If only P2P firms were regulated by Ofgem!

Interesting .... I was with "One Select" which went bust early December, and which had been in battle with its customers since September - repeatedly increasing direct debit payments, and refusing to refund credit balances.  It was obvious they were attempting to raise/preserve working capital for the green energy payments due this autumn, but now having collapsed, its the rest of the industry that has to cover the customers' credit balances that were artificially ramped up over the last quarter. If you think Lendy's trustpilot reviews were bad, One Select's were off the scale.  Feels like this intervention is a result of lessons learnt.

The takeover process that is overseen by Ofgem after a supplier collapses seems pretty efficient, the only downside is being blocked from switching to a supplier of your choice for c. 6 weeks whilst the takeover of the account by the supplier chosen by Ofgem is completed.