finance

Bulb Energy news: Martin Lewis urgently warns 1.7m customers ‘TO DO NOTHING’ as firm collapses into administration


What happens if my energy supplier could go bust?

If your energy supplier goes bust then you won’t be cut off, so there’s no need to panic

You’ll be moved to a new supplier under Ofgem’s rules and you’ll be contacted by the new supplier.

The new firm won’t have to honour the deal you were on with your previous provider, but any credit on your account will be protected.

Experts like Martin Lewis’ MoneySavingExpert have advised customers not to rush to switch though, and instead “simply sit tight and wait to be contacted by a new supplier”.

It’s worth taking a metre reading though to give to your new supplier, and downloading any previous bills from the old supplier.

Anyone worried about their supplier going under should avoid switching, as you would likely lose any fixed deal you’re on meaning your energy bill would go up.

Since you’ll be moved automatically and credit is protected, it’s unlikely you’ll be better off switching – and your current supplier could stay in business.





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