Money Saving Expert Martin Lewis has issued a warning to millions of people who have a British passport. The ITV This Morning Expert says people need to be aware of 'hidden' fees when renewing their passport.
30.03.2022 - 20:33 / manchestereveningnews.co.uk
Money Saving Expert has warned people need to do three important things before energy prices skyrocket on Friday.
From April 1, the price cap is rising by 54%, meaning people will end up paying hundreds, if not thousands more for their energy each year.
For those on a default tariff who pay by direct debit, the price cap is going up by £693 from £1,277 to £1,971.
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Prepayment customers will see a bigger jump, with their price cap going up by £708, from £1,309 to £2,017.
The price cap increase will be a huge hit to household bills, with many families left wondering how they can keep costs down.
If you’re worried about your energy bill, the MoneySavingExpert founder has explained the three things you need to know now.
Martin first explained that if you take a meter reading on March 31, you can tell your energy provider exactly how much gas and electricity you used before the price cap increase.
The idea is that you're telling your energy provider that all your energy usage before April 1 should be charged at the current rate, so before the price cap increases on April 1.
"You are drawing a line in the sand that says to them: all the energy I have used until this point should be charged at the cheap rate," explained Martin.
"Do not estimate my usage, I am locking it down so you cannot charge me any more than the amount I've actually used from 1 April onwards."
Many households are thinking about ditching their direct debits because they want more control over how much they're paying, according to Martin.
But the MoneySavingExpert warned that this may end up costing you more. It's all to do with how the price cap is calculated.
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Money Saving Expert Martin Lewis has issued a warning to millions of people who have a British passport. The ITV This Morning Expert says people need to be aware of 'hidden' fees when renewing their passport.
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Martin Lewis has outlined three top tips concerning energy bills, as households get prepared for next month's price hike. Brits are set to see their energy bills soar from 1 April, when the Ofgem price cap will rise from £1,277 will go up to £1,971 – an increase of nearly £700. Most energy firms are increasing their standard tariffs to the maximum allowed by the cap, meaning millions of households will see their bills dramatically increase.