The Money Saving Expert issues a PSA to all those affected
As energy company Bulb goes into administration,
Martin Lewis has given some free advice to allay some customers' fears on social media and avoid them paying even more as energy prices continue to soar.
Lewis took to Twitter to inform anyone who hadn't heard that the
UK's seventh-biggest energy company officially entered special administration on Thursday November 25, as well as advise them on the next steps: essentially, don't make any, for now.
As you can see below, the 49-year-old financial journalist reassured Bulb customers that their energy supply would continue and that their existing credit is safe, going on to add that switching suppliers now could see them pay as much as "30%+ more".
https://twitter.com/MartinSLewis/status/1462764651326984195?s=20
While admitting that "details [are] sparse" at the moment - the only information we have is that Bulb will be run by administrator Teneo (a consulting firm) as
Ofgem, the UK's energy regulator, searches for companies that can take on more than 1.7 million customers - he insisted that he will be offering more information as and when it becomes available.
This comes just a few weeks after the
Money Saving Expert last warned energy customers that
switching could see them pushed off the fixed price cap and two months on from
his last crucial piece of advice as energy prices first started jumping up across the UK.
https://www.instagram.com/p/CWltAeAszrZ/
22 energy companies have already gone under since September and the spike in gas prices; the problem, in this case, is that Bulb and its customer base is significantly larger than others that have fallen to the wayside, so finding a place for all of them is more difficult than usual.
To make matters worse,
taxpayers are set to face the consequences following this collapse, as the Treasury has set aside a £1.7 billion loan which will rely on public funding in order to provide the "life-support scheme".
The most important thing is that if you are a Bulb customer, you don't need to do anything for now and won't have to worry about your energy or what you're going to pay for it as the
difficult winter gets underway.
In case you needed any more evidence that staying as you are is the right decision for the time being, even
Uswitch themselves issued a statement simply titled 'Something we never thought we'd say...' back in October.
https://twitter.com/UswitchUK/status/1443881609497808904?s=20
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