Moving providers- what happens to credit if original energy provider goes bust during transfer window?

[Andy]

If I am with a provider (bulb) and it goes down the tube I have all my credit protected via supplier of last resortetc. However if I am in the middle of a transfer what happens then? I have a significant amount of credit sitting in their account. I am going to try and get it back in my bank account tomorrow. I’m wondering if I should hold off on transferring.

Does any one know the answer to this potential gray area? The credit wouldn’t normally transfer. You would claim it back later.
Cheers
Andy

[nowty]

It can take many months to get it back which is a pain because your newer supplier will want paying as the bill becomes payable.

Example, one of my old gas suppliers, did not go bust but sold on its membership to PFP Energy and it took about 3 months to get the credit moved over. Now PFP Energy went bust on 11th Sept. I'm now transferred over to British Gas paying on receipt of 3 month bill (within 14 days), but to date no sign of my final bill from PFP and no sign of my £300 credit. So my first bill from British Gas may arrive 12th Dec and they will want paying by Xmas, but if the credit is still in limbo I have no option but to pay or face default charges.

And if you try and move supplier before the credit is moved over it can take even longer for the credit to find you again.

For Bulb, I suspect that it will be kept on life support over the winter period so I would just sit tight for now. A Special Administrator has been talked about because the other larger providers have told OFGEM they cannot take on any more customers, well certainly not 1.7m extra customers. I don't know if they can all refuse but I'm sure they can make it difficult for OFGEM.

[Tinbum]

If I am with a provider (bulb) and it goes down the tube I have all my credit protected via supplier of last resortetc. However if I am in the middle of a transfer what happens then? I have a significant amount of credit sitting in their account. I am going to try and get it back in my bank account tomorrow. I’m wondering if I should hold off on transferring.

Does any one know the answer to this potential gray area? The credit wouldn’t normally transfer. You would claim it back later.
Cheers
Andy

I was in that position, had just left the bust supplier and my final bill was produced the day before they went bust. I got my money back eventually and compensation after having to go to the regulator. (Scottish Power took that long, over a year, if I recall correctly, and I still hadn't had it, so resorted to the regulator) .

[Andy]

I found the answer on ofgems site. So as you say it is ok but the paperwork can take some time. I am also switching as amazingly I have found a better deal. UW has 7p e10 so as I am in the process of getting batteries that should work out quite nicely.

I am already switching supplier and it’s not yet complete. Will my switch go through and is my credit balance protected?

You don’t need to worry. If it’s already in progress, you will continue to be moved to the new supplier you have chosen. You should not need to do anything.

Once the switch is complete your direct debit with your old supplier should be cancelled. You could also be owed money if your account had built up credit with the old supplier.

If the direct debit hasn’t cancelled you may need to close it off through your bank.

We'll look to appoint a supplier who will pay back money owed to you that's outstanding from a closed account.

[Stinsy]

I found the answer on ofgems site. So as you say it is ok but the paperwork can take some time. I am also switching as amazingly I have found a better deal. UW has 7p e10 so as I am in the process of getting batteries that should work out quite nicely.

I am already switching supplier and it’s not yet complete. Will my switch go through and is my credit balance protected?

You don’t need to worry. If it’s already in progress, you will continue to be moved to the new supplier you have chosen. You should not need to do anything.

Once the switch is complete your direct debit with your old supplier should be cancelled. You could also be owed money if your account had built up credit with the old supplier.

If the direct debit hasn’t cancelled you may need to close it off through your bank.

We'll look to appoint a supplier who will pay back money owed to you that's outstanding from a closed account.

What is the standing charge on that deal? How much is peak? What are your E10 times? You wouldn’t need much battery capacity if your off-peak is split into 3 chunks!