Martin Lewis has issued a stark warning to every energy customer in the UK paying their gas and electricity bills by Direct Debit.
The consumer champion took to social media on Tuesday to advise anyone considering cancelling their energy supplier Direct Debit payments in an effort to keep their finances under control not to do so as it could actually increase their monthly outgoings.
Writing on his official Twitter and Facebook accounts, Martin said: “WARNING! Many talking about cancelling energy Direct Debits to 'keep in control' and just pay when billed.
Yet be aware that's usually charged at a HIGHER RATE.” Martin then explained the difference in price structures, depending on how you pay for your energy.“Price cap (for someone with typical use) paying byMonthly DD - £1,971Prepay meter - £2,017Quarterly bills - £2,100”Earlier this week, the founder of MoneySavingExpert.com also warned MPs about "worrying issues" over energy companies increasing customers' direct debits disproportionately to April's 54% increase to Ofgem's price cap, even for those in credit.He told the Business, Energy and Industrial Strategy (BEIS) Committee: "There is no reason to double someone's direct debit when they're in credit and the price cap is going up 54%."That's not mathematically sound and it's a breach of licence conditions.
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