Martin Lewis has told Bulb energy customers not to panic after the supplier went bust earlier today.
The Money Saving Expert founder advised affected energy consumers to hang tight, reassuring Bulb customers their credit is unaffected by the firm’s collapse.
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Martin tweeted a few much-needed tips in the minutes after Bulb collapsed into administration.
He wrote: “Details sparse, but don’t worry ur supply continues & almost certainly 1. [You’ll] stay on the price cap, there’s nowt meaningfully cheaper. DON’T switch or you may pay 30% more.
“2. Your credit’s safe.”
More than 1.7 million customers are affected by the collapse of the UK’s seventh largest energy firm.
Lewis explained that because of Bulb’s size, no firm is likely to take on its customers immediately – meaning it will go through the so-called Special Administration scheme.
Lewis wrote: “The Special Administration scheme likely means no firm [would] take on Bulb’s 1.7m customer book.
“While the firm goes, the brand stays run by administrator.
“The ‘special’ means they must look at consumers as well as creditors’ interest.
“In reality, for now, it’s no change for customers.”
Bulb customers should not worry about their supply, which will continue as normal for now, Money Saving Expert added in a blog post.
No fewer than 19 domestic energy firms have now failed since September due to rocketing fuel costs.
That also means consumers shouldn’t change supplier, because the new rate they’d be guaranteed would be much higher than the rate promised when they signed up with Bulb.
Customers should also not cancel their direct debit.
Lewis explained: “[Bulb] is going to continue to be your energy provider, just for now run by an administrator.
“So you will need to pay it, and Direct Debit is the cheapest way.
And Bulb customers would be wise to check their meter reading and screenshot their most recent statement, because the website is down and users might not be able to access their accounts any other way.
Lewis reminded Bulb customers not to panic.
He added: “As a Bulb customer DO NOTHING.
“In terms of switching to other suppliers DO NOTHING.”
A spokesperson for Bulb said: “We’ve decided to support Bulb being placed into special administration, which means it will continue to operate with no interruption of service or supply to members.
“If you’re a Bulb member, please don’t worry as your energy supply is secure and all credit balances are protected.”
Gillian Cooper, head of energy policy for Citizens Advice, said: “Bulb customers will be protected by the special administration process and they shouldn’t see much change to their service for now.”
Martin Lewis urges anyone claiming Universal Credit to start a help to save account
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