Martin Lewis, founder of Money Saving Expert, has offered advice on how to tackle rising energy costs and how to apply for £140 to help pay your bills if you are struggling.
Energy prices are at an all-time high and are predicted to rise by 50% by April 2022, leaving many struggling to cover the costs and keen to save money on energy bills. Now money saving expert Martin, who has previously offered advice on universal credit, email scams, and low-income pay rises, has shared important information about rising gas prices and energy costs.
Speaking on ITV’S Money Show Live, Martin revealed how to know if you are eligible for the Warm Home discount and apply for £140 to put towards energy bill payment.
He explained, “Are you a customer of Bulb, E.on or So Energy? Their Warm Home Discounts are still open – that’s £140 towards people on low income.
“If you’re on guaranteed Pension Credit you get it automatically and you don’t need to apply, but the broader group must apply. Your electricity supplier will apply the discount to your bill by March 31, 2022. To get the discount you’ll need to stay with your supplier until it’s paid.”
An article published on Money Saving Expert’s website offers even more advice on how to cope with rising energy bills. Energy Analyst Andrew Capstick has laid out 20 ways that you can seek help, including budgeting help, boiler grants, and government fuel payment schemes.
Martin says the first thing you need to do if you’re struggling to pay is to tell your energy supplier as soon as possible, explaining, “Under rules from regulator Ofgem, your supplier has to help you – usually by negotiating a payment plan that you can afford. So don’t panic – your supply won’t be cut off.”
Suppliers will be able to offer options like a full payment plan review, affordable debt repayment plans, payment breaks, payment reductions, or more time to pay.
Capstick also explained that most suppliers offer hardship funds if you are struggling to pay or are in debt:
- British Gas Energy Trust
- EDF Energy Customer Support Fund
- E.on Energy Fund
- E.on Next Energy Fund
- Scottish Power Hardship Fund
- Ovo Energy Fund.
Anyone needing help or worrying about their energy costs can also seek free advice from charities and organisations like National Energy Action (NEA), NI Energy Advice, Citizens Advice, and National Debt Line.