The energy price cap dropped in October but bills are going up - Martin explains why and what action you can take
Martin Lewis has issued a warning to anyone who pays their energy bills by direct debit. Writing in the latest edition of his weely MoneySavingExpert newsletter, the consumer finance expert warned that bills are likely to be higher this year than last year - despite a drop in the price cap at the start of October.
"The loss of those six £66/£67 monthly reductions means, in total, a household with typical use will still pay more this winter than last over that period. After a year of heavy inflation, that will be hard for many." For many people your direct debit will be the same every month - through the summer and winter. This is because the energy company calculates how much your bill should be for a year and divides it by 12 - taking the same amount from your bank each month.
Martin said: "Energy rates dropped on 1 Oct, but some've still seen DDs rise. If you pay by monthly DD, enter your kWh usage from your bill into our ' Is your Direct Debit right? ' calculator to find out roughly what it should be. If too high, see how to challenge unfair DDs."
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