When will the credit on my account with the collapsed energy supplier move to my new one?
My energy supplier went bankrupt and my account credit disappeared … how long should the transfer to a new business take and who should I contact?
- Many energy providers have recently gone out of business due to rising costs
- Some who recently left a collapsed supplier are still waiting for credit
- This causes problems as they cannot contact their old energy company
- We tell you how to get your money back and what to do if you don’t
I changed my energy supplier about a month ago after finding a better deal on a comparison site.
Shortly after my switchover, my old supplier went bankrupt due to the current energy crisis.
I had around £ 200 of credit from my old provider which has not been transferred to my new account and as they have now gone out of business there is no one I can get in touch with.
How can I be sure that my money will be transferred to my new supplier?
Some customers are still waiting for the credit transfer from their old energy supplier
Grace Gausden, This is Money, responds: There has been a lot of turbulence in the energy market lately as a large number of suppliers have gone bankrupt due to rising wholesale prices.
As a result, many consumers are wondering if their own supplier will go out of business and how that will affect not only their supply, but also their finances.
Energy regulator Ofgem has assured customers that their credit balances will be protected if their existing supplier goes down.
But those who wait for their money to be sent to them from a former supplier who has since gone out of business worry about the safety of their money.
Unfortunately, some still haven’t received payment weeks after switching providers – and they are now unable to contact their old provider for information.
As a result, they don’t know how to know when to expect credit to reach their new account.
This is especially important during the winter months, when households typically use more energy, with many relying on credit to help pay their bills.
All customers worried about their credit should speak to their current energy supplier
It was Money who contacted Ofgem to find out what customers can do if they find themselves in this position.
A spokesperson confirmed that funds past and current customers have paid into their accounts will be protected, if they are in credit.
This does not include promotional credits, such as any bonuses a vendor may have given them for signing up.
Ofgem said the new provider will review the details of any debt or credit on a customer account and contact them with the relevant instructions.
The new provider will also be able to answer any questions consumers have regarding debt or credit on their account, he added.
However, he admitted that the review process may take some time, as new suppliers will need to receive and process customer records, as well as calculate their credit balance, before deducting unbilled charges for their procurement by their old one. provider.
If customers think they are waiting too long for their credit, it is worth contacting their current provider to see if they can advise them on how long to wait.
Consumers who were about to leave a supplier when it went bankrupt should wait to hear from the supplier who took over old customers.
If your change is over and you’ve already prepaid for your energy, your money is protected.
The supplier who took over the bankrupt supplier should reimburse you for all the money owed to you.
