Martin Lewis issued a warning to anyone on Direct Debit who is planning on trying to get cheaper rates.
Speaking on ITV's Martin Lewis' Money Show Live, the financial guru explained what is going to happen on October 1 as the new energy price cap of £2,500 comes into force.
Throughout the programme, he explained how energy prices are rising but with the £2,500 price cap and £400 discount, there will be a helpful discount.
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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 expressed that 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 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'.
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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