Martin Lewis has warned Londoners against threatening to swap suppliers and cancelling their energy bills. The Money Saving Expert founder took to social media to warn one of his followers after they said they were going to switch providers.
The Twitter follower wrote: “If all else fails threaten to switch provider. I think energy firms forget we are paying them up front for fuel as we use it when we could equally leave them to take the hit and pay when billed. They should be more appreciative!”
But Martin replied warning: “I would be very careful doing that, many would be happy to offload customers right now as most are losing money on the retail arm. Even if not, I doubt they will fight for custom.”
The financial guru has already previously warned against people stopping direct debits and only paying when the bill arrives, saying: “The fact payment in receipt of bills is higher is why those thinking of ‘ditching direct debit to just pay what I owe’ should be careful. It may benefit you in immediate cash-flow terms, but weigh that against the fact in the long-run the rates are higher so you will pay more in total.”
Meanwhile, energy providers such as British Gas, Ovo Energy, E.on, Scottish Power and EDF have also been telling customers to stick with their supplier. An E.ON spokesperson told Birmingham Live : “With energy prices at a record high, it is recommended that customers stay with their existing supplier. However, customers can sign up to receive an alert as soon as we are in a position to offer competitive fixed-price tariffs for new customers, or can call us to discuss their tariff.”
It follows the news earlier this month that the UK Government will replace the price cap with a new Energy Price Guarantee. The latest development has meant that a typical UK household will pay an average of £2,500 per year on their energy bills over the next two years.
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