Martin Lewis issued a warning to households who are planning on cancelling their direct debit amid soaring energy bill prices. On Friday (August 26), Ofgem announced that energy bills for 24 million households on a standard tariff will increase by 80 per cent from October.
It will take the average household bill from £1,971 per year to £3,549. The cap remains in place until December 31 when energy analysts predict it could surge again to around £5,400 in January and £7,000 in April.
For many, the possibility of facing steeper Direct Debit payments is making them consider cancelling the payment method and paying their bills directly. But in a new video released on social media and YouTube, Martin Lewis warns people that doing so may seem like a win in the short-term but long-term, there would be a higher price to pay - some £200 extra a year.
