Martin Lewis has issued a price hike warning to anyone who pays their energy bills by direct debit.
The Money Saving Expert founder shared the warning during a regular appearance on ITV This Morning, where the cash-saving guru regularly shares financial guidance with viewers.
This week he appeared alongside hosts Dermot O’Leary and Alison Hammon.
Speaking on Wednesday’s instalment of the show he shared a warning over energy company price hikes and revealed Ofgem has found four companies who have “serious weaknesses”.
He said: “They have weaknesses in their processes, so there is action happening on direct debits.
“We would expect direct debits to go up – if it has gone up by more than 100 per cent, they are being asked to review it. So if it is you, and yours has gone up by more than 100 per cent, the company should be reviewing it.”
Ways to reduce your energy bills
Martin Lewis reveals ‘horrendous’ energy bill price hike this year
It comes after Mr Lewis revealed he “feels sick” after sharing the latest predictions for energy prices later this year.
In April energy bills rose 54% for the average household with energy bills playing a key role in the ongoing cost of living crisis crippling Brits’ finances.
“I feel sick writing this,” the Mr Lewis warned.
The cash-saving guru continued: “I’ve just got the latest price cap predictions from @CornwallInsight. A huge spike in the key year-ahead wholesale price means…
“OCT cap prediction UP 64% (so £3,244/yr on typical bills).
“JAN cap prediction UP 4% (so £3,363/yr).”
This Morning continues to air on ITV weekdays from 10am.
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