I don't really care about them going bust the regulator sorts it all out and often these smaller companies are the cheapest options and that is all I'm interested in, last time I managed nearly the full twelve months with who ever it was who went bust just annoying that this time I only got cheap prices for a month! Apparently EDF are guaranteeing we will all save money with them compared to our GEN prices so that could be a winner or I'll just switch again for another cashback hit.
Green Network Energy and Simplicity gone bust
- Thread starter dirtychinchilla
- Start date
Good luck. When Extra Energy went bust years back, we got moved to Scottish Power as well.
I think it was 18months before we got our balance back, credited by Scottish Power. The compete shambles was something along the lines of "we can't refund the money because we've not received the final bill or figures for your account, from EE".
I explained that I had provided them (Scottish Power) with my readings apon being moved over and could also provide them with my latest EE bill in PDF format dated two weeks before they went bust. Do the math...No it's not that simple of course.
Something along the lines of the EE foreign owner not cooperating and so getting the customer data was a very slow process.
So in short, yes your money is protected but you may not see it for a very long time.
Will never use those small companies again. They provide very competitive prices but have little to no liquidity when the market turns again them (eg energy futures market) and so go bust. No established financial assets of any significance to soak up the losses, no share holders or investors in it for the long run.
I think it was 18months before we got our balance back, credited by Scottish Power. The compete shambles was something along the lines of "we can't refund the money because we've not received the final bill or figures for your account, from EE".
I explained that I had provided them (Scottish Power) with my readings apon being moved over and could also provide them with my latest EE bill in PDF format dated two weeks before they went bust. Do the math...No it's not that simple of course.
Something along the lines of the EE foreign owner not cooperating and so getting the customer data was a very slow process.
So in short, yes your money is protected but you may not see it for a very long time.
Will never use those small companies again. They provide very competitive prices but have little to no liquidity when the market turns again them (eg energy futures market) and so go bust. No established financial assets of any significance to soak up the losses, no share holders or investors in it for the long run.
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same thing happened with TONIK in november. Also got switched over to scottish power on a more expensive rate. Still not had final bill/credit from TONIK but i have just put a request to switch over to e-on.
Now suddenly scottish power are calling me 2-3 times a day which i am ignoring, i assume to try and move me onto a different rate to keep my business... No thanks.
Now suddenly scottish power are calling me 2-3 times a day which i am ignoring, i assume to try and move me onto a different rate to keep my business... No thanks.
I have around 200quid in credit with GNE. Let's hope I see it one day!
Guess my only thing is, that money is banked up to cover winter bills, without that my monthly payment will rocket.
Oh well, will all sort itself out. First time it's happened to me
Guess my only thing is, that money is banked up to cover winter bills, without that my monthly payment will rocket.
Oh well, will all sort itself out. First time it's happened to me
I suppose that's part of the issue, a very cheap rate is unlikely to be sustainable for them, and eventually causes them to go bust.