Should you move to a fixed tariff?
Today, 23 August 2024, Ofgem announced the latest energy price cap rise of 10% to apply from 1 October 2024. For the average typical household this will add about £149 a year to the energy bills.
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Get your meter reading in
Remember to submit a meter reading on 30th September to ensure you aren’t charged at the higher rate for any energy you use up until that date.
Experts say that prices have gone up again due to extreme weather conditions and the ongoing international political tensions.
Is it time to fix your tariff?
The days of companies offering different fixed tariffs and switching are gone because there is still too much volatility in the market. Try looking for a tariff that ties you in for only a year and is around the price of the current cap. In that way you can be sure to save on the first three months as the following three months (January-March 2025) are unlikely to drop below today’s prices.
Winter Fuel Allowance (WFA)
The Government has removed the WFA for pensioners. However it is still available for those on Pension Credit and it is currently estimated that 800,000 pensioners entitled to it have not accessed it.
You may be entitled to a pension top up if you reach certain criteria and you may get extra amounts if you have other responsibilities and costs. There are lots of different factors that are taken into account, such as savings, other benefits, whether you care for someone and whether you are disabled or have caring responsibilities. It can be complicated! So, use an online benefits calculator which will work out your entitlements. Age UK benefits calculator is free and anonymous to use.
Seek help if you think you will fall into debt
There may be access to hardship funds and grants from various organisations such as your energy supplier. You may also be able to get 60 days’ space from creditors to focus on getting debt advice and setting up a debt solution.
You can also get debt advice from Citizens Advice, StepChange and National Debtline.
Go to Turn2Us who provide information and advice on what help is available including charities that will help you pay your bills.
