surprises me why punters are not losing their positive balances when the fly by night cheapo energy parasite suppliers go down the drain ? ...
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2 years ago
lose it
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- posted
2 years ago
Serpently not, it is unspent money.
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- posted
2 years ago
That doesn't normally stop companies from going down with creditors losing out.
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2 years ago
Supposed to be protected if your energy company goes t*ts up. I have heard nothing from anyone yet about my transfer from Symbio to allegedly E.ON....only what I have seen in the press.
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- posted
2 years ago
Ofgen guarantees the credit, even if there is no money. Your credit is simply moved to your new supplier (who then jacks up your cheapskate rate to 50% more than the SVR :-) )
How much did Ernie send you this month ?. I got 6 x £25, which means so far in 2021 I have earned 1.05% on my 'emergency cash deposit'.:-)
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- posted
2 years ago
Beats many building society accounts.
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2 years ago
A big, previously expensive, could soon go down if the weather gets much colder. There is unlikely to be enough money in the kitty to pay credit balances when this happens. Best not to be with dodgy Scottish sounding utility suppliers, or be sure to make sure that you are not in credit.
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2 years ago
That was my 'gamble' and now most/all instant access BS accounts pay 0.01% . I just got 4p interest on a BS account that is for those occasions (which have never occurred) when the Visa network is down. This BS uses the Link network so I could get some cash in dire emergencies. If you use Nat Savings online you can sell bonds and the money is cleared into your bank account in
3 working days, which is fast enough for most situations.Plus the possibility of a bigger prize, ...
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- posted
2 years ago
E.ON contacted me (as they did with my gas account, when that company failed too).
I've not got the full details yet, but they have a least told me that they are taking over and requested me to give them a meter reading.
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- posted
2 years ago
so is the money you have paid when a furniture company go down the drain no difference....
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- posted
2 years ago
not a sodding thing....
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- posted
2 years ago
indeed
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- posted
2 years ago
because the legislation requires that money to be "ring fenced
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2 years ago
why?
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2 years ago
furniture companies don't tend to be regulated by ofgem who in the case of energy suppliers are responsible for handling the switch to a new supplier, and transferring any credit or debit balances as a part of the process.
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2 years ago
Because it was (and probably still is) possible to set up an energy company with very little financial backing, relying on being able to suck in punters with the offer of cheap rates (because you, the supplier have minimal overheads) and still make a profit.
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2 years ago
Because of the political capital this policy creates in favour of the government.
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2 years ago
if they had just asked the going rate instead of deals this wouldn't have happened
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- posted
2 years ago
not any longer
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- posted
2 years ago
I don't see the difference ....MFI was a fly by night the same as energy suppliers