Energy company gone bankrupt? This is how your new company and your new tariff stack up

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    If you’ve been to MoneyPlus Energy or Enstroga because they were very small providers and weren’t always on comparison sites, we don’t have historical prices. If you’ve been with MoneyPlus Energy, you will be redirected to British Gas’ Price Promise Apr 2022, the same tariff as PFP Energy. If you have been to Enstroga, you will be redirected to ‘Next Flex’ by E.on Next, the same tariff as Iglu will be to

    How do I know exactly how much more I will pay?

    Exactly how much you pay depends on how much you use and where you live, but it’s easy to get a rough idea about our Cheap Energy Club.

    We list all of these providers in the club so that you can select them as your current tariff and compare them with it. Fortunately, this can help you get an idea of ​​how much you’ll be paying for your new plan. Here’s how:

    • Step 1: Go to the Cheap Energy Club and select the tariff you were on (if you are already a member it should be there automatically). If you are already a member of the Cheap Energy Club, just log in and you will see what you pay now when you do a comparison. If we haven’t switched you – for example, if you switched directly on the provider’s website – we don’t know who you are with, so you need to go to your account and let us know. If you are not a Cheap Energy Club member, create an account and then select your old tariff as your current tariff in your account. Make a comparison and we’ll show you how much you’re paying for your current plan at the top of the page. Make a note of this number.
    • Step 2: Select your new provider’s standard tariff in your account. Go back to your account page and then change your current provider to the one who will take over your account. Make sure you have also selected the default plan as your current plan (this should happen automatically, but check). Compare again and look at the top of the page to see how much you are paying for your current plan. Make a note of that.
    • Step 3: compare the two. You should now know how much you would have paid over a year with your old tariff and how much you would have paid over a year with the standard tariff of your new provider. Because the new tariffs largely follow the price cap for most bust providers (although Octopus is a little below that), it gives you a rough idea of ​​how much more you’ll be paying.

    Is that the cheapest offer or should I change?

    All offers for people with bosom suppliers will be at or around the new upper price limit from October 1st. There is nothing reasonably cheaper on the market right now, so for most there is no need to switch. You can compare now if you want, but you almost certainly won’t find anything cheaper, as Martin explains in MSE’s weekly email.

    We are working on getting these new tariffs into our Cheap Energy Club, but if you really want to make a comparison now, go to the Cheap Energy Club and select the new provider’s standard tariff as the current tariff in your account. Then, since these new tariffs largely follow each provider’s standard tariffs, you should get an accurate comparison (although it may vary slightly for Octopus).

    The energy loan is protected even if you have recently left the company – so you do not lose any money that is owed to you

    Your old provider may owe you money when your account has accumulated funds. In this scenario, the supplier commissioned by Ofgem will pay you back all the monies to which you are entitled – even if you had already started the change before the company went down. The supplier commissioned by Ofgem should contact this to agree on a refund – even for those who have not switched to it – but this can take a while.

    If you owe money, you probably have to pay it anyway. Payments go to either your former supplier, the administrator, or the new supplier. The new supplier will tell you how this works after the takeover.

    If you are in the process of switching, your switch will still take place

    If you have already started moving down from a bust supplier, you will continue to be moved to the new supplier you have chosen. You shouldn’t have to do anything. Your direct debit with your current supplier should be automatically canceled, but check anyway and if not, cancel it manually after the switch is complete. Any outstanding loans will be paid to you by the supplier that Ofgem has hired to take over.

    If you are about to switch to one of the bust companies, the switch should take place as planned, but you will then be automatically switched to the new supplier that Ofgem has commissioned with the takeover.

    There’s no need to cancel your direct debit, but it’s okay if you’ve already done so

    You don’t have to cancel your direct debit immediately. Ofgem says your new supplier will be in touch shortly to explain how they will charge your account, including any direct debit schemes.

    Ofgem says you can cancel your direct debit before the new provider contacts you if you want. If you’ve already canceled it, there is no need to reactivate it and your new supplier will explain what to do as soon as they get in touch with you.



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