Money Saving Expert Martin Lewis has issued an important warning to those who pay for their gas and electricity via Direct Debit.
The money expert spoke on his ITV show, Martin Lewis' Money Show Live, and explained what will happen on October 1 as the price cap comes into force. He also issued advice to those who are planning to get cheaper rates while paying via Direct Debit.
Martin warned those who pay as you go for energy will be spending around nine per cent more on average than those on Direct Debit. He also noted that he understands why some people won't use Direct Debit, but those who do are better off in the long run.
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Those who pay via Direct Debit have been told by Martin that they cannot input higher meter readings before October 1, so they can purchase more energy on the lower rate. Martin quite simply put: "No. That is fraud."
This comes as Martin Lewis labeled 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'.
This news 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'.
A new energy price guarantee has been introduced by the UK Government, and the price cap of £2,500 will keep energy prices the same for two years. This will prevent energy suppliers from raising rates until 2024, despite wholesale costs rising during this time.
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