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Topic Originator: Big T Par
Date: Tue 28 Sep 15:42
Anyone else get a nasty email from their provider. I've just had an email from bulb, saying that my price is going up by nearly £75 a Month, despite being £182 in credit. WTF. Is this correct. Anyone in the same boat
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Topic Originator: Berry
Date: Tue 28 Sep 15:49
Bulb are going bust are they not? Think Octopus were considering buying them.
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Topic Originator: Big T Par
Date: Tue 28 Sep 15:52
Are they? I have no idea
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Topic Originator: Rastapari
Date: Tue 28 Sep 15:53
Quote:
Big T Par, Tue 28 Sep 15:52
Are they? I have no idea
Yeah bud, they were one of the companies listed as being in trouble...
Carole Baskin fed Rasta to a tiger.
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Topic Originator: Big T Par
Date: Tue 28 Sep 15:57
Quote:
Rastapari, Tue 28 Sep 15:53
Quote:
Big T Par, Tue 28 Sep 15:52
Are they? I have no idea
Yeah bud, they were one of the companies listed as being in trouble...
Really? So what do I do? Do I have to change or do I wait
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Topic Originator: ipswichpar
Date: Tue 28 Sep 16:02
Momeysavingexpert is probably your friend.
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Topic Originator: Big T Par
Date: Tue 28 Sep 16:02
Ok. Thanks all 👍
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Topic Originator: Berry
Date: Tue 28 Sep 16:09
Agree, and move along swiftly I’d suggest.
Genuinely don’t know what will happen to your credit, depend I guess on whether a) they go bust b) Octopus take them over or c) they are obligated to give you it back regardless, not sure if they have something in line with what banks have with the FSCS where you’re protected up to a certain amount.
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Topic Originator: GG Riva
Date: Tue 28 Sep 16:21
I'm with Bulb too, Big T. Nothing yet. I'm just under £200 in credit too. Not good news. ☹
Eta. Will keep you posted, mate.
Not your average Sunday League player.
Post Edited (Tue 28 Sep 16:22)
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Topic Originator: Big T Par
Date: Tue 28 Sep 16:23
Had a quick look on MSE there aren't many options who to switch to. So Energy was recommended. Never heard of them. Are they likely to go the same way? Plus you have to pay upfront. What happens to your credit? Do they transfer it to the new company or is it refunded directly? What a mess. Anyone recommend a decent, safe supplier or is there no such thing at the moment?
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Topic Originator: The One Who Knocks
Date: Tue 28 Sep 16:25
I believe, and I could be wrong, that any credit customers have is protected.
And although my eyes were open
They just might as well be closed
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Topic Originator: jake89
Date: Tue 28 Sep 16:28
Just left Bulb for Octopus. They have asked me three times if I want to cancel my change. Had emails and text messages.
I had an email back in August about a 25% increase and a rise of around a fiver per week extra.
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Topic Originator: ipswichpar
Date: Tue 28 Sep 16:47
Finished my calls at work. Will see if I can have a hunt around to work out what I would do in the same situation.....
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Topic Originator: Big T Par
Date: Tue 28 Sep 16:51
Quote:
ipswichpar, Tue 28 Sep 16:47
Finished my calls at work. Will see if I can have a hunt around to work out what I would do in the same situation.....
Thank you mate. Appreciate that
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Topic Originator: saltonsgonagetu
Date: Tue 28 Sep 17:03
Ive just moved to Shell ,and they have nearly doubled the direct debit ,same as above ,in in credit ,but won't let me change the direct debit back down .
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Topic Originator: jake89
Date: Tue 28 Sep 17:05
From the Bulb website:
If your account is in credit, we’ll refund you
If you have outstanding credit that amounts to more than one month's payment, you might receive this as two payments. The first would be a refund of a full month's payment, and the second would be the remainder.
Where possible, we’ll refund your credit back into the bank account you have registered with us.
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Topic Originator: Buspasspar
Date: Tue 28 Sep 17:10
I have been with Utility Warehouse for as long as I an remember
They sent me an e-mail to say all was good with them and I don`t have to worry as they have prepared for the increased costs
I have always found them to be if not one of the cheapest but maybe even the cheapest for gas and electric
Hope it all works out for you Guys
We are forever shaped by the Children we once were
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Topic Originator: ipswichpar
Date: Tue 28 Sep 17:12
Euuurggghhhh, it`s looking a bit nasty.
I had a quick look at topcashback.co.uk. It might be worth looking to see if there are any deals with the providers on there as some are still offering cashback. That being said, I had a look at uswitch using an Inverkeithing postcode and couldn`t find anything.
The moneysavingexpert guidance here https://www.moneysavingexpert.com/news/2021/09/energy-supplier-green-ceases-trading---here-s-everything-you-nee/
suggests "don`t switch now", which was the same guidance the BBC gave out before, even if it meant moving to Octopus or similar and then immediately moving elsewhere - so check that there is no minimal period. The suggested that this was the best way to get any overpayments back.
The 27 September update states that the best Octopus standard price is £10/yr on average lower than the price cap of Oct 1. Unreal it`s this high.
This bit seems important too...
"Your new supplier will be in touch in the coming days about your new tariff. If you want to switch, regulator Ofgem is advising customers to wait until the new supplier has been in touch to let them know the transfer has completed. Once it has, you can switch away penalty-free."
It also warns "When a new supplier`s appointed, you`ll likely be moved to a new deal – which may cost more", and "Once you`ve been moved across, check if you can save by switching."
Sorry it`s such a mess - I hate doing this stuff at the best of times, so it must be a right pain in the backside just now.
I agree that So and Bristol appear to be the cheapest on moneysupermarket.com but the prices are eye watering. Bristol doesn`t have an early exit fee, so it might be worth moving to them and trying to pick up a cheaper deal when/if things bed down?
More info in the below, but it sounds like you`ve already found this stuff.
https://www.moneysavingexpert.com/utilities/cheap-gas-and-electricity/
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Topic Originator: P
Date: Tue 28 Sep 17:13
If you have paid by direct debit you should be able to claim back under direct debit indemnity but sounds like they are refunding credit anyway.
If on a variable charge with your supplier then expect big rises in future though. Least if you are a fixed rate you know where you stand but payments are still likely to go up as they project increased usage in the winter.
Everyone being home last winter will scew their modelling for this winter though but energy suppliers are always happy to bank extra money and refund when pressed.
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Topic Originator: Rastapari
Date: Tue 28 Sep 17:23
Quote:
Big T Par, Tue 28 Sep 15:57
Quote:
Rastapari, Tue 28 Sep 15:53
Quote:
Big T Par, Tue 28 Sep 15:52
Are they? I have no idea
Yeah bud, they were one of the companies listed as being in trouble...
Really? So what do I do? Do I have to change or do I wait
Sorry dude, didn't see this, not my area of expertise, far better advice from others✌
Carole Baskin fed Rasta to a tiger.
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Topic Originator: Big T Par
Date: Tue 28 Sep 17:34
Thanks for all your input guys. Very much appreciated. I've been onto bulb via Twitter and they can reduce the payment by £40. Still a bit unsure, with the advice of not recommend switching at the moment.
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Topic Originator: londonparsfan
Date: Tue 28 Sep 18:02
I'm with Bulb too and told them to refund my credit on the off chance the worst happens. Our money should be ring fenced but there has been stories of people having to wait months for refunds if the worst happened.
My DD has been set at £133 quid a month and my quarterly spend through Spring and Summer has been £60 to £75 a quarter. It looks like the options to switch have been significantly reduced but I'm going to keep getting my credit balances refunded on a regular basis and ask for the DD to be dropped and ride it out. As long as they aren't sitting on shed loads of your cash, if they go bust, not much happens to you as whoever takes over will bill you and you can still change supplier if you don't like them. Key is to make sure they don't have your cash.
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Topic Originator: aaaaaaaaaargh
Date: Tue 28 Sep 18:24
I have heard from many reliable sources that any credit goes with you if they go bust and you are moved to a new provider.
I also heard that you shouldn`t worry if any direct debits go out automatically in the hours or days after the company goes bust because you will still be able to get that money back. Apparently taking screenshots of your account to show the direct debit going out can be helpful.
Edited to add that this advice is probably only good if you don`t need the money in a hurry. I have no idea how quickly your credit would be made available to you, but apparently it is guaranteed to get to you one day.
Post Edited (Tue 28 Sep 18:27)
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Topic Originator: JTH123
Date: Tue 28 Sep 18:32
Personally I'd rather be owing some of these smaller companies money rather than the other way round so I'd be resisting them putting up the direct debit for now at least.
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Topic Originator: LochgellyAlbert
Date: Tue 28 Sep 20:14
Been with Octopus for 5 years now, currently on a 2yr fixed tarrif taken out in May this year, great company!
Was with First Utility (now Shell) previously and they were a total nightmare.
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Topic Originator: Raymie the Legend
Date: Tue 28 Sep 20:48
You’ll be glad you took that deal?
It`s bloody tough being a legend
Ron Atkinson - 1983
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Topic Originator: GG Riva
Date: Wed 29 Sep 06:25
Just received my usual, end of month email from Bulb, asking me to send in my meter readings, which I normally do every 3 months. I`m also able to change my monthly payments, if I want to. I suppose I could change it to a trivial amount to use up some of the £192 I`m in credit, but I`m minded just to leave it as it is.
Last month I received an email from Bulb reassuring me that they buy their energy well in advance, so they weren`t affected by the spike. Are they now in trouble and will their situation not be exacerbated by customers leaving in droves?
I joined Bulb several years ago from Scottish Gas and have never regretted it. My monthly dual fuel bills fell by £30 straight away. If they do go under, I`ll probably join Octopus - cheers LA. 🙂
Not your average Sunday League player.
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Topic Originator: GEW35
Date: Wed 29 Sep 07:59
Quote:
GG Riva, Wed 29 Sep 06:25
Just received my usual, end of month email from Bulb, asking me to send in my meter readings, which I normally do every 3 months. I`m also able to change my monthly payments, if I want to. I suppose I could change it to a trivial amount to use up some of the £192 I`m in credit, but I`m minded just to leave it as it is.
Last month I received an email from Bulb reassuring me that they buy their energy well in advance, so they weren`t affected by the spike. Are they now in trouble and will their situation not be exacerbated by customers leaving in droves?
I joined Bulb several years ago from Scottish Gas and have never regretted it. My monthly dual fuel bills fell by £30 straight away. If they do go under, I`ll probably join Octopus - cheers LA. 🙂
I am also with Bulb (& approx £150 in credit), I was recommended to them by Buffy and have not regretted the move (previously with Scottish Hydro). I’ll just stick with Bulb just now, if the worst happens I’ll be allocated another provider and I’ll decide then what I’m going to do. I had a look at other energy deals last weekend but there’s nothing much out there at present. Keeping Octopus in mind though for the future.
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Topic Originator: donj
Date: Wed 29 Sep 12:11
I`m with So energy but I am swapping to Octopus as I`m a bit worried they`ll go bust as I usually get my statement on the 2nd of the month but so far nothing for September at all.I`m around £200 in credit but they`ll still take my payment in October as will Octopus and I`ll have to wait till November for my rebate.
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Topic Originator: Buspasspar
Date: Wed 29 Sep 12:28
I just got a quote from Octopus and it is £60 plus a month more than I am paying just now with Utility Warehouse
That could be the new higher prices from Octopus and my U.W have not increased theirs yet as I am on a monthly DD
I`ll post again when the UW price increase kicks in
Post Edited (Wed 29 Sep 12:29)
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Topic Originator: fcda
Date: Wed 29 Sep 12:41
I switch energy suppliers every couple of years to get the best deal.
I've had 2 companies go bust on me.
Not much to worry about. You'll be moved to a new supplier automatically - one selected by ofgem. Your current balance will be carried over, but the balance transfer may take a few months.
The new supplier will handle it, so shouldn't cause you any problem.
Once moved you should probably check the tariff, do a comparison and see if there's a better deal elsewhere.
Only thing I'd say is to take readings, check your balance and keep an eye on the new tariff, so you have info just in case.
Post Edited (Wed 29 Sep 12:42)
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Topic Originator: GG Riva
Date: Wed 29 Sep 16:04
Good advice, fcda. Cheers. 👍
Not your average Sunday League player.
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Topic Originator: Perkins
Date: Wed 29 Sep 16:33
Martin Lewis was on 5 live today talking (mostly) about energy. Advice on whether to switch and evidencing any credit balances etc. They`ve made it a 25 min podcast.
https://www.bbc.co.uk/sounds/play/p09x84v0
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