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I used Martin Lewis’ 5-min check and came away £1,000 a year better off – anyone with a bank account can do it
Read on to find out about some of Martin's other top tips
A WOMAN who used Martin Lewis' 5-minute check has revealed how she saved £1,000 a year.
The handy trick was posted on the money saving experts site as part of the 10 BIG MoneySaving wins from 2024.
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And the method is so simple, anyone with a bank account can do it.
Martin's team advised Brits to make sure you keep an eye on Direct Debits, standing orders and recurring payments.
While these are often a valuable tool to ensure crucial bills are paid, if you don't check them often enough you could be wasting £100s on products and services you no longer want or use.
One Martin Lewis fan was so impressed, she swore by the quick 5-min Direct Debit check which saved her heaps of money.
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Sarah, who emailed , said: "I've just reviewed my Direct Debits, prompted by MSE, & saved just over £1,000/yr.
"I used to work for a bank & assumed I'd find no savings, but the review was well worth it. Thank you."
Other big MoneySaving wins included a couple who got a water meter and now pay £16 per month instead of £60 per month - saving over £500 per year.
And another included someone who saved £1,000 per year in credit card interest using the Money Saving Expert's eligibility calculator to find a 0 per cent balance transfer.
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It comes as Martin Lewis' Money Saving Expert website explained how car finance compensation works after some drivers received unexpected payouts.
In its latest newsletter, MSE explained that some people have been receiving payments from car finance providers out of the blue.
It comes after the findings of an investigation by the Financial Conduct Authority (FCA) uncovered evidence of widespread unclear and excessive car finance costs, affecting millions of UK drivers.
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In recent weeks, it has been announced that the outcome of the investigation, which could lead to payouts worth £1,000s, has been pushed back from September 2024 to May 2025.
However, MSE said that some people have also received unexpected payouts recently which are not related to the car finance scandal.
The company was contacted by a number of drivers who were left confused after receiving automatic payments from companies including Black Horse, MotoNovo, and VW Financial Services.
Meanwhile, MSE also reported how haggling can be a great method of reducing your bills.
According to the site, the best savings typically come from changing provider, but customers who don't want to can still haggle with their existing company.
If you think your bills are too high and want to drive them down, the first thing to do is find out what the cheapest deal on the market is.
You can use this rate as a bargaining tool to get a better offer from your provider or as inspiration to switch providers.
Sites like MoneySuperMarket and Uswitch all help you customise your search based on price, speed and provider.
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If you've found a cheaper rate with another provider, get in contact with your current provider to see if they can match the price.
MoneySavingExpert.com recommends that you reach out to your network providers "disconnections" helpline as a last resort.
Haggling tips to save money
MONEYSAVINGEXPERT.COM has listed a number of other tips to boost your haggling chances:
- Timing is crucial: Haggling works best when you're near or beyond the end of your contract.
- Benchmark the best deal: It's important to have the factual arsenal at your fingertips before you pick up the phone, so do your homework.
- Use charm, chutzpah, cheek... and a smile: Aggression or anger will just put their back up and won't get you anywhere.
- Use the phrases that pay: You may find that your customer service rep will only offer a small discount at first, but if you don't agree with the price, try phrases like: "I've worked out my budget, and my absolute max is XXX...", "[EE/O2/Three/Vodafone] can do it for less," etc.
- Problems mean discounts: If you've had issues with your network in the past – for example, poor coverage or long waiting times on customer care calls – then politely tell them when you haggle.
- Don't say yes to the first offer they give: You should never go with the first offer. Chances are, it's not the best deal they can do.
- Don't fill the silence: They may push you to agree because it's a "limited-time offer", but don't feel pressured into agreeing to the new price or deal unless you're certain.
- Ask if they can throw in extras: If they won't slash the price, ask them if they can at least include any extras.
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