Martin Lewis issues 50-day warning to millions with EON, Ovo, Octopus or British Gas

Finance star urged people on a fixed-tariff to remember a 50-day rule – with EON Next, OVO, Octopus, British Gas, Outfox the Market and SSE tall affected.

Martin Lewis has issued a 50-day warning to Octopus, OVO and E.On customers. The BBC Sounds and ITV star urged people on a fixed-tariff to remember a 50-day rule – with EON Next, OVO, Octopus, British Gas, Outfox the Market and SSE tall affected.

He said: “A quick energy need to know if you’re on a fixed tariff or thinking of getting one. They cannot charge you early exit fees if you leave a fix within the last 50 days. So from day 49 onwards, no early exit penalties.

“You’re absolutely free to leave if you choose to. So it’s a very good idea to work out when your fix ends and put 50 days beforehand in your diary to do a comparison to see if you can then find anything cheaper.

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“If you can, you’re free to switch and they can’t lock you in with penalties. If you can’t, stay where you are and milk it out till the last moment.”

The 52-year-old BBC and ITV star said: “If you are on a Price Cap tariff, it’s a pants cap. If you possibly can, you want to get off it, get off it quickly and fix. In simple terms, that means for every £100 of energy you pay right now, from 1 April, and through May and June, you will pay £106.40 for it.”

He added: “What should you do about it? Well, let’s do this really simply. Right now, the cheapest fixed rate tariffs are 4% below the current Price Cap. There’s the current Price Cap. But in April, that Price Cap is going up by 6.4%.

“And after April, we think in July, because wholesale rates have dropped a little bit recently, it might come down a little, but still won’t be as low as the current Price Cap. And then in October it will go up and stay around that level.

“But on the current predictions, you can fix now and save money, and you can certainly save substantially once it goes up in April. So what you want to do is do a whole of market comparison to find your cheapest fix, because your cheapest fix depends on where you live and how much you use.”