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PPI claim news: Energy bills set to fall?

Many people who have made a successful payment protection insurance (PPI) claim may have been forced to spend some of their compensation on energy bills, as the price of gas and electricity has increased sharply recently.

However, there could be a glimmer of hope for hard-up homeowners, as one power supplier - OVO Energy - has announced a reduction to its rates today (January 6th).

The firm has slashed its prices by five per cent, following in the footsteps of Co-operative Energy, which lowered its own rates by three per cent last month.

Energy expert at Tom Lyon said the fact that smaller firms are passing on savings to consumers is encouraging and the major energy providers should take note.

This is a view shared by director of energy at Consumer Focus Audrey Gallacher, who feels that the pressure is on the "Big Six" providers to make bills more affordable for customers.

"The further the wholesale price falls the greater will be the clamour for others to follow OVO's lead," she remarked.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801257360-ADNFCR

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