On a previous episode of ITV’s Martin Lewis Money Show Live, the founder of Money Saving Expert warned of the price hike and urged Britons who are out of contract to see if they can get a better deal. One viewer wrote in to share how they saved a huge amount by following his suggestion.
A woman named Jackie wrote: “Watched your show and finally updated my phone which was out of contract at £41 a month. Got a new deal with same services for £10 a month. Amazing!”
Mr Lewis shared a simple tip for people to find out if they are out of contract. If a person texts INFO to 85075 on their mobile phone, it should tell them if they have termination fees to leave their contract.
He warned people who do have fees may not be able to save money right now and should bide their time.
The financial journalist added: “There are actually some of you – outrageously and this should not be allowed – who got a contract with a handset and once you paid the handset off, they keep the price at the same level so you’re still paying the with-handset price even if you’re no longer using it.”
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He spoke about one deal where a person can get unlimited minutes and texts with 5GB of data for £3.40 a month. Or a person can get 15GB a month for just £4 a month.
The savings expert said: “Most people are paying so much more than that. If you want to keep your number, text PAC to 65075 on your old phone, they will send you your PAC code and you use this with your new provider as a way to keep your old number. Of course you could use this as a way to haggle with your existing provider.”
Many broadband and phone providers base their prices increases in April on the figure for inflation plus around four percent.
The latest figure for inflation is 10.5 percent meaning many billpayers may see their contracts go up 14 percent.
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Comparethemarket.com calculated household bills have gone up by £1,316 in the past 12 months, with a typical household spending £3,280 a year on their energy, care and home insurance, based on figures for November 2022.
Analysts from the group warned consumers could see their payments suddenly increase when broadband bills go up in April.
Hélène Barnes, cost of living expert at Comparethemarket, said: “Millions of households will be worried about rising costs, with many struggling to afford their regular bills and energy prices which are at their highest level in years.
“The cost of energy is set to increase further when the Energy Price Guarantee rises in April 2023.
“Most broadband, phone and TV providers are also set to raise their prices in line with inflation in April, and many households will likely face a big payment shock.
“Before these price rises are introduced, households need to check all their regular bills to see where they could save money.”
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