Energy company bankrupt? How does your new business and rate stack up?

If you were with MoneyPlus Energy, since it was a very small supplier and not listed on comparison sites, we don’t have the historical prices. You will advance to British Gas’s ‘Price Promise Apr 2022’, the same rate as that with PFP Energy.

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

Exactly how much you pay will depend on how much you use and where you live, but it’s easy to get a global idea through our Cheap energy club.

We list all these suppliers in the club so that you can choose them as your current rate and compare with them. Fortunately, this can help you get an idea of ​​how much you’ll pay for your new rate. Here’s how:

• Step 1: Go to Cheap Energy Club and select the rate you were on (if you are already a member, it will automatically be listed). If you’re an existing Cheap Energy Club member, just log in and see what you’re paying now when you make a comparison (provided your account is up to date). If not, create an account and then choose your old rate as your current rate in your account. Make a comparison, and at the top of the page we’ll show you how much you pay at your current rate. Note that number.
• Step 2: Choose the standard rate of your new provider 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’ve also selected the default rate as your current rate (it should do this automatically, but check). Compare again and look at the top of the page where we’ll show you how much you’re paying your current rate. Write that down.
• Step 3: Compare the two. You should now have a figure of how much you would have paid in a year at your old rate and how much you would pay in a year at your new provider’s standard rate. Since the new rates for most bust suppliers largely follow the price cap (although Octopus is slightly lower), this gives you a rough idea of ​​how much more you’re going to pay.

Is this the cheapest deal, or should I switch?

No, all deals for people with bust suppliers are on or around the new price cap starting October 1. There is currently nothing cheaper on the market. You can now make a comparison if you want, but you will almost certainly not find anything cheaper, as Martin explains in MSE’s weekly email.

We are working on introducing these new rates in our Cheap energy club, but now if you really want to make a comparison, here’s how you can do it:

• Step 1: Go to Cheap Energy Club and select the new provider’s standard rate. You must log in or create an account and then choose your new provider’s standard rate as your current rate in your account.
• Step 2: Make a comparison. Since for the most part these new rates will follow each carrier’s standard rate, you should get an accurate comparison (although it may be slightly different for Octopus).

Energy credit is protected even if you recently left the company so you don’t lose money you owe

You may owe money from your old supplier if your account had built up credit. In this scenario, the supplier appointed by Ofgem will refund you all the money you owe. This is true even if you started switching before the firms went bankrupt. This is where the supplier appointed by Ofgem has to contact to arrange a refund even for those who have not switched to it, but this may take a while.

If you owe money, you probably still have to pay it. Payments go either to your old supplier, the administrator or to the new supplier. The new supplier will let you know how this works after the takeover.

If you’re switching, your switch will still continue

If you have already started moving from a supplier that is going out of business, you will still be moved to the new supplier you have chosen. You do not have to do anything. Your direct debit to your current supplier should be canceled automatically, but check it anyway, and if not, cancel it manually after your switch is complete. Any outstanding credit will be paid to you by the supplier that Ofgem has appointed to take over.

If you are about to switch to one of the bankrupt firms, the switch should go according to plan, although you will automatically switch to the new supplier that Ofgem has appointed to take over.

You don’t have to cancel your direct debit, but it’s fine if you’ve already done so

You do not have to cancel your direct debit immediately. Ofgem says your new supplier will contact you shortly to explain how your account is doing, including any collection arrangements.

Ofgem says you can cancel your direct debit before the new supplier contacts you if you wish. If you’ve already canceled it, you don’t need to set it up again and your new supplier will explain what to do once they contact you.