Every household in Britain could end up forking out nearly £100 more a year for their energy bills on top of already rising costs to pay for failing companies.
But how do you tell if your firm is about to go under?
thetimes.co.uk/article/how-to…
But how do you tell if your firm is about to go under?
thetimes.co.uk/article/how-to…
There are fears that the number of energy suppliers in the UK could shrink from 39 to 10 by this time next year, and if this happens, household bills could go up £95, according to the Energy Shop, a comparison site.
What are the signs of failure?
A combination of factors can give consumers a sign: significant company losses, warnings from the energy regulator Ofgem over missed payments, slow smart meter installations and bad customer service.
A combination of factors can give consumers a sign: significant company losses, warnings from the energy regulator Ofgem over missed payments, slow smart meter installations and bad customer service.
Just eight of the 39 existing firms studied by Times Money had made a profit in their latest accounts. A number have had warnings from Ofgem over unpaid debts and have been banned from taking on new customers until they pay the bill.
At least 31 energy firms have collapsed since 2016, with the pace increasing over the past month. Avro Energy, Green Energy, Utility Point, PFP Energy, People’s Energy, and MoneyPlus Energy have gone bust since the start of September.
What do you do if your supplier goes bust?
Firstly, don’t panic. Your supply will be taken over by a “supplier of last resort” appointed by the energy regulator Ofgem, and your supply will not be disrupted.
Firstly, don’t panic. Your supply will be taken over by a “supplier of last resort” appointed by the energy regulator Ofgem, and your supply will not be disrupted.
♦️ You cannot choose your new supplier though, and you may well end up on a more expensive tariff.
♦️ Do not switch tariff or supplier until your account is moved automatically. If you owe any debts, you may be asked to pay these by an administrator.
♦️ Do not switch tariff or supplier until your account is moved automatically. If you owe any debts, you may be asked to pay these by an administrator.
♦️ Citizens Advice recommends logging in to your online account to record your balance and download bills. Take meter readings.
♦️ Once the process is sorted, you can switch suppliers, although it is unlikely that you will find a cheap deal at the moment.
♦️ Once the process is sorted, you can switch suppliers, although it is unlikely that you will find a cheap deal at the moment.
Read the full story here:
thetimes.co.uk/article/how-to…
thetimes.co.uk/article/how-to…
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