Jaws
from moneysavingexpert….
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Your supplier Bulb (not right?
Let us know) collapsed on Monday 22 November 2021 – here’s my need-to-know briefing.
The firm has now collapsed, but the brand lives on (for now) as Bulb is moving into ‘special administration’, unlike other failed firms whose customers were moved elsewhere.
This is likely because it's so big no other supplier would agree to take on its 1.7 million customers at the price-cap rate, which currently forces firms to provide energy at below cost price.
Bulb will continue to supply your energy, but it will now be run by an appointed ‘special administrator’, with Bulb customer service staff still there to answer queries. The 'special' means the administrator must consider customers’ interests as well as creditors (those Bulb owes money to), and if needed, it can request Government funding.
What should you do?
In brief... DO NOTHING. Bulb is still your supplier - just under new management.
- Keep paying your direct debit and top up prepay as normal.
- Its rates were already at the price cap, so you will stay at that rate.
- Customer credit is protected, so if it owes you, it still owes you.
- Do not switch. No tariff is meaningfully cheaper, in fact most switchable tariffs cost 40%+ more.
See more detailed info in our
Bulb customer help MSE News story.
What happens next?
Once appointed, the administrators will be looking at ways to rescue Bulb or sell its assets, to get back some of the cash it owes, but even if that's done, you'd stay on the price cap and your credit remains protected.
Once we get more news about the fate of Bulb, we’ll let you know.
Thanks,
Martin