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Old 09-01-2019, 06:47   #8
RichardCoulter
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Re: Economy Energy has collapsed

Quote:
Originally Posted by Chris View Post
Their collapse is just about the only time you are protected though. In the interim, they’re stumbling along, over-charging people, promising refunds which fail to appear and generally causing stress. And Ofgem does little of note until things are about to blow up in their face anyway. Funny how this company was in the news one week because Ofgem is getting tough on them, and the next week the company’s bankrupt anyway. Almost as if the regulator is acting tough because they’re guaranteed there won’t be any push-back or follow up.
That's a good point about all the extra hassle and stress that's caused.

The company that I use has said that if I put my account in credit I can earn a decent rate of interest. I've checked and it would be covered by the scheme, but I can't help wondering if this is because they desperately need the funds. If everything seems ok in a month, I might pay a year in advance or something. .

---------- Post added at 05:47 ---------- Previous post was at 05:45 ----------

Quote:
Originally Posted by jfman View Post
Magic money tree? Profits of other energy companies with actual business models? Someone is paying, and it won’t be the shareholders/owners of economy energy.

https://www.theguardian.com/business...0-in-the-lurch

Nine energy suppliers have failed totalling £80m picked up by other companies (in other words their customers). Effectively penalised for going with reputable suppliers while those chasing a quick buck have their credit balances preserved.
I think this is why Ofgem are looking to reform the scheme and why Martin Lewis is calling for extra checks.

Last edited by RichardCoulter; 09-01-2019 at 06:51.
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