Money expert Martin Lewis has warned Brits they need to urgently make some simple checks in order to save thousands in credit and reduce their energy bills.
The financial whizz told viewers of his Martin Lewis Money Show that millions of people in the UK could be missing out on the chance of landing a windfall.
Martin, the founder of MoneySavingExpert.com, said anyone in Britain who pays for their energy by direct debit needs to check that they are not overpaying. This is because suppliers calculate the cost of your energy usage for the coming year and split it into 12 equal payments.
But if you fail to submit meter readings regularly, the supplier’s rough calculations could end up being wrong and you could be in more credit than is necessary.
Martin said it is vital to make sure your meter reading is up to date and that it is not in any debt – and you can use an online direct debit calculator to find out if you are owed any cash.
As for your rights – if it transpires your bills are too high you have the right to demand a fair direct debit. And you should check if you are owed credit – as this could end up being hundreds or even thousands of pounds.
And furthermore, right now is the ideal time to check as we are currently at one peak in the annual cycle, and you should find you are a couple of months of DD in credit – but you must make sure to check if this is the case.
Meanwhile, it was reported this year that roughly £3billion of customer credit is being hoarded by energy firms, meaning hundreds of pounds of refunds could be due to millions of Brits.
The average yearly energy bill is now £1,717 after the energy price cap rose by 10% in October, and many families find they are paying even more than that.
