Utilitywise Administration – What to do when your energy broker folds?
Utilitywise has gone into administration after a last-ditch rescue failed. Earlier in the year it emerged it needed £10m to keep its business afloat, after coming up against “unexpected challenges and legacy issues”. With ongoing issues, Utilitywise had planned to sell the business, but no offers emerged. The firm has appointed FTI Consulting to handle the administration process and said its energy brokerage business would stop trading immediately. For more information on the Utilitywise administration the BBC recently gave an update on the current situation.
What does this mean if you were a customer of Utilitywise? This depends. Chances are you were locked into a contract with Utilitywise, as well as an energy supplier. The good news is it is highly likely that there is something you can do about that contract with Utilitywise. Over the years we have been contacted by dozens of disgruntled Utilitywise customers asking how they can get out of their current situation. Well now is the time to act! While it might be difficult to get released from your energy supply agreement, it is certainly worthwhile to visit your situation with Utilitywise. This is our speciality at Direct Power, so please get in touch if you need professional assistance, or simply some advice on your matter.
Some practical tips if you were a customer of Utilitywise:
• Get a copy of any contract you had with Utilitywise. Know your rights!
• Get a copy of your most recent bill with your energy supplier.
• Get in touch with Direct Power if you are unsure of any contract details or obligations.
If your energy broker has: folded, entered administration, liquidation or bankruptcy, or any other failed situation do not panic, but do get in touch for professional assistance.