Incredible Martin Lewis tip slashed £1,746 from my household bills | Personal Finance | Finance
A Brit has detailed how he significantly reduced his annual household bills by following savvy advice from financial expert Martin Lewis.
Companies like Sky, Virgin and BT regularly hike the price they charge for broadband, TV and landline packages. But Sam was able to make substantial savings on his contract charges after heeding the Money Saving Expert‘s haggling advice.
While Lewis suggests that the greatest savings can be achieved by switching providers, he also notes that customers who prefer not to switch can still achieve savings by negotiating with their current company. Sam put this theory to the test – and was able to save a whopping £1,746, after haggling with his provider.
Sam explained: “I had an email to say my contract was ending and my monthly bill would rise from £79 per month to £158 per month.”
After a phone call and some negotiation, Sam’s new monthly bill is now just £61, resulting in a saving of £1,746 over the 18-month contract. To successfully negotiate lower bills, it’s important to first determine the cheapest deal available and use this as leverage for a better deal.
According to Money Saving Expert haggling is as simple as making a phone call and asking for a better deal, reports the Daily Star. If stating that you’ve found cheaper deals elsewhere doesn’t work, threaten to leave. This usually results in being transferred to the company’s ‘hidden deals’ department.
The crucial thing to remember is that companies reserve their best deals for new customers and appreciate loyal customers who don’t check if their deal can be beaten. The guidance from Money Saving Expert is clear.
The website says “So ask yourself a question: do you want to be a customer whose business is fought for, or one who’s taken for granted? If you don’t want to be taken for granted, take the haggle challenge.”
The site emphasised that while haggling can be quite effective, it’s important to note that some deals for new customers may be too good to pass up, so it’s always wise to shop around. Key tactics in successful haggling include choosing the right time, knowing the best deal available as a benchmark, being polite, and staying persistent.
Employing “phrases that pay” can also make a significant difference. Telling a provider ‘I want to move to a new provider’ can quickly get you through to the retentions department.
Once there, using lines like ‘I need to think about it’, ‘I’ve worked out my budget and my absolute max is £X’, and ‘It’s still a lot of money’, can all be effective starting points for negotiation.
Moreover, Money Saving Expert advises customers not to accept the first offer and to resist any pressure to make a quick decision. There’s always the option to say that you need to consult with a partner or housemate before finalising any agreements.
