Martin Lewis warns everyone who pays the bills to do this one thing before March 31

All billpayers have been suggested to do the identical factor earlier than March 31 by cash saving skilled Martin Lewis.

Martin has stated it is vital for everyone to verify their meter readers as payments are set to extend dramatically.

Ofgem, the regulator, has confirmed it’s rising its value cap by 54% from April 1. It can see the restrict a provider can cost for every unit of gasoline and electrical energy improve, which means an increase of £693 on payments from £1,277 to £1,971.

READ MORE: Mum minimize heating invoice in half utilizing Martin Lewis tip

Martin has suggested households to take a meter studying on March 31, so you may then go to your power supplier and clarify precisely how a lot power you used earlier than the worth cap improve got here into impact, stories the Mirror.

“That way you draw a line in the sand that says to your energy firm, I’ve only used this amount at the cheaper rate,” stated the MoneySavingExpert, talking on his ITV Martin Lewis Cash Present Stay broadcast.

“Do not begin charging me extra on the upper price and estimating I take advantage of a few of it afterwards.”

He also reminded those who were on older prepayment meters to check if they could “stockpile” energy now. If you top up now, but use this energy after the price cap changes, you’ll be charged for your gas and electric at the rate that applied when you topped up, goes the theory.

But if you have a smart prepayment meter, the stockpile trick sadly won’t work, as these meters are updated remotely with the new rates on the day of a price change.

Eleven of the biggest energy suppliers – including British Gas, SSE, E.on and EDF – were contacted by MSE and only one said the stockpiling trick wouldn’t work. Scottish Power was the only provider that said the additional amount you would’ve paid under the new rates would be recovered by adding a small amount of debt to your meter at your next annual statement.

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