Money Saving Expert Martin Lewis has issued an important message to anybody paying a mortgage in the UK.
08.03.2022 - 22:33 / manchestereveningnews.co.uk
Money Saving Expert Martin Lewis has warned all Brits there are three things they should do before energy prices skyrocket on April 1.
From next month, Ofgem's price cap will rise astronomically from £1,277 to £1,971, meaning many households will be plunged into debt.
Prepayment customers will be worse hit, with a jump of £708 from £1,309 to £2,017, reports the Mirror.
READ MORE:M&S slammed after announcing 'positive' change to all of its tills and checkouts
The energy price cap sets a limit on the rates a supplier can charge for each unit of gas and electricity you use and is currently reviewed twice a year.
If you’re worried about rising prices, MoneySavingExpert founder Martin Lewis has issued a new video with three things you can do now.
Martin has reminded those who are on older prepayment meters to check if they can “stockpile” energy now to beat the April price hike.
MSE 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.
Your rates shouldn’t change until the first time you top up following a price adjustment.
If you have a smart prepayment meter, this stockpile trick sadly won’t work as these 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 you'll get, even if you then use that energy in April,” he said.
“So you can extend the cheap rate we have now for longer by maxing your top-up if you can afford it - and I know not everybody on prepay can.”
MSE contacted 11 of the biggest energy suppliers - including British Gas, SSE, E.on and EDF - and only one said the stockpiling trick
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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Martin Lewis became emotional as he watched a young Ukrainian girl sing the National anthem at a charity concert in Poland. The finance expert, who filled in for Richard Madeley on Good Morning Britain, stumbled on his words as he became “distracted” by the sweet girl’s voice. Amelia went viral earlier this month as she sang 'Let it Go' from Disney’s Frozen from a make-shift bomb shelter in Ukraine, in a clip that captured hearts around the world.
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