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  • FIRST POST
    • givememoney
    • By givememoney 18th Sep 19, 12:53 PM
    • 1,045Posts
    • 1,310Thanks
    givememoney
    Martin Lewis Money Show
    • #1
    • 18th Sep 19, 12:53 PM
    Martin Lewis Money Show 18th Sep 19 at 12:53 PM
    Martin is a very clever man and helps loads over people over the years.

    However, do have a bit of a quibble regarding these shows. For me they are too frenetic...can't keep up. All the people milling about is that really necessary only a couple get to ask questions. TV companies love LIVE TV why I don't know personally I'd prefer it recorded. I appreciate some of the info needs to be up to date but not to the second.

    Finding it all a bit much so think I'll pass in future
Page 1
    • pooch
    • By pooch 18th Sep 19, 1:55 PM
    • 814 Posts
    • 401 Thanks
    pooch
    • #2
    • 18th Sep 19, 1:55 PM
    • #2
    • 18th Sep 19, 1:55 PM
    I'm not sure if it was the fact it was live and he was rushing (or maybe I just mishead), but did Martin make an error when discussing energy suppliers, particularly if one goes bust?

    There was a young lady who was a student who mentioned the fear of switching to a small, relatively unknown (to her) energy supplier who she feared may later go bust.

    Martin was entirely correct in that is is not a great worry, as in such an event, the regulator Ofgem will appoint a Supplier of Last Resort (SoLR) to take over and there will be no loss of supply.
    Furthermore Ofgem aims to appoint an SoLR who will protect any customers credit balance, and to date, in 13 failures, that has always been achieved not least because Ofgem also has a safety net that allows the appointed SoLR to reclaim such costs from a general safety fund operated by Ofgem funded by a general levy on all energy suppliers. (terms and conditions apply)

    However, I'm sure Martin also said that any existing fixed term tariff would usually continue until it's planned end, despite the original supplier ceasing to trade.

    That is, sadly, generally NOT the case.

    Whilst this was an agreement that was reached with the first energy supplier to go bust over 12 months ago, I don't think any subsequent SoLR appointed has agreed to this. Generally, history has shown the SoLR tends to put those affected onto their standard variable tariff, which is often their most expensive.
    (On the odd rare occassion they have had a special tariff, but not the same as the customer was previously on)
    Moreover, SoLR tend to block switches away, or even in some cases prevent customers to switch to a better tariff with the same supplier, for several weeks until they have set up the new customers acquired - it's often much longer than they approx 3 weeks it takes to change supplier in normal situations, perhaps because the SoLR has a sudden, vast amount of new customers (maybe 10,000+) to load up, or it may be caused in part by the shambles often left behind by a failed supplier.

    The only other occassion that the new supplier agrees (so far) to retain the terms of an existing fxied tariff of another supplier is in 'pre-pack' arrangements that are agreed prior to the original supplier ceasing to trade, and so not part of the SoLR procedures.

    e.g. where It was agreed to transfer the majority of Solarplicity customers to Toto, before Solarplicity then ceased to trade and Ofgem moved the remaining few to EDF under SoLR procudure. Here, those moved to Toto before Solarplicity failed were promised the same tariff, but those moved to EDF by order of Ofgem after Solarplicity ceased to trade were not so protected.

    Similarly, in the recently announced move to Ovo of all SSE customers, they will all remain on the same tariff SSE promised until the planned end.

    Having said that, in the earlier failure of Brilliant Energy, I read that there was some attempt to move customers to Northumbria Energy before the demise of Brilliant Energy, and that would not be on the same terms.
    Although that planned, forced move seemed to be blocked somewhere (Ofgem?) and Brillant Energy then folded.
    (There was also some indication on the forums that Brilliant Energy and Northumbia Energy were not exactly independant of each other )
    When SSE took over as the SoLR, Brilliant Energy customers were placed on SSE's default variable tariff.

    So it seems it all depends on the agreement of the appointed new supplier, either under SoLR rules or prior to that by mutual agreement, as to what tariff moved customers will be on.

    Standard variable tariffs tend to be the suppliers most expensive, and particularly expensive when compared to tariffs most people are on with those suppliers who go bust (suppliers go bust for a reason), and even a month or two on them whilst a new supplier or tariff can be arranged can be quite costly by comparison.

    But customers credit tends to be safe, and continuity of supply is indeed guaranteed
    Last edited by pooch; 18-09-2019 at 2:01 PM.
    • Calpol4life
    • By Calpol4life 18th Sep 19, 2:00 PM
    • 82 Posts
    • 201 Thanks
    Calpol4life
    • #3
    • 18th Sep 19, 2:00 PM
    • #3
    • 18th Sep 19, 2:00 PM
    I find that he keeps spouting the same old stuff, over and over again.

    Anything he says isnít revelatory - and findable with 5-10 mins of research - by an absolute layman

    And that his audience, with a supposed interest in money saving, seem to be utterly clueless....

    Like the bird was getting 0.2% interest with savings of like £120 - 150k... I mean, really? Really, she didnít know how to google Ďbest interest rate for savingsí and find literally 100ís of better deals?

    Really?
    • Be Happy
    • By Be Happy 18th Sep 19, 2:19 PM
    • 1,204 Posts
    • 528 Thanks
    Be Happy
    • #4
    • 18th Sep 19, 2:19 PM
    • #4
    • 18th Sep 19, 2:19 PM
    I record the show so that I can speed through and listen to advice relevant to me, but yesterday's show was awful. Please get rid of the cheering, shrieking, shouting bystanders - they really aren't necessary. At times they even drown Martin out.

    I found the only way to watch it was to switch off the sound and rely on text.
    • pooch
    • By pooch 18th Sep 19, 2:24 PM
    • 814 Posts
    • 401 Thanks
    pooch
    • #5
    • 18th Sep 19, 2:24 PM
    • #5
    • 18th Sep 19, 2:24 PM
    I find that he keeps spouting the same old stuff, over and over again.

    Anything he says isnít revelatory - and findable with 5-10 mins of research - by an absolute layman

    And that his audience, with a supposed interest in money saving, seem to be utterly clueless....

    Like the bird was getting 0.2% interest with savings of like £120 - 150k... I mean, really? Really, she didnít know how to google Ďbest interest rate for savingsí and find literally 100ís of better deals?

    Really?
    Originally posted by Calpol4life
    Whilst I agree gnerally with what you say, and cannot argeue against the specific examples you have provided, I think to be fair the follwoing needs to be considered:

    1. I'm not sure the programnme is aimed at MSEers who probably do know most of this stuff, but at the rest of the general public.
    But if you believe 20% of Britains population (12million) receive the weekly email from MSE, you have to ask who really is watching Martin if not MSEers? How many viewers did the show actually get? I suggest far less that the alleged 12million recipients of the weekly MSE email.

    2. Whilst you can research things yourself, that does imply you always have a notion as to what to research (such as, as you correctly identify, the best savings rates)
    But there was a 'Reclaimers' feature, and people who may not know they could possibly have a claim against being overcharged Council Tax wouldn't research it; the programme may encourage some to go and research it.
    Having said that, it's been on many previous MLMS shows, so if people haven't seen it on MSE, the same viewers have probably seen it before on previous MLMS shows.
    • pooch
    • By pooch 18th Sep 19, 2:30 PM
    • 814 Posts
    • 401 Thanks
    pooch
    • #6
    • 18th Sep 19, 2:30 PM
    • #6
    • 18th Sep 19, 2:30 PM
    I record the show so that I can speed through and listen to advice relevant to me, but yesterday's show was awful. Please get rid of the cheering, shrieking, shouting bystanders - they really aren't necessary. At times they even drown Martin out.

    I found the only way to watch it was to switch off the sound and rely on text.
    Originally posted by Be Happy
    At least they've already dumped the cheering, shrieking, shouting, and totally annoying (imho), former apprentice reject, Saira Khan.

    Whilst her replacement is much more acceptable, I'm not sure she is needed either. Maybe a good opportunity for a self proclaimed MoneySavingExpert to save a bit more dough?
    Or perhaps spend the money saved on some better quality props.?
    Last edited by pooch; 18-09-2019 at 2:35 PM.
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