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Beware Of Electricity Retailers Who Locks Your Rates of Gas & Power For 5-Years !

Tokyo Heights

Tokyo Heights
Aug 29, 2009
1,375
0
0
Just beware of retail companies who locks your rates for Gas & Electricity for 5-years is another big time Scam over here in Ontario. Their representatives comes knocking your doors and cheats you completely by locking your utility rates for a period of 5-Long Years during which they squeeze their customers and makes them pay from their nose.
I was also fooled by a Female Representative of a Retail Utility Company by showing me roses, but now i repent why did i sign a Contract with them like a fool, without investigating properly and doing my homework well, I am paying since last nearly 4-years 9.57 kWh on Purchase of my house electricity from the local rip-off electricty retailer, whereas the Enersource is supplying @6.5 per kWh for the first 600 kWh & then it charges 7.5 cents per kWh above that consumption. Same is the case with my gas rates too, i phoned the Local Rip-off company how can i cancell my last 9-months which is remaining in my contract, and they told me i would have to pay a FINE of $ 1,000 to finish off the contract.
I strongly feel totally cheated by this Local Utility Retailer, and i feel there is NO AUTHORITY or Commission formed by our Honourable Government to look into such grievences from General Public for open Day Light Robbery as a White Collar Legal Crime they are committing from thousands of local residents who has signed a contract to gain some benifit, but are being Rip-off every month.
Any member with legal background can offer me any kind advise how can i get rid of this remaining contract period so i can genuinely save some hard earned cash from being taken away from me illegally and with dishonesty in a so-called legal manner, i feel there is No Accountability of any sort by Government Agencies to look into such financial scams. Same goes for the brokers, & product managers of various Financial Institutions who sell Mutual Funds, get all their perks and incentives at the cost of poor squeezed hard hit investors, who are suffering since 2007 by not even getting a cent from their huge investments, plus their invested amount is much lower in value due to Recession, but still the brokers, & Mutual Fund Managers are all enjoying their financial benifits and enjoying their lives at the cost of hard hit investors. Unfortunately our Politicians are too busy and too weak to look into such irregularities and sufferings of their constituents. I have totally lost my faith in our Canadian Politicians & in the next elections i & members if my family plan not to vote for any political party or its leaders, fed-up of their double standards!
 

Rockslinger

Banned
Apr 24, 2005
32,783
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0
There was a thread about this a few months ago. Ripoff! Door to door salespersons are the lowest life form on Earth.
 

randygirl

New member
Apr 7, 2010
660
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erin.therouge.ca
They wouldn't be doing this sort of thing if it didn't bring in money. Your money.

I feel bad for you, Tokyo Heights, and I wish I could advise you on how to proceed.
 

lovedoc

Prince Fuckalot
Mar 31, 2010
2,060
5
0
House of Virgins
You signed up around the time when oil was steadily going up to eventually hit a high of $150/barrel. This created volatility in all the energy sectors (i.e. Natural Gas). These companies bought in when Future prices fell and sold on the way up.
It was a tough call for anyway then due to the “Peak Oil” theory and world events effecting oil prices at the time. It could have doubled again or corrected itself….

 

Cassini

Active member
Jan 17, 2004
1,162
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36
Make extremely sure you mail them a cancellation letter effective the end of your term, registered mail, and keep a copy.

Also, check the fine print on the cancellation clause. Make sure you follow it, and send the letter.

I would expect them to have a provision that when your 5-year contract expires, it automatically roles over into another 5-year contract. Don't be stupid twice.
 

lovedoc

Prince Fuckalot
Mar 31, 2010
2,060
5
0
House of Virgins
Make extremely sure you mail them a cancellation letter effective the end of your term, registered mail, and keep a copy.

Also, check the fine print on the cancellation clause. Make sure you follow it, and send the letter.

I would expect them to have a provision that when your 5-year contract expires, it automatically roles over into another 5-year contract. Don't be stupid twice.
Very good points, make sure you follow through with this...!

Unfortunately, if you cancel early, you'll be penalized the $1000 as stated on your contract - no way around this since you've signed into it.
 

Rockslinger

Banned
Apr 24, 2005
32,783
0
0
I would expect them to have a provision that when your 5-year contract expires, it automatically roles over into another 5-year contract. Don't be stupid twice.
Some contracts have a provision that requires you to notify your counterparty 30-60-90 etc. days before the contract end date if you don't want to renew. Don't wait until the last day.
 

Scenicdrive

New member
Jan 26, 2005
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lovedoc

Prince Fuckalot
Mar 31, 2010
2,060
5
0
House of Virgins
Some contracts have a provision that requires you to notify your counterparty 30-60-90 etc. days before the contract end date if you don't want to renew. Don't wait until the last day.
Oh yes, the provision in small print. This is where those cock suckers usually get most.

 

lovedoc

Prince Fuckalot
Mar 31, 2010
2,060
5
0
House of Virgins
The good doc remembers not long ago this big energy outfit called Just Energy was fined by Illinois Commerce Commission for scamming its customers.

http://www.keyframe5.com/just-energy-fine-by-illinois-commerce-commission-icc/

In addition, Just Energy was also sued by Illinois State Attorney General.

http://www.keyframe5.com/just-energy-why-you-should-not-do-business-with-this-company/

Not sure if Just Energy does business in Canada though. It is always Buyers Beware!!!
Most famous one is Universal Gas and Electric in using these sorts of slimy tactics.


http://boiledover.com/beware-of-universal-gas-electric/122/
 

lovedoc

Prince Fuckalot
Mar 31, 2010
2,060
5
0
House of Virgins
I remember Direct Energy sending out nominal cheques (you'd think it was a credit from your local utility). If you deposited it, you automatically signed them up. I believe regulations have stopped that practice.
I remember those checks. I mistaken them for toilet paper....

 

Moraff

Active member
Nov 14, 2003
3,649
0
36
Just out of curiosity I have kept track of what the door-to-door sellers have said their contracts will cost me (never buy anything from door-to-door - it only encourages them to keep bothering me) and I have never, ever lost money by staying with my local providers of gas and electricity over the length of their contracts.
 

oldjones

CanBarelyRe Member
Aug 18, 2001
24,495
11
38
You're buying futures when you deal with those guys (assuming you're buying anything at all). Do you think your energy supplier isn't smart enough to also buy those futures? Do you think you and the guy at the door have more expertise than your energy supplier's price-setters and futures buyers?

These ''deals' smell on their face.
 

Tokyo Heights

Tokyo Heights
Aug 29, 2009
1,375
0
0
I appreciate all comments, its very true and correct, i have learnt my lesson well, over here one learns by trail and error only!
As right advise at times is difficult to get, that's what happen with me, i had consulted some friends before signing the contract with them
but their answers were pretty encouraging & that's what made me sign and un-necessarily suffer great loss every month.
But i still strongly feel there should be some sort of regulatory body controlled by our Provincial Government to save the innocent people from the clutches of such Rip-off retail suppliers and they should not be allowed to operate and sqeeze people of their hard earnings with their fake contracts, the government should step -in and put a stop to such illegal practices! Unfortunately i have a Liberal Party MPP in my area, and i twice voted for him along with all my family members, but when i approached his office to have one on one meeting at his office, his secretary just consoling me with her sweet words from her end, and told me he is very busy at Queens Park and has no time for his constituents to meet and hear their personal greviences, which has really made me feel totally deserted, we the voters elect them and send them to Queens Park, and now they act like high and mighty VIP's shame on such elected representatives! Who has no POWER or will to serve their constituents once they win!
 
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oldjones

CanBarelyRe Member
Aug 18, 2001
24,495
11
38
As you now wish you had have realized, no one's gonna take a loss to give you a good price. Just like those homebuyers on 0% mortgages should have realized, there's no guarantee your house will appreciate, so you (and not the seller) will profit.

The future contract your guys were selling—and it's a valid product, which is why your regular supplier buys such things—promises and delivers a predictable price. Like the difference between a five-year fixed mortgage and a floating rate one. But not necessarily the lowest price at any time. People on fixed incomes who need to budget tightly can appreciate such stability even if it costs a bit more overall. Unfortunately, like the homebuyers, lotsa people fall for the unfounded belief that a price must rise and someone's willing to give away their profits when it does for a little cash now. Sorry, but that's called betting, and they're called the House. Never bet against the House.

In fact the government does regulate such sales; a contract signed at the door has a legal 'cop out' period f'rinstance. But it's up to you to do the math and use it. Likewise, if they guaranteed savings, you could get them for fraud, but it would be up to you to prove their false promise.
 

Lal

New member
Mar 11, 2007
567
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0
Direct Energy guys are bunch of crooks. They'll lie through their teeth at your door to get you to sign for fixed rate electricity and gas contracts. Never sign anything and don't show them your utility bills. You'll lose money and they'll have you by your balls for next 5 years.
 

Lal

New member
Mar 11, 2007
567
0
0
I'm paying like 39 cents per 1000 m3! With what I'm paying, I feel like BP Oil. Electricity is 9 friggin cents a Kwh vs the 6.5 cents or so from Toronto Hydro. Not a big cost, but I'm not signing anymore contracts.
I'm with Enbridge (no fixed contract) and my gas rates in last 1 year averaged around 16c / M3
Your electicity rate of 9 c / KWH with Direct Energy is 50% higher that utility's rate. This is more like daylight robbery. It's not like Direct Energy's electricity burns brighter than utility's electricity! These are commodities for god's sake.
 

Lal

New member
Mar 11, 2007
567
0
0
I remember Direct Energy sending out nominal cheques (you'd think it was a credit from your local utility). If you deposited it, you automatically signed them up. I believe regulations have stopped that practice.
I remember that - 8 or 9 years ago. Cash $50 cheque one time and they'll suck 000' of $ off you over next 5 years. Thankfully regulators banned that practice.

Now they have started a new scam - Heating and Cooling protection plan. You sign up for heating plan (Furnace maintenance) and when you call them for furnace repairs during winters, they'll come to your house and instead of repairing the funrance, seal it off claiming that funrance is POTENTIALLY unsafe. After few hours Direct Energy's sales person will magically appear (sales lead passed on by the Direct Energy repair man) and try to sell you a new furnace with 'easy installment' plan. There they have you, by your balls - It's -20 C outside, your heat is switched off, furnace is sealed and you have no choice but to buy a new furnace right then and there from these guys under 'eay installment plan' (A true story - happened to a friend of mine. He signed for a heating protection plan with Direct Energy for $225 a year.).
 

Rockslinger

Banned
Apr 24, 2005
32,783
0
0
they'll come to your house and instead of repairing the funrance, seal it off claiming that funrance is POTENTIALLY unsafe. After few hours Direct Energy's sales person will magically appear (sales lead passed on by the Direct Energy repair man) and try to sell you a new furnace with 'easy installment' plan.
I thought that the company that "red tags" your furnace isn't allowed to repair or rent/sell you another furnace because it is a conflict of interest.
 
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