As energy bills are predicated to reach £4,000 per household and campaigners like Martin Lewis call for government action to stave off a national crisis, 100,000 people are threatening to cancel their bank direct debit payments to companies like EDF and British Gas.

A campaign group, dontpay.co.uk, has almost 100,000 signatures of people who say they will refuse to pay their energy bills or cancel their direct debit mandate from October.

Don’t damage your credit rating

Things to remember before you cancel payment plans:

• You have a contract
• Energy companies can issue late payment notices to credit referencing agencies and forcibly enter your property to instal a pre-payment meter.
• Risk of CCJ – County Court Judgement
• Poor credit history can last for 6 years.
• If you fall behind it will be difficult to catch up and pay the debt.

Don’t Pay’s ‘plan’:

“The Plan:

It's simple: we are demanding a reduction of energy bills to an affordable level. Our leverage is that we will gather a million people to pledge not to pay if the government goes ahead with another massive hike on October 1st.

Mass non-payment is not a new idea, it happened in the UK in the late 80s and 90s, when more than 17 million people refused to pay the Poll Tax – helping bring down the government and reversing its harshest measures.”

Why this so-called plan is reckless and misleading.

Other news

US inflation drops slightly to 8.5%

Mortgage affordability rules relaxed by Bank of England

UK will fall into recession this year and inflation will hit 13% say BoE

UK interest rates hiked last week by 0.5% (biggest jump in 27 years) to 1.75%

Banks not passing on the last 5 interest rate rises to savers!

See: video  - https://youtu.be/5Z1DVXkCcfo to see what can you do to make more of your savings.

Make your money work harder for you…See: 6 Tips to get on the property ladder - https://youtu.be/F4spqKpYZo4

Learn how to get started as a first-time property buyer.

Open House South Herts is advertising property deals in the north of the UK from just £30,000 asking price with yields of between 10 and 15%. – see https://www.facebook.com/estateagentswatfordelstreeandborehamwood

A slowdown in the property market means more opportunities for buyers and investor!

Find out more about property investing.

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