Martin Lewis has issued advice to Bulb customers who are moving to Octopus Energy in November and explained what will happen next.
Octopus Energy recently sealed a deal to buy Bulb, its collapsed rival which has been run with Government support for nearly a year. Over the weekend, Octopus announced it is taking on Bulb’s 1.5 million customers after the firm was placed into special administration in November 2021.
Bulb customers will not experience any disruption to their energy supplies as part of the transfer to Octopus and consumer expert Martin Lewis told viewers on his weekly ITV Money Show Live on Tuesday that credit balances will also be protected.
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He said: "You will automatically be moving to Octopus in November, now let me just be plain - your credit is safe, you do not need to cancel your Direct Debit, your supply and price won’t change because you’re on the price cap - basically, you don’t need to to do anything."
The founder of MoneySavingExpert.com also said lots of people had been asking him if this was a "decent result" for Bulb customers. He said: "In my view, Octopus has a really high customer service rating in polls I’ve done and I did a lot of research and surveys on which companies were best at transferring customers and who made it as painless as possible and Octopus came top."
But he added: "That doesn’t mean it’s great for everyone, but compared to the others, it did very well so I actually think Bulb customers have a decent result here." It is also worth noting that Bulb will continue to make the monthly Energy Bills Support Scheme payments as usual.
The £66/£67 payments and vouchers will continue to arrive in the first 10 working days of the month, whether you pay by Direct Debit or top-up a pre-pay meter. Eligible Bulb customers will also receive the Warm Home Discount as planned.
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