An appointment with a 22 year old professional working in the financial sector revealed the following.
He rents his property and had an update from his energy company saying that he owed them £600 and his monthly tarrif was going from £47/month to £169/month.
1. He can’t afford the £600 payment he’d have to make to switch to pay the debt.
2. Taking the £50/month they’ve added onto his monthly bill to pay the debt down over the next 12 months means his usage was nearer £119/month.
Companies do this, start you off on a low payment, below what you should be paying. This isn’t necessarily wrong, if, like this person, you move into a new or your first property you have no idea how much energy you’ll use, so all companies have to use the OFGEM average usage figures. If this isn’t reviewed after 3 months you could end up over or under paying for your actual usage.
It is wise to regularly review your bill, to see if you are building up a debit or credit on your energy account.
This young professional is now stuck with £169/m which will rise with each increase of the CAP. He cannot afford that.
It was therefore an easy decision to become a UW partner, to help his friends and family, to get us working with him, earning around £200/customer he can soon pay off the debt, he can become his own customer, help others too, and survive the very real cost of living squeeze.
I am sure his team will also grow as many people are in a similar position.
Andy Maile – Authorised UW Partner
07779 227 108
andy.maile@uw.partners