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Mr Lewis, the BBC and ITV regular, spoke out on Tuesday’s 8pm show – and explained how you can avoid paying exit fees but only if you leave your fix within 50 days of signing up.
Mr Lewis, the BBC and ITV regular, spoke out on Tuesday’s 8pm show – and explained how you can avoid paying exit fees but only if you leave your fix within 50 days of signing up.
Martin Lewis has issued a 50-day warning to anyone who has fixed their energy deal. Mr Lewis, the BBC and ITV regular, spoke out on Tuesday’s 8pm show – and explained how you can avoid paying exit fees but only if you leave your fix within 50 days of signing up.
Mr Lewis, the Money Saving Expert founder, has been urging households to fix into an energy deal now, as the Ofgem price cap is set to rise again from April, as the cheapest tariffs are currently around 12% less than the April price cap.
Martin said: “A quick energy need to know if you’re on a fixed tariff or thinking of getting one. They cannot charge you early exit fees if you leave a fix within the last 50 days. So from day 49 onwards, no early exit penalties. You’re absolutely free to leave if you choose to.
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“So it’s a very good idea to work out when your fix ends and put 50 days beforehand in your diary to do a comparison to see if you can then find anything cheaper. If you can, you’re free to switch and they can’t lock you in with penalties. If you can’t, stay where you are and milk it out till the last moment.”
The annual energy bill for a household using a typical amount of gas and electricity will go up £111 a year to £1,849 from April. Regulator Ofgem increased the energy price cap because of higher wholesale costs and inflation.
The cap is set every three months and limits the amount suppliers can charge for each unit of gas and electricity, but not the total bill, so if you use more, you will pay more. It affects 22 million homes in England, Wales and Scotland.
Standing charges – fixed fees to connect to a gas and electricity supply and vary by region – are rising again for gas but dropping for electricity, but it depends on where you live.
Ofgem is suggesting households consider a fixed tariff for a bit of stability, even though there’s speculation of prices dropping in July.
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