Martin Lewis returned to This Morning today to share his advice. The personal finance expert spoke to a viewer about what he should do now his ener
Martin Lewis returned to This Morning today to share his advice. The personal finance expert spoke to a viewer about what he should do now his energy provider has gone bust. The founder of MoneySavingExpert.com explained that he didn’t need to worry about finding a new energy provider as he will be automatically transferred to another company.
The expert added that customers should be paying the same amount they would have been previously until at least September.
He said: “You’re going to be auto-ported to EDF energy, but it is said that until at least September this year, no one will pay more than they were paying with GNE.
“GNE was already competitive… in fact, it’s saying for someone with typical use, the highest amount you’ll pay is £950 a year, which is near the bottom of the market anyway…some will be paying cheaper.
“Now that’s what it’s saying, it hasn’t produced its rate card yet which is the card we look at to see exactly how much it will be charging so that’s it saying that.
“I can’t independently verify that which I would like to do but this is a Ofgem regulator approved switch so one would presume it’s kosher in what it is saying.
“So for you and anyone else on GNE, the likelihood is that until at least September, you’re not going to be able to get a cheaper deal by switching away, so there isn’t much point in doing that.
“In fact, you can do a comparison at the moment because until it produces the rate card that you’ll be on, we can’t compare it to another tariff going forward.”
Martin explained that the rates the customer will be getting won’t be the same as existing customers are on.
These are new tariffs that will be available.
The expert added that he will update everyone when there is more information surrounding the tariff cards.
The viewer was also concerned that he would have to pay the exit fee if he were to switch in the future to another provider.
Martin said: “Under the Ofgem safety net, if you’re auto-ported to a tariff because your supplier goes bust, you cannot be automatically be locked in with the exit penalty, so you’re always free to move unless you sign up to a new specific tariff that it has asked you to change to.
“You would be free to move if you want to if these aren’t as good as it seems to be saying they are.”