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Money Saving Expert Martin Lewis has issued his advice to millions of Bulb energy customers after reports it’s gone into ‘Special Administration’.
Money Saving Expert Martin Lewis’ issued advice to Bulb customers on some dos and don’ts if they are concerned about the Bulb energy going into ‘Special Administration’.
The TV personality wanted to send out a clear message to consumers who were worried about how the latest news affects them, it comes after he previously shared his vital tip.
Bulb is the largest UK energy company to face difficulties following a sharp rise in wholesale gas prices this year and it will become the first energy company to be placed into “special administration”, where it is run by the government through the regulator Ofgem.
This measure is only used if Ofgem is unable to find another company to take over an energy firm’s customers.
Customers have been advised not to take any action and they will be contacted when any steps are needed.
“If you’re a Bulb member, please don’t worry as your energy supply is secure and all credit balances are protected,” a company spokesperson said.
And Martin Lewis has tried to stop widespread panic. He tweeted, ‘Pls share. Reports Bulb energy’s now in special administration. Details sparse, but don’t worry ur supply continues & almost certainly 1. Ull stay on the price cap, there’s nowt meaningfully cheaper. DON’T switch or you may pay 30%+ more 2. Your credit’s safe. More as we know.’ (sic)
And added some reassurance, and tweeted, ‘The Special Administration scheme likely means no firm’d take on Bulb’s 1.7m customer book While the firm goes, the brand stays run by administrator. The ‘special’ means they must look at consumers as well as creditors interest In reality, for now, it’s no change for customers.’
In sharing his expertise Martin tweeted, ‘A polite note. I’ve seen many tweets by well-meaning folk who were with prior failed energy firms, sharing tips on what to do with friends on Bulb. Be careful. Bulb is 1st EVER firm in Special Administration rather than taken-over by Supplier Of Last Resort. Some things differ.’
When Money Saving Expert Martin Lewis’ advice to Bulb customers after he was asked if they should cancel their Bulb Direct Debit, he replied, ‘No I wouldn’t cancel your Bulb Direct Debit. It is going to continue to be your energy provider, just for now run by an administrator. So you will need to pay it, and Direct Debit is the cheapest way.’
And he wanted against switching to another energy provider if they wanted to save money on their gas and electric bills.
He tweeted, ‘As a Bulb customer DO NOTHING In terms of switching to other suppliers DO NOTHING (dont switch)’
Bulb is the UK’s seventh biggest energy company and has 1,000 staff.
The Special Administrator Regime (SAR) was set up for when an energy company goes bust but is too big to have its customers transferred to another firm.
The aim of the regime is to stop financial failure spreading across the industry.
Supplies are expected to “continue with no interruption”.