Money Saving Expert Martin Lewis has issued an important message to anybody paying a mortgage in the UK.
09.03.2022 - 14:17 / ok.co.uk
Martin Lewis has long been the person we all turn to when we need easy to follow advice on saving our pennies, and he's now warned us there are three things families must do now before next month's huge hike in energy bills. Households up and down the UK are set to feel the pinch and could face wallet-hurting rises of 54% as energy regulator Ofgem has confirmed it is increasing its price cap by £693, from £1,277 to £1,971, on 1 April.
Prepayment customers will be the worst hit, with a jump of £708 from £1,309 to £2,017. Currently, the price cap , which sets a limit on the rates a supplier can charge for each used unit of gas and electricity, is reviewed twice a year.The move has left everyone feeling the strain, and some of us are being kept awake at night worried about rising prices and how to keep our families warm.To ease fears, MoneySavingExpert founder Martin Lewis has shared a useful new video with three things we can all do now...
Check if you can stockpile energy before the April price rise For all of us on older pre-payment meters, Martin says we can check if they can “stockpile” energy now to get around the April price hike. MoneySaving Expert explained how if you top up now, but use this energy after the price cap changes, you’ll be charged for your gas and electric at the rate that applied when you topped up – ie before the price hike.That way, your rates shouldn’t change until the first time you top up following a price adjustment.
But it's bad news if you have a smart prepayment meter, as this stockpile trick sadly won’t work because these kind of meters are updated remotely, with the new rates on the day of a price change. “That means if you max out your top-up in March before the rate goes up, that's what
.Money Saving Expert Martin Lewis has issued an important message to anybody paying a mortgage in the UK.
If you're paying your energy bills using a direct debit, then Martin Lewis is here with a warning ahead of the price hike.The Money Saving Expert founder has received a surged of questions from worried bill payers ahead of the price rise, which will see most bills rise by £693 from April 1. Martin, who donated £50,000 out of his own pocket after a This Morning phone-in, has been urging the government to do more to help people ahead of the rise, as well as providing a huge amount of advice for those in need. And he recent took to Twitter to address a question most have regarding their energy bills.
Money Saving Expert Martin Lewis has issued a warning to anyone who uses direct debit to pay for their heating bills.
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