Martin Lewis issues energy bill warning for anyone paying by direct debit
11 August 2022, 17:02 | Updated: 20 September 2022, 15:46
Martin Lewis reveals how much households are going to have to pay amid cost-of-living crisis
Money Saving Expert Martin Lewis is urging people to check their direct debits.
Martin Lewis has issued a warning to people who are paying for their energy bill by direct debit.
The Money Saving Expert appeared on Good Morning Britain this week to talk about the surging cost of bills over the next few months.
Ofgem’s price cap increase is set come into effect on October 1, with the latest forecast from experts at Cornwall Insight predicting that heating will hit £4,266 by January 2023.
And for those paying for their energy via direct debit, Martin, 50, warned the exact amount this could go up by.
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He explained: "Based on the current prediction, which is likely to be right with a very small margin of error, is this - for every £100 direct debit you currently pay, you will be paying £181 and in January £215."
Martin described the price hike as ‘absolutely catastrophic’, as he added: "What we're facing here is a financial emergency that risks lives."
This comes after Ofgem announced changes to how it will calculate the price cap on energy bills.
The energy regulator reviews the energy price cap every six months but this week announced it will now be four times a year.
This means Ofgem will announce the new price cap level on August 26.
Meanwhile, Martin was recently forced to apologise to Ofgem after he ‘lost his rag’ in a meeting and used a swear word.
Explaining what happened in a statement earlier this week, Martin, 50, said he was in a background meeting with Ofgem staff when he snapped and claimed energy prices are a ‘f****** disgrace’.
He went on to sat he was angry at institutions and not individual staff, calling his behaviour ‘inappropriate’.
Taking to Twitter, he wrote: “I'd like to formally apologise to the @ofgem staff for losing my rag in a background briefing just now and saying its changes are a ‘f****** disgrace that sells consumers down the river’.
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“I should've behaved better. My ire's institutional not individual, its was inappropriate…”
Explaining his anger, the financial guru continued: "I lost it when getting a briefing about today's proposals, where it feels like at every turn, in these desperate times where lives are at risk, it has ignored all asks for consumers and instead kowtowed to the industry (I hope history proves me wrong...)
“My breaking point was when hearing how instead of listening to calls to scrap its proposed market stabilisation charge, it was making it harsher to really 'stop the harmful effects of competition' Ie staggeringly its aim's to effectively STOP firms undercutting the price cap..."
Calling the cost of living crisis 'catastrophic', Martin finally pleaded with the regulator to prioritise lowering prices.
