Martin Lewis has given a warning to anyone paying energy bills through Direct Debit, looking for a cheaper rate. It comes after the presenter hosted an ITV programme ahead of the rising energy costs.
On Martin Lewis' Money Show Live, the money expert outlined what is expected to happen on October 1. On that date, the new energy price cap of £2,500 will be set.
Edinburgh Live reports Martin Lewis demonstrated how energy costs are rising. He said the new price cap and £400 discount will come in helpful.
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He then went on to warn that those who pay as you go , on average pay around nine per cent more than those on Direct Debit. Martin said he understands why not everyone can use Direct Debit but if you can, then they are better off in the long run.
For those on Direct Debit, the money-saving expert pointed out that he has been asked if someone can input higher meter readings before October 1, therefore trying to purchase more energy on the lower rate. Quite simply, Martin warned. "No. That is fraud."
This comes as Martin Lewis labelled next week as 'Meter Reading Week' as he is urging everyone to input their meter readings before October 1 to 'draw a line in the sand'.
The new energy price guarantee has been set by the UK Government and the £2,500 price cap will freeze energy prices for two years. This will stop energy companies from raising their rates until 2024 while wholesale prices continue to rise.
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