My vitality provider went bust and my account credit score has vanished… how lengthy ought to the switch to a brand new firm take and who do I contact?

  • Many vitality suppliers have ceased buying and selling lately resulting from rising prices 
  • Some who lately moved from a collapsed provider are nonetheless ready for credit score
  • That is inflicting issues as they’re unable to contact their outdated vitality agency 
  • We clarify easy methods to get your a refund and what to do should you do not

I moved vitality provider round a month in the past after discovering a greater deal on a comparability web site.

Shortly after I switched, my outdated supplier went bust, as a result of present vitality disaster.

I had round £200 in credit score with my outdated provider that has not been moved over to my new account and as they’ve now ceased buying and selling, there is no such thing as a one I can get involved with.

How can I guarantee my cash shall be moved to my new supplier?

Some customers are still waiting for credit to be moved over from their old energy supplier

Some prospects are nonetheless ready for credit score to be moved over from their outdated vitality provider

Grace Gausden, That is Cash, replies: There was lots of turmoil within the vitality market in current occasions, as numerous suppliers have gone bust because of rising wholesale prices.

In consequence, many shoppers are involved about whether or not their very own supplier will stop buying and selling and the way it will have an effect on not solely their provide, but in addition their funds.

Vitality regulator Ofgem has assured prospects their credit score balances shall be protected if their current provider folds.

However those that are ready for his or her cash to be despatched over from a former supplier that has since ceased buying and selling, are involved in regards to the security of their cash.

Sadly, some nonetheless haven’t obtained a cost, weeks after switching suppliers – and they’re now unable to contact their outdated supplier for data.

In consequence they’re uncertain about easy methods to discover out once they can count on the credit score to hit their new account.

That is particularly necessary within the winter months when households sometimes use extra vitality, with many counting on the credit score to assist them pay their payments. 

Any customers worried about their credit should speak to their current energy provider

Any prospects frightened about their credit score ought to communicate to their present vitality supplier

That is Cash contacted Ofgem to search out out what prospects can do in the event that they discover themselves on this place.

A spokesperson confirmed the funds that each former and present prospects had paid into their accounts shall be protected, if they’re in credit score. 

This doesn’t embody promotional credit score, akin to bonuses a provider could have given them for signing up.

Ofgem mentioned the brand new provider would assessment particulars of any debt or credit score on a prospects account, and phone them with related directions. 

The brand new supplier will even have the ability to reply any questions shoppers could have in regards to the debt or credit score on their account, it added. 

Nonetheless, it did admit the assessment course of could take a while, as new suppliers might want to obtain and course of a prospects information, in addition to calculating their credit score steadiness, earlier than deducting any unbilled prices for his or her provide by their former supplier.

If prospects consider they’ve been ready too lengthy for his or her credit score, it’s price getting in contact with their present provider to see if they’ll advise them about how lengthy they might have to attend.  

Customers who had been within the strategy of switching away from a provider when it went bust ought to wait to listen to from the supplier that has taken over the outdated prospects. 

In case your swap went by means of and you’ve got already paid prematurely in your vitality, your cash is protected. 

The provider that is taken over the provider that went bust ought to pay you again any cash you are owed. 

What’s the vitality disaster?  

The disaster has been sparked by quite a lot of elements, however is in the end as a result of lack of pure gasoline being produced in addition to a rise in demand.

Demand has rebounded faster than anticipated after the worldwide pandemic, however reserves have been sluggish to refill over this summer time with provide from Russia decrease than predicted. 

The circumstances haven’t been helped by final winter being for much longer and colder than regular.

There has additionally been a decrease output from renewable sources akin to solar energy and wind, creating extra reliance on gasoline.

In consequence, wholesale prices have gone up – that means suppliers are passing on the added value to prospects.

Many smaller suppliers have been unable to maintain up with the prices and have due to this fact ceased buying and selling.