Security of Credit Balance

My account is nearly £1000 in credit and with the balance increasing each month I would estimate going into winter being around £2500 in credit. This is fine by us as the autumn
price increases and usage will probably use all this and more by the spring.
My question is:

  1. Is my balance safe and secure, which i believe is the case, but confirmation would be
    re-assuring , and
  2. In the event of the Bulb customer base being purchased by another company can I refuse to move to something like British Gas and arrange the transfer of my account , together with cash balance, to a supplier of my choice? I do not want to be transferred to one of the large conglomerates and spend weeks trying to find and get to my credit balance. I have already had experience of the mismanagement of British Gas, and under no circumstances would I wish to repeat the experience. Certainly not by default.
    Thanks

Yes, your money is safe. No, you can’t choose to whom you transfer. Once transferred, you can then move to whomever you wish.

If you’re worried about your balance, ask for it back now and then change to a variable DD so that you don’t build up any further credit. Surely, the credit you’re building is better (safer) in your bank than Bulb’s ?

Any credit with Bulb will be protected by Ofgem in the event they can no longer operate and your custom moved to a new supplier. HOWEVER, this won’t mean that when you are transferred to a new supplier that you will start with the credit in your account.

It can take some time till the credit is made available. A family member has previously waited 6 months for their credit to be appear in their account with the new supplier.

As previous mentioned it would therefore be wise, in my opinion, to contact Bulb and have some if not all of the credit returned where at least you are in full control of your money.

Hi @Beanbag :wave:

Your credit is protected by Ofgem however we don’t suggest you build up too much excess credit as it may not be necessary. A build-up of over £1000 can also suggest there may be an issue with your readings and billing.

I tried to check this for you but the email address you have used for your Community account is not linked to your Bulb account. Please don’t confirm any details here as it is a public forum.

I would suggest you get in touch over phone, email, or chat just to make sure your account is healthy and there are no issues.

Let me know if you have any questions about this,

– KT :bulb:

Hi KatieT. thanks for your email.
Had a long conversation with your Mohamed , excellent chap, on the phone and he has advised me that all my readings are correct and that my intention to build up a bigger credit balance prior to October this year makes sense,. He also tells me that any transfer of the Bulb customer base to another supplier would trigger a 1 month prior notification of that fact to all Bulb customers, enabling those who want to, to transfer themselves to their own choice of supplier.
Thanks again for excellent customer service.

Is your balance safe - probably not. When these clowns go in to full administration, you’ll have to join the creditors list to get your money back. But Amit Gudka and Hayden Wood will be ok, The Johnson will look after them.

No you won’t join the list of creditors, completely different, bulb customer base are not creditors, and the balance of a Bulb customer is is protected and will be transferred to a new supplier.
Creditors are those that Bulb has lent from and owes monies to, EG Banks, investors, we are not creditors

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OFGEM guarantees to protect your balance. Other companies have gone under and their customer bases have not been added to the list of creditors. As the earlier post says, we are not creditors in the business sense of the word.

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