Money Saving Expert's Martin Lewis has warned households to keep their repayments how they are. Gas and electricity prices are set to soar by October 1, and Martin has warned that energy bills could go up if families change their direct debit repayments.
He says that families who are looking to change their payment plans could be affected more in the long run. According to the industry regulator, Ofgem, more than half of customers pay their bills in the form of direct debit.
On YouTube, Martin responded to a question from a Money Saving Expert reader, who asked whether she should cancel her direct debit and instead switch to paying her bill on receipt to better control her finances reports the Daily Mirror. He replied: "You will get a short term cash flow gain from switching to paying in receipt of bills.
