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Martin Lewis issues a stark warning

441 replies

GreenLunchBox · 19/07/2022 21:51

And I'm really quite scared what's going to happen 😭

twitter.com/MartinSLewis/status/1549305060320067585?t=2QJm_R-HS3gXtUUCoy_8tA&s=19

OP posts:
cakeorwine · 21/07/2022 08:44

LimboLass · 21/07/2022 08:36

The energy bills are all doubling … are you not aware of this ? It’s going to cripple us gas and electric for us will be around 400 a month

We are due to renew at the end of the month and out projections are £240 based on current usage and we have several childten. What are you doing to spend £400?

The average energy bill will be £3300 (on the price cap)

So that's about £275 a month. There are people who use more than average, depending on their house etc, so you can see how easily it could add up

FayeGovan · 21/07/2022 08:46

You're not wrong @GreenLunchBox

MibsXX · 21/07/2022 10:32

GreenLunchBox · 19/07/2022 21:51

And I'm really quite scared what's going to happen 😭

twitter.com/MartinSLewis/status/1549305060320067585?t=2QJm_R-HS3gXtUUCoy_8tA&s=19

OK call me a simpleton, but why on earth can't we all be paying a fair price for what we use, why the need for umpteen different tariffs, discounts if you're already wealthy enough to pay loads by direct debit etc?

For example, we rent, the first thing SSE asked us was how many bedrooms does your home have? We moved from 2 separate 4 bed homes to one 4 bed home, we were using the same equipment, nothing changed except location and one home less.... YET the quoted price for electricity back then was more than DOUBLE what the two previous homes cost to run per month added together!

It looked like deliberate profiteering then, and stinks of it now

Hoardasaurusterf · 21/07/2022 10:32

TheClitterati · 21/07/2022 02:31

How are we in this ridiculous situation where the price of basic household essentials is a gamble?

Fix or don't fix? And it's a gamble - so if you did fix six months ago or whenever & the prices shot through the roof and you're not affected by those price rises, someone is paying right?

I just don't understand why this is set up to be such a crazy situation. it's not making any sense to me at all.

Many on here seem confident & savvy. Happy they are getting the best deal. But how are the majority of households in the country meant to know enough to be able to deal with that? I'm an educated person, I investigate & I try to make good decisions, and I just find this insanely complicated.

There is just something so wrong about the entire situation. Not necessarily that prices are increasing but that it's increasing in such an overly complicated way.

Pick to fix & overpay now, or not to fix & pay more later. It all seems to be like gambling to me. The energy sector is guided & regulated by ofgen? Why aren't OFGEN clarifying things?

Totally agree with this! We were on a deal with Bulb which ended last July. Got a new deal with Octopus at a slightly higher tariff fixed for 2 yrs. So we are fine till July 2023 through sheer luck.
Essential services should not be a gamble. I really feel for people whose costs have risen significantly. We should all be paying the same tariff! And of course the least well off and vulnerable are likely to be most affected. Time the government protected the public rather than propping up the rich!

Babyroobs · 21/07/2022 10:36

3luckystars · 21/07/2022 08:33

It sounds like he said what Martin said, except he was just saying ‘this is what is going to happen’ too instead of reassurance or any kind of plan to help those in difficulties.

The government has just given or about to give £1000 + to low income families and £400 to every household. I doubt there is going to be much more in the pot.

GreenLunchBox · 21/07/2022 10:52

Babyroobs · 21/07/2022 10:36

The government has just given or about to give £1000 + to low income families and £400 to every household. I doubt there is going to be much more in the pot.

It's time they start properly taxing the wealthy then. Companies like Amazon who pay no tax

OP posts:
LemonSwan · 21/07/2022 11:53

Is it time for universal credit to actually be universal income?

No confusion about whether you are better off in work or not and free up the productivity of 100,000s who would love to work but can’t afford to.

Add in better childcare help to ensure families can continue working?

TheClitterati · 21/07/2022 11:56

I switched to BG from Bulb a while ago as I got a better tariff. My fix has ended so I'm on variable. I've been trying to see what fixed tariffs BG offer and have been getting "oops something went wrong" blinking messages for days now.
As I'm an exisiting customer they make me log in before quoting me & it doesn;t work.

So I can't even see what BG will offer me.

Its a huge mess.

Decafflatteplease · 21/07/2022 11:58

Really worried about this.

We were paying £125 now paying £299 and have fixed at £299 but when the fix runs out they are saying it will be £474!

TheClitterati · 21/07/2022 12:05

I currently pay £150 pcm DD (up from £64 pcm) = £1800 pa
Allowing for another 60% increase that will go up to £240pcm = £2880 pa

the cheapest fix I am getting from a comparison website is a monthly DD £374 = £4491 pa

They purport to know my annual usage.

Please can someone explain how am I better off fixing cause I'm missing something here?

TheClitterati · 21/07/2022 12:05

I'm currently on BG standard variable

BarbaraofSeville · 21/07/2022 12:15

TheClitterati · 21/07/2022 12:05

I currently pay £150 pcm DD (up from £64 pcm) = £1800 pa
Allowing for another 60% increase that will go up to £240pcm = £2880 pa

the cheapest fix I am getting from a comparison website is a monthly DD £374 = £4491 pa

They purport to know my annual usage.

Please can someone explain how am I better off fixing cause I'm missing something here?

In my Octopus account it says that there is data available for every home in the country based on historical usage and weather patterns that predicts what your usage will be.

Obviously if you moved house and had very different usage levels to the previous occupants, made deliberate attempts to reduce your consumption or changed something about the heating, hot water or cooking appliances then the data will no longer apply, but otherwise they should be making predictions based on your actual usage.

From your point of view, the most important thing to check is that different pricing (fixes vs variable) are based on the same amount of energy. Also that its comparable to your actual bills (not direct debit amounts) for the last year or two.

DD amounts don't always line up with usage very well as you could be paying off debt or have previously used up a credit. Or there could have been a time lag between the unit price going up and the DD amount catching up.

But in order to decide if that fix is worth it, you need to compare it to the standard rate that you're on now and are also likely to be on from October (expected to be 65% more than the current price).

TheClitterati · 21/07/2022 12:19

thank you - I will compare the rates once I can access BG properly.

I've no debt, have lived here 5 years, no change in usage. Our energy consumption does seem to be below average from what I read on MN & yes those quotes for DD's are always high.

All the comparision quotes show monthly rates rather than actual per unit charges. Is it possible to go on a fixed rate and the lower the DD? Its the unit price that is fixed right? Not the monthly DD?

Xfox · 21/07/2022 13:14

LimboLass · 21/07/2022 08:36

The energy bills are all doubling … are you not aware of this ? It’s going to cripple us gas and electric for us will be around 400 a month

We are due to renew at the end of the month and out projections are £240 based on current usage and we have several childten. What are you doing to spend £400?

Yes, but what tariff rates are your predictions given based on? If it's the current SVT, then come October yours will likely also be getting close to £400 pcm.

NamelessNancy · 21/07/2022 13:53

If the energy companies continue to report high profits whilst people are struggling to pay hugely increased bills there's going to be significant discontent surely?

TheClitterati · 21/07/2022 13:58

what are the chances the govt will order energy co's to do away with these ridiculous daily rate supply charges? In light of the massive rise in per unit costs & energy co profits it would make sense for pricing to be a lot more transparent.

BarbaraofSeville · 21/07/2022 14:09

But the daily standing charge is transparent. It costs money to provide the infrastructure and supply each home whether they use a little or a lot of energy.

Plus the standing charge makes up quite a small fraction of the typical bill (about £20 or so a month for G&E combined if you're on the price cap tariff). It's only really an issue if you're a very low user. For average users its about 10% of the bill, so the actual charge for the energy is far more significant.

The Government is probably keeping quiet about all this because they'll be seeing hugely inflated VAT receipts due to the higher prices, along with massively increased fuel duty income on petrol and diesel.

jgw1 · 21/07/2022 15:14

Hoardasaurusterf · 21/07/2022 10:32

Totally agree with this! We were on a deal with Bulb which ended last July. Got a new deal with Octopus at a slightly higher tariff fixed for 2 yrs. So we are fine till July 2023 through sheer luck.
Essential services should not be a gamble. I really feel for people whose costs have risen significantly. We should all be paying the same tariff! And of course the least well off and vulnerable are likely to be most affected. Time the government protected the public rather than propping up the rich!

The market always works.
Privatisation is great. The UK government is giving money to people to pay for their gas bills that goes into the French government's coffers.

NamelessNancy · 21/07/2022 17:22

jgw1 · 21/07/2022 15:14

The market always works.
Privatisation is great. The UK government is giving money to people to pay for their gas bills that goes into the French government's coffers.

Absolutely - the NHS next please! Market forces all the way.

Utterly baffling isn't it

NamelessNancy · 21/07/2022 17:23

Posted too soon... Utterly baffling making these companies work to benefit the shareholders rather than the customers.

THEDEACON · 21/07/2022 18:02

Martin for PM!

ChillyFloss · 21/07/2022 18:06

Gilmorehill · 19/07/2022 22:51

I ignored Martin Lewis’ advice not to fix earlier in the year and now at least I can budget until April 2024.

All the Martin Lewis fans on here are forgetting that he advised people NOT to fix earlier in the year. That was an expensive mistake for so many who took his advice.

Pliudev · 21/07/2022 18:10

OriginalM: I couldn't agree more. Those posters who are calling him a drama queen: could you point out which of his predictions/warnings have been unfounded? He is trying to get our useless government to focus on the problems ordinary households are facing rather than navel gazing and back slapping the worst prime minister in living memory.

Iliveonahill · 21/07/2022 18:10

ChillyFloss · 21/07/2022 18:06

All the Martin Lewis fans on here are forgetting that he advised people NOT to fix earlier in the year. That was an expensive mistake for so many who took his advice.

Some of us did fix as advised but the companies then went bust.

expensive mistake through no fault of mine.

Echobelly · 21/07/2022 18:10

Well he wasn't wrong about the last massive energy bill rise, so I see no reason he should be here, especially as the government's doing nothing about it.

We are in one of the few fortunate households that can cope, I literally do not know what others are supposed to do.

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