Martin Lewis has issued advice to anyone on a fixed energy deal.
The Money Saving Expert appeared on today's edition of This Morning to provide advice to viewers on the cost-of-living crisis. the finance guru predicted the UK was on the brink of a catastrophe as shock forecasts predicted bills could soar to over £5,000 next year.
However, Prime Minister Liz Truss has since announced a price cap freeze for the next two years. Energy bills will be capped at £2,500 from October 1 for the next two years.
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Energy customers will also receive the £400 cost-of-living payment so bills over the next year for customers on a typical use should be around £2,100. A common question Martin has faced throughout the cost-of-living crisis has been whether customers should move to a fixed deal or stay on a variable tariff which can change dependent on the price cap.
A number of people have contacted the finance guru to probe on what they can do if they have committed to a fixed deal based on rates calculated before the PM's price freeze was announced. Martin explained on Good Morning Britain earlier these customers should not worry.
He said: "If you're on a fix, it will either be cheaper than the new price guarantee or the same as the new price guarantee. A very few people who are paying a little bit more will be allowed to leave penalty free and be able to move to the new price guarantee."
Martin reiterated the message on This Morning and urged fixed energy deal customers to "do nothing" as he explained the government is currently finalising its policy. He said: "You will automatically get the reduction. There is no way to know if you're one of those people paying more than the price cap yet because the terms have not been settled.
"Do not call your energy company. They cannot tell you right now. Sit on your hands and wait. Your energy company will tell you when the time is and you have until November 15.
"It really is a case of do nothing now because you will be charged exit penalties now."
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