Martin Lewis’s message to anyone whose energy supplier has gone bust – and what to do next

Martin Lewis has warned consumers whose energy firms have gone bust that they will pay more – but said it was still worth their previous switches to save money.

The money saving expert dedicated much of Thursday’s episode of his ITV money show to the current energy crisis.

At least 1.5 million consumers have seen their suppliers go to the wall in recent weeks after the energy sector was hit by surging global wholesale gas prices.

Some predictions for how the current crisis will pan out could see up to 30 firms cease trading.

Martin said: “Ofgem is saying you shouldn’t do anything once your firm has gone bust, just take a meter reading and then wait until the new firm takes over the supply.

“It will cost you more, it will. You’re going to move to that price cap and that price cap is going up on October 1.”

However he said customers’ previous switches to different companies had not been in vain.

He added: “Some people have said to me….was switching just pointless? Was there any need in doing this? And I think there is something I need to say to you.

“Look – we talked about if you were switching for years you will have saved. But if you were on one of those cheap tariffs and it was much cheaper, while it is very disappointing that the price is going up don’t think it wasn’t worth doing.

“If you were on one of those cheap don’t think it wasn’t worth doing.

“All you’re going to do now is move to the price cap, which is the price you would have been on if you hadn’t switched.”

Martin has advised all consumers to go online now and get their latest bill details – in case their firm goes bust.

He added: “You are going to pay more. Probably a lot more, so this is about damage limitation.”

If your supplier ceases trading, the Ofgem Safety Net means the energy regulator will automatically arrange for you to be switched to a new supplier, known as a supplier of last resort (SoLR).

The Martin Lewis Money Show is on ITV every Thursday at 8.30pm.

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