Money Saving Expert founder Martin Lewis has taken to social media to share an important tip for anyone with concerns about their gas providers going bust.
The financial expert frequently shares advice on his Money Saving Expert website, as well as on ITV daytime shows such as Good Morning Britain. Ranging from the simple trick to knock thousands off your council tax bill to warning against the recent Royal Mail scam, Martin is many Brits’ go-to when it comes to discovering new ways to save and protect money. The reasons why gas prices are rising are sparking fears about the future of suppliers as people wonder what happens if their energy supplier goes bust.
In light of these rising concerns, Martin has shared a vital tip and urged the public not to panic. Posting on social media, the expert reiterated a point he’d previously made on ITV’s This Morning to those who might be attempting to check their current energy bills, only to find the websites not working.
‘I just said on @thismorning whatever energy firm you are with take a screen grab of your current bill and credit status just in case. On the back I’m having reports of websites down. Don’t panic. This is likely just an effect of lots of people trying at once’, he explained.
The Money Saving Expert website has also listed further advice and information to Brits in fear of their providers going bust. They reported on how Avro Energy and Green (not to be confused with separate supplier Green Energy) have become the latest energy providers to cease trading this month.
Whilst just two weeks ago, PFP Energy and MoneyPlus Energy both also ceased trading, with Utility Point and People’s Energy later joining them. The financial advice site founded by Martin claimed that in total, this means “just shy of 1.5 million households” have been affected by supplier failures this month.
In another post shared on the site, Martin shared that wholesale gas prices (the prices the energy providers pay) have risen fourfold in a year. Whilst he explained that because much of the UK’s electricity is gas-powered, the current crisis has also affected electricity prices, with the cheapest fixed prices now 60% costlier than they were a year ago.
With the gas and electricity prices now having risen massively, many providers such as Avro Energy have been unable to remain trading, with more predicted to follow suit over the coming weeks.
In response, Martin has also put together his own list of nine need-to-knows when it comes to helping mitigate the impact of these recent price increases upon your household.
These range from advising whether to try and secure a new, longer cheap fixed rate or stick with your existing one until it runs out, to being wary of price comparison sites that don’t automatically show deals that don’t pay them.
This is coming at a pressing time for people in the UK. Not only are some energy companies at risk of going bust but issues with supply have led to food shortages and price hikes. The new minimum wage for 2022 is also being announced in the coming weeks and furlough, put in place at the beginning of the pandemic to help those unable to work during lockdown, comes to an end.
With so much uncertainty still surrounding the UK’s gas providers, seeking out expert advice might help you to make the decision that’s right for you when it comes to your energy.