even got to the coldest part of the winter yet.

200sols · 22 Nov 2021 at 15:55

dLockers said:
Just in time for what?

Just in time to pay more than he would if he stayed with Bulb :cry:

Janesy B · 22 Nov 2021 at 15:57

Bouton Aide said:
1.7m customers. What on earth are they doing with the money?

Other energy providers will be happy.

Wholesale prices have rocketed and their customers are on price locked plans.

cheesyboy · 22 Nov 2021 at 15:58

The sensible suppliers will have hedged the majority of their energy purchases 1 year ahead, but they won't want additional customers because that would mean increasing the wholesale energy they need to buy - which would be at the current inflated rate.

It's why some suppliers have set a **** off price on their tariff for new customers. They don't want your business.

Deleted member 77746 · 22 Nov 2021 at 15:59

fez said:
I'm not sure they will. Every energy provider is making a loss on every customer right now I reckon. I assume the governement are going to have to step in at some point. It hasn't even got to the coldest part of the winter yet.

Then the UK will await the next 5 energy companies to go bust.

cheesefest · 22 Nov 2021 at 15:59

Locky said:
So what happens to the credit I have with them?

It’s protected. It takes many weeks to process. I was with Igloo - they went bust and transferred their customers to Eon Next. My balance (guessing) is around £200. Still no bill from Sept 18 (last time I submitted figures and statement was issued.) to Oct 2.

My balance hasn’t hit my EN account yet.
Take photos of your meter readings just in case.

fez · 22 Nov 2021 at 16:09

Bouton Aide said:
Then the UK will await the next 5 energy companies to go bust.

Plenty of them will be large enough to survive this but you can bet your shirt that they will want to recoup this money when wholesale costs come down. When the next price cap review is done the costs will shoot up and then everyone will complain when the costs remain high for a long time after wholesale costs have come down again as companies try to compensate.

In theory, any company willing to ignore those losses more than the rest could make an absolute killing when costs do come down.

Energize · 22 Nov 2021 at 16:10

dLockers said:
Just in time for what?

OFGEM does such a cracking job, this should be somewhat irrelevant to people, even if you are a Customer. Your service is safe....... your credit balance is safe...... your direct debits will continue as normal....... even your tariff is safe (although TBC on what regulators are forced to do on this one).

I've just moved into a new electric only property so the new tariff is lower and I don't have any credit with Bulb.

My past experience is that the company becomes very difficult to contact regarding any issues with the initial bills if they go under, despite ofgem.

LeeUK · 22 Nov 2021 at 17:41

I'm with Bulb and I think energy along with water should be nationalised. Why should fat cats profit from essential services like these.