MARTIN Lewis has issued a warning over the exact amount your energy bill could rise by this winter.

The MoneySavingExpert founder has given a run down of what another rise will mean for household finances.

It comes after experts at Cornwall Insight said that bills are set to soar to around £3,582 in October, before rising even further in to £4,266 in the New Year.

Speaking on Good Morning Britain, Martin said: "Based on the current prediction, which is likely to be right with a very small margin of error, is this – for every £100 direct debit you currently pay, you will be paying £181 and in January £215."

He described the price hike as "absolutely catastrophic" and criticised the government for "sitting like zombies" and not taking action.

Martin added: "What we're facing here is a financial emergency that risks lives."

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Ofgem last week announced changes to how it will calculate the price cap on energy bills going forward.

The energy regulator reviews the energy price cap – which limits how much suppliers can charge customers – every six months.

But this week it announced it will now be reviewed twice as often, meaning bills are likely to soar not just two times, but four times, a year now.

Ofgem will announce the new price cap level on August 26.

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Part of the increase in the forecast is also due to rising wholesale energy prices, experts said.

Earlier this month, Martin Lewis said there will be "exponential problems" if people stop paying their bills and the government doesn't get a handle on the situation.

The money mogul made the comment when asked on ITV's Peston show about a growing campaign calling for energy customers to stop paying their bills.

The “Don’t Pay” campaign is calling on households to stop paying bills as suppliers post record profits while an energy crisis continues.

But charities have warned households that there could be "serious consequences" if they stop paying bills.

For example, your supplier could appoint a debt collector to chase your money down.

Or a warrant could be granted which could allow your supplier to enter your home and fit a pre-payment card meter.

What help can I get to help me with my energy bills?

Unfortunately, there isn't a lot you can do to escape the rising energy prices.

As the cost of living and inflation rises, everyone is going to be affected.

However, help is available through various schemes and funds.

British Gas have a hardship fund which may mean you could loan up to £1,500 free cash towards your bills.

If you have a pre-payment meter, you could receive a one off fuel voucher. You'll need to contact your supplier directly to see what's being offered and whether you could be eligible.

The Household Support Fund will also help support families during the cost of living crisis, which provides you with cash to pay your bills or food costs.

Former chancellor Rishi Sunak revealed earlier this year that every household would receive a £400 discount towards their energy bills.

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Pensioners are also able to receive an extra £300 in November or December.

If you're struggling with your bills these organisations are here to help:

• National Debtline – 0808 808 4000
• Step Change – 0800 138 1111
• Citizens Advice – 0808 800 9060

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