Energy Crisis – 100,000 join ‘don’t pay’ group - what
should you do to avoid credit rating suicide?
As energy bills 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’:
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!
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