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posted by Davc | 3 years ago
Re: CRedit not yet refunded from Extra Energy

I agree with Jonnel's comments. Just to add some explanation, small energy companies do not generate their own power (like SP does) they buy power on the wholesale market. Typically they will have contracts for supply this week, next month, in Xmonths time, or next year. There will be a complex package of contracts, if they guess wrong and buy forward at a price that is too high, then they cannot honour their customers' fixed price tariffs and they cannot continue to trade. 

Whether there was anything left in the coffers after declaring bankruptcy is what the auditors unravel. Without the Ofgem safety net it is very likely that none of the EE customers would get any money back.  SP is not holding onto any money, when it is agreed between the auditors (PWC) and Ofgem, funds will be released to SP who can then begin to feed it out to ex-EE customers. 

Nobody is conspiring to steal money and it is not sitting safely in somebody's account earning interest, it will finally be levied by Ofgem on BG, Eon, EDF, SSE, Npower, and other smaller suppliers, and at the end of the chain we consumers will face higher prices because of it.

So, feel happy Ex-EE people, I am paying for your safety net, but you say it is taking too long, you could say thank you.

 

posted by Unhappy019 | 3 years ago
Re: CRedit not yet refunded from Extra Energy
You seem to have a chip on your shoulder Davc.

Blaming customers of EE for taking a gamble, now saying you are paying their safety net.

If we get the facts out here. Who can people trust in life? Banks? Energy companies? Phone companies?

These sorts of utilities are not like something such as casinos online, where rogue practice happens a lot and many people won't receive a penny of their winnings because they unknowingly chose a rogue to play at.

Energy companies are listed on sites such as comparison sites that people fully trust. Go compare, compare the market and so on. If when getting a quote ExEn was recommended on one of those compare sites, why would the customer think they are taking a risk as you would put it?

People trust comparison sites and so why would they list a company that was likely to collapse and leave people in this mess?

I joined ExEn from uSwitch actually. They showed it as my best available deal and from what I recall, gave them a good star rating.

Most customers wouldn't know there's a risk. A lot think the energy company supplies people directly, rather than buy from the grid. They are not experts about how the energy companies work because after all, are you saying people should become experts and fully informed before they use everyday services like banking, gas, electric and internet?

You blame ExEn customers for taking a risk. What about the trusted comparison sites that lead them to believe they were making the right choice?

As for SP and many other customers of the big 6 who's customers bills will supposedly increase paying for the safety net, well.... The big 6, especially British gas and SP have countless negative reviews everywhere.

Should I just say it's those customers own faults if their bills increase? Because after all, there's endless reviews online about the big 6 being expensive and how they keep hiking up their prices. So if they have to pay more to cover the safety net, well, they took a risk going with a name they recognise even though there's negative reviews everywhere. Next time they will learn to read the reviews more carefully before being so hasty and picking one of the big 6

posted by Unhappy019 | 3 years ago
Re: CRedit not yet refunded from Extra Energy
To add. SP have caused their own problems. Enough blame can be put on PWC but once again, how have SP treated their new ExEn customers? Badly.

The only correspondence was back around November saying the accounts will be set up in 2-4 weeks. 6 months later not a word from SP.

This leads to people believing and rightfully so, that SP are doing delay tactics to keep people with them as long as possible to get as much as they can from them. They have handled contact poorly which shows them as an unreliable and untrustworthy company who doesn't care about their customers and so it's easy to speculate that a company of that criteria could easily be trying to fleece customers.

posted by Davc | 3 years ago
Re: CRedit not yet refunded from Extra Energy

@Unhappy019   sorry I was wrong to say you gambled and to claim I was paying for you, it will only be a few pence for me and hundreds for you, but you will get your money back. I know we cannot all be experts but a small energy trading company is not as secure as one of the 6. When something is cheap there is always a reason. Having said that, you are right, SP have handled the whole thing badly, I think it has been far beyond their capacity to handle.  I hope you get your credit back soon now. 

posted by noenergy | 3 years ago
Re: CRedit not yet refunded from Extra Energy
It is not so much the refund for me but that we can't move until sorted so have been paying more than necessary for 6 months. The taffif should have been the same as extras until sorted

posted by Jonnel | 3 years ago
Re: CRedit not yet refunded from Extra Energy
@noenergy If I were you I would look into exactly why you have been told you can't switch and if there is no valid reason, use that as a basis for a complaint. If you can get SP to recognise you were incorrectly told you couldn't switch you might be offered some leeway in your SP bill.

Checkout the boards for those ex-ExEn people on here who've switched from SP since November and see if you an find any common info you can use. Worth a try.

posted by Unhappy019 | 3 years ago
Re: CRedit not yet refunded from Extra Energy

The thing with that Davc is as you say "not as secure" but how would anyone know?

We all know the likes of BG have massive offices, pay millions for advertising on TV and online, sponsor events (I think Eon sponsors Wembley stadium) and have a huge load of staff on their books. 

Via comparisson sites, when an unknown brand comes up as cheaper, there's no reason to question it, afterall smaller energy brands lower costs by no TV ad's, smaller offices and maybe it would take an hour to reach them on the phone instead of 10 minutes. All fine.

ExEn's collapse was from what I recall, down to behind the scenes stuff. They couldn't afford to pay their Green tax bill, which was down to a bad business practice, something customers wouldn't have known about and certainly there wasn't any warning in the press or anywhere about small energy companies potentially folding for this reason. 

posted by Davc | 3 years ago
Re: CRedit not yet refunded from Extra Energy

A quick look on the internet shows this

“The list of shame of gas and electricity companies that have collapsed in 2018 includes Spark Energy, Extra Energy, Future Energy, National Gas and Power, Iresa Energy, Gen4U and Usio Energy.”

Same  has gone for some holiday companies, airlines, banks, and shops. Price comparison sites say nothing about security. SP obviously have big issues with IT and customer service but hopefully are not going to fail financially. Most of the big 6 have international connections and are in a diversified group. Most of the small energy companies are well run and stable but you have to make up your own mind when choosing.   

posted by georgejames | 3 years ago
Re: CRedit not yet refunded from Extra Energy

Watchdog BBC last week 29th June featured a guest with a problem over his EE balance transfer.At the end of the programme we were told that due to Watchdogs approach the matter had now been resolved.If it can be done this quickly why have I been waiting since Nov 2018 for my balance transfer?  J chapman

posted by Jonnel | 3 years ago
Re: CRedit not yet refunded from Extra Energy
@georgejames Two words: Customer Profiling.