TOTO Energy has ceased trading, making it the 14th supplier to go bust over the last 12 months. Here’s what you need to know if your energy firm goes under and what you should do next.
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TOTO Energy collapses
What happens to my energy supply?
The good news is, there will be no disruption to the supply of gas and electricity to your home if your energy supplier goes under.
Ofgem has procedures in place to ensure no one is cut off in this worst-case scenario.
According to the regulator, customers won’t even notice any change other than the fact that they are given a new supplier.
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What do I need to do next?
Ofgem has emergency measures in place that allows it to step in to find another supplier to take over your energy account in the event of a firm failing.
If you find yourself in this position, you should take a meter reading and wait for your new supplier to contact you with more information about the transfer process.
A spokesperson from Ofgem said: “Ofgem will choose a new supplier and ensure you get the best deal possible.
"Whilst we’re doing this, our advice is to ‘sit tight’ and don’t switch.
“You can continue to rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your new tariff.”
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Will my bills go up?
What if I am in credit with my old supplier?
If you were in credit before your supplier went bust, your new supplier will contact you about getting your money back.
Ofgem says a new supplier may choose to automatically credit money to your new account with them.
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What if I am in debt with my supplier?
Ofgem says this depends on whether your new supplier agreed to take on customer debts.
If so, you'll need to pay your new supplier and they will be in contact to explain how this works.
If they don't agree to take on the debt, then you may have to pay your old supplier through their administrator, but they should get in touch to arrange this.
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Where can I get further help?
If you have any concerns, contact Citizens Advice on 0344 411 1444, which is open Monday to Friday 9am to 5pm.
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