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The Martin Lewis Money Show Season 18 Episode 1
The Martin Lewis Money Show
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The Martin Lewis Money Show
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FunTranscript
00:00Thank you so much. Thank you.
00:08Hello. We're back.
00:15Tonight, I want to show you how to reboot your finances in just one hour
00:19to get them in the best shape possible for 2026.
00:23I'll focus on big and easy wins with a cost-cutting crash course
00:27for credit cards, council tax and overdrafts.
00:30Then, energy bills.
00:32They've just gone up again but should come down in April,
00:35though you can save far more if you act now.
00:38Plus, I have an important update for anyone who is already on a fixed tariff.
00:43Now, those are my bits, but also today,
00:46I want to give you as much time as possible to get in touch
00:49and ask me anything within reason inside leg 33 inches.
00:54Then, in my news you can use,
00:56are you booking a holiday?
00:58If so, I have a crucial warning for you.
01:00Sky is hiking prices,
01:02but there's an urgent window in which you can beat it.
01:05Are you a nationwide customer?
01:06You may be able to bag yourself £100.
01:09Will you get a cold weather payment?
01:12£600,000 to do them.
01:14And I've got cheap deals on train tickets,
01:16Eurostar and pizza.
01:18Now to a woman perfectly suited to this post-watershed episode.
01:22Off-air, what a pattern of potty mouth she is.
01:25It's Jeanette Quachy, everybody.
01:30Martin, I'll have you know,
01:32I don't have a potty mouth,
01:33you can...
01:34Anyway, as Martin said,
01:36this is all about your questions,
01:37so get them in quick.
01:38Send them in on X or threads,
01:40or you can use the hashtag MartinLewis.
01:43Or you can email the team,
01:43MartinLewis at ITV.com,
01:45and a huge welcome to our studio audience today.
01:49Wave those wallets, everybody!
01:52You dropped yours.
01:53We don't drop money on this programme.
01:55You've got to keep it.
01:56We are here to save you money, not to lose it.
01:58OK.
01:58We're going to kick the show off this evening
02:01with a question from our studio audience.
02:02Phil's got a question for you.
02:03Yeah, hi, thank you.
02:05With regards to balance transfers,
02:07are they worth the upfront fee,
02:09and do they impact your credit score?
02:12Well, the whole point of a balance transfer,
02:14which is when you get a new card
02:15that pays off the debt on old cards for you,
02:18so you owe the new card the money at a cheaper rate,
02:20is to cut the interest you're paying.
02:22And the interest that you'll pay,
02:23if it's not at 0%,
02:25is vastly more than the fee.
02:26So, yes, it's worth it.
02:28I mean, are you paying interest on a card at the moment?
02:30No, because I pay my cards off in full.
02:32Well, which is perfect,
02:33but for those who want balance transfers, absolutely.
02:36In fact, instead of answering you,
02:38let me get on with this.
02:39Yeah.
02:42Because I'm going straight into that.
02:43Look, most important message,
02:45if you can't afford to fully clear
02:47your credit and store cards,
02:49then you cannot afford not to try and see
02:52if you can get a balance transfer card at 0%.
02:54A couple of rules before we start.
02:56First of all, to protect your credit worthiness,
02:59you should use an eligibility calculator.
03:01Now, individual sites have them,
03:03but you'll be better on a comparison site.
03:05What happens is you go into it,
03:06it does a soft search,
03:07so it doesn't affect your credit worthiness,
03:09and then it will tell you
03:10which of the top cards you're most likely to get,
03:13so you can home in on the one you'll be accepted for,
03:16minimising applications protecting your credit score.
03:19Rule number two,
03:20they have a one-off fee,
03:21which is what you're talking about.
03:23So if it's 3%,
03:24that's £30 per £1,000 that you pay.
03:26You want to go for the card with the lowest fee,
03:30but in the time you're sure that you can pay it off.
03:33If you're not sure, go long.
03:35So I've picked five cards at the moment,
03:38which will give you an example.
03:39Now, the real thing to notice here
03:40is whether they're up-tos in blue or definites.
03:44If they're up-to,
03:45that means even if you're accepted,
03:47some customers won't get the full headline rate.
03:51They will get a shorter rate,
03:52and they may have a higher fee.
03:54So if you're not getting very good chance...
03:57So let me move on, let me explain,
03:58and then I'll come back to that in a minute.
03:59First one back, see?
04:00I almost lost where I was.
04:01So the top card, the longest card at the moment,
04:03is up to 38 months 0% with TSB
04:05with a 3.49% fee.
04:07Barclay card is a definite 36 months 0%,
04:103.45% fee.
04:12So if you had good chances of getting Barclay card,
04:16you would know you're getting 36 months.
04:19Good chances of getting TSB,
04:20you might not get the full 38 months.
04:23Also worth noting,
04:24if you're transferring over £2,500,
04:26you get £20 cash back on this one,
04:28which effectively reduces the fee on £2,500
04:31to around 2.6%, so it's a lower fee.
04:33My next pick card is another definite.
04:35Why did I pick this one?
04:37Because there are some of the longer cards.
04:38Well, it's definite,
04:40and for a long card,
04:41it's got a lower fee at 2.95%.
04:44Still better off in Barclay card
04:45if you're transferring over £2,500,
04:47but under £2,500, this one will win.
04:49Then I'm going to the other end.
04:50Because if you can repay quickly,
04:53you want to go for a no-fee card.
04:56So then there's absolutely no cost whatsoever.
04:59Longest no-fee is Barclay card up to 14 months 0%,
05:02but some accepted customers only get 7 months 0%.
05:07So if you find that you've got good chances of virgin money,
05:10if you're accepted there,
05:12you will definitely get one year's 0% balance transfer at no fee.
05:18As I say, if you're not sure, longer is safer.
05:21If you know you can definitely pay it off, go shorter.
05:23Now, what some people will say, of course,
05:25is, yeah, that's all very well,
05:26but I never get accepted for these things.
05:27Well, always use an eligibility calculator,
05:29because that will show you,
05:30and the good ones will include poorer credit history cards.
05:33Now, these mean some people who've had past defaults
05:36or county court judgments against them,
05:38if your recent history is a bit better, may be accepted.
05:41Capital One, Vanquist has one, just to give you ideas.
05:44The 0% shorter than the longest cards,
05:46and the fee's a bit higher,
05:48but they will still save you money.
05:49My biggest warning, though, is the go-to rate.
05:53All of these are 24.9% rep APR,
05:56so when the 0% ends, you're going to be paying 24.9%.
05:59You don't want to get to that.
06:00You want it to be clear by then.
06:01That's what you're paying.
06:02These cards have a higher go-to rate.
06:05So what I would say to you is check the go-to rate
06:09of the balance transfer card,
06:11and check your current rate.
06:13If your current rate is lower,
06:15only shift debt you're sure you can repay in the 0% period.
06:18If your current rate is the same or higher,
06:20well, you can shift it all,
06:21because you're not going to be losing anyway.
06:23And just some golden rules.
06:24This is a crash course.
06:25I'm going quick today.
06:27Always follow the balance transfer golden rules.
06:29First, never miss the minimum monthly repayment,
06:32or you could lose your 0%.
06:33You've got to pay it.
06:34Set up a direct debit.
06:35You do not want that.
06:36You know, you get 30 months,
06:37and then suddenly it's gone after two months
06:39because you missed the payment.
06:41Aim to clear the card before the 0% ends,
06:43or the rate will rock it.
06:45If you haven't done that,
06:46you want to do another balance transfer just before it ends.
06:48It's on to another 0% card.
06:50Do not spend or withdraw cash.
06:52They are generally not at the cheap rate.
06:55In fact, this is all about discipline.
06:56You could even get the card,
06:58put it in a bowl of water,
06:59and put it in your freezer
07:00so that you never use it without having to smash it,
07:03which should prevent you,
07:04because that will really mess you up if you do that.
07:06And finally,
07:07you need to do the balance transfer at application,
07:10or some cards will let you do it within 60 to 90 days,
07:13but check so you don't miss out.
07:15And those are the golden rules,
07:16and that's how you do it.
07:17Yeah, we've had lots of people
07:18who've got in touch actually
07:19with big balance transfer successes,
07:21but I did want to choose somebody
07:22who hasn't got the best credit
07:24to show that this can be done.
07:25It's coming from Mary.
07:27And she says,
07:27I took your advice
07:28and I checked 0% eligibility
07:29and was accepted for six months 0% card.
07:33The credit score is poor,
07:34but after six months,
07:35I can look around again.
07:36And after keeping up with my payments,
07:38my score might improve.
07:39I feel so much better.
07:43I mean,
07:44that's very rewarding,
07:46and it is a message for anyone
07:47not to give up
07:48and not to think
07:48that you've been rejected by one card.
07:50It means others will be.
07:51Use the eligibility calculator.
07:52But it goes back to my original saying,
07:54if you can't afford
07:55to fully clear your credit and store cards,
07:57and you're paying interest on them,
07:59then you can't afford not to check
08:01if you can get a 0% balance transfer.
08:03OK, I'm going to move on
08:05to a different subject now.
08:07Here we go.
08:08It's a couple of council tax cost-cutting checks.
08:11Easy for me to say.
08:12Bills are likely to rise again
08:14for most people by 5%.
08:16That's capped in England.
08:18It can be higher in Scotland and Wales.
08:19There's no cap there this April.
08:20So sorting it sooner is best.
08:21And in fact,
08:22they're changing the formula
08:24of central government funding,
08:26which means some council
08:27will get more,
08:28some will get less.
08:28And they may change the rules
08:29so they allow some councils
08:31to go higher than the cap
08:32coming in April.
08:33But that's supposition.
08:34I don't know whether
08:35that's happening or not.
08:36But either way,
08:37let's go through the key things.
08:39The first thing is,
08:41is your property
08:42in the wrong council tax bands?
08:45Specifically,
08:46is it in too high a band?
08:47Up to 400,000 homes,
08:50especially in England
08:51and Scotland, maybe.
08:52Now, to show you how important this is...
08:54Yeah, just before you get into this,
08:55this is coming from Ian, actually.
08:56And he's saying,
08:57after watching your programme,
08:58I decided to question
08:59my council tax banding
09:01and asked to be reassessed.
09:02After living in my current house
09:04and paying band D since 1994,
09:06they finally changed it to band C
09:08and I received just short
09:09of £6,000.
09:11What I was saying?
09:13So, that's why I'm doing this.
09:17If your council tax band is reduced,
09:20not only do you pay less in future,
09:22but you get a backdated payout
09:24from the day that you moved in
09:26or 1993, whichever is later.
09:30£6,000 is middling
09:32for the successes I get.
09:33I've seen £10,000, £11,000, £12,000.
09:36This is very important to do.
09:37Now, I've done a full programme on this.
09:39I'm only doing this briefly
09:40just to whet your appetite
09:41to go and look it up
09:42and do it a little bit more.
09:43But I've got two checks.
09:44I invented this system back in 2007.
09:46My first check is the neighbours' check.
09:48Compare your band to neighbours
09:49in similar or preferably identical homes.
09:52Now, you don't have to ask them.
09:53In England and Wales,
09:54you go to gov.uk.
09:55In Scotland, you go to saa.gov.uk.
09:57If your house is in a higher band
09:59than people in identical homes,
10:01you may be in too higher band.
10:03Equally, they may be in too lower band,
10:06which is what the second check
10:07helps you realise.
10:08That's the valuation check.
10:10Council tax bands are based
10:11on property values in 1991,
10:13so you need to find out
10:15what your property is worth
10:16or similar properties are worth
10:17from sales data
10:18and convert it into 1991.
10:20Sounds complicated,
10:21but there are free online tools
10:23that will do this for you.
10:25Then only consider challenging
10:27if you pass both of the checks
10:30because otherwise you could ask
10:32and they could put your neighbour's band up
10:34and they won't like you very much
10:35if that happens.
10:38Look, I need to be honest.
10:40If you're going to be challenging,
10:41you need to go and read
10:42the free information that's online.
10:43You can work out
10:44where there are good resources
10:45that will help you through
10:45this step-by-step
10:46and take you through what to do.
10:48This is not a short process.
10:50My final challenge tip, though,
10:52is in England and Wales,
10:54go onto gov.uk
10:55and check your property attribute details,
10:58your PAD.
10:59Now, that lists
11:00what the Valuation Office Agency
11:02thinks it knows about your house.
11:04And if that's wrong,
11:05that becomes strong evidence
11:07of why you're in the wrong band.
11:09Also, if you live in a house
11:11worth over about 1.75 million quid,
11:14which could be due
11:15to that future mansion tax,
11:16the council tax surcharge,
11:18well, I have a suspicion,
11:19we don't know yet,
11:20that it's your property attribute details
11:22will be a core part of assessing you.
11:24So you might want to go
11:24and check that now anyway,
11:26just to see if you're in the right band.
11:27Now, moving different tack,
11:31do you qualify for hundreds of pounds
11:33of council tax discounts?
11:34Now, this is a graphic
11:35I did on a previous show.
11:37I'm not going to go through it in detail,
11:38but I just want to give you an idea.
11:40The real key is
11:41how many qualifying adults
11:44live in your house.
11:46An adult is someone aged 18 plus,
11:49but, so not an under 18,
11:50full-time students do not count,
11:54they're disregarded,
11:55and someone with a severe mental impairment,
11:58which is severe lack of functioning
12:01of intelligence and social functioning,
12:02which appears to be permanent.
12:04They also have to be on some benefits.
12:05It's complicated rules to go through.
12:07It's not talked about often enough,
12:09but they can also be discounted
12:11for council tax purposes.
12:13So, how does it work?
12:15Well, if there's only one adult,
12:16someone living by themselves,
12:17you get 25% off.
12:18Someone living by themselves
12:19with under 18,
12:20you get 25% off.
12:21Someone living by themselves
12:22with a full-time student,
12:23you get 25% off.
12:24Someone living by themselves
12:25with someone with an SMI,
12:26you get 25% off,
12:27because you're the only qualifying adult.
12:29If there are two adults,
12:30regardless of the house you're living with,
12:32you're always paying 100%.
12:33If the whole household
12:35is discounted,
12:37full-time students
12:38would be the obvious one.
12:39You don't pay any council tax.
12:41And then there's this one here,
12:42which is SMI and care,
12:43which is 50% off.
12:45But carers...
12:46Just to say something briefly on this,
12:48I'm going to be doing more about this
12:49in the coming weeks.
12:51If you care for someone
12:53over 35 hours a week,
12:55unpaid,
12:56and that person is not your spouse
12:57or an under 18,
12:58could be your brother or sister,
12:59could be an aged parent,
13:00could be an adult child,
13:02then you may be entitled,
13:04depending if they're on certain benefits,
13:07to the carer's discount.
13:09Many councils' websites
13:11do not provide
13:12the correct qualification information.
13:14So don't read your councils' website.
13:16Go to Carers UK
13:17and read their information
13:19if you're a carer
13:20and that rings about
13:21whether you might be eligible or not.
13:23OK.
13:23Right.
13:24We're going to move on
13:24to a different topic now,
13:26Martin, if that's OK.
13:26I've got this question
13:27that's come in from Ryan.
13:29Now, Ryan's saying,
13:29I have a 2K overdraft
13:30on a debit card
13:31which is carried over
13:32from my student days.
13:33When I was a student,
13:34it was interest-free,
13:35but now I'm paying
13:36approximately £50 a month
13:38in overdraft fees.
13:40What's my best option
13:40and would I be able
13:41to get a credit balance transfer?
13:43What?
13:44What?
13:44Warning, warning, warning!
13:47Overdrafts are a danger debt.
13:49Of mainstream borrowing,
13:51overdrafts are by far
13:52the most expensive.
13:53The typical overdraft rate
13:54in this country is 40%.
13:55That is nearly getting on
13:58for double a credit card.
14:00This is where I'm going next.
14:01So absolutely,
14:02we'll talk about
14:03a balance transfer in a moment.
14:04Let's get on to my overdraft lift
14:05at the moment.
14:06If you even dip in your overdraft,
14:07you do not want to do that.
14:08It's dangerous.
14:09People say,
14:10oh, credit cards, good.
14:12Debit cards, bad.
14:13But debit cards are debt cards too
14:15if you're overdrawn
14:15and they are worse than credit cards.
14:17They are more expensive.
14:18So much so.
14:19Anyone got an overdraft
14:20in here on credit cards?
14:21Be honest.
14:22There was someone I saw looking
14:23who I thought might do
14:24but I think they're keeping
14:25their hand down.
14:25But we'll move on.
14:27You know who you are.
14:28So look, what people do
14:29is they pay off their credit card
14:30from their overdraft
14:31but the overdraft's
14:32the more expensive debt.
14:33You want to minimise
14:34the payments on your credit card
14:35and maximise getting rid
14:37of your overdraft.
14:37So, what do you do?
14:39Well, first of all,
14:39if you've got a relatively
14:40small overdraft,
14:41first direct new switchers
14:42so this isn't for Ryan,
14:43I'm afraid.
14:44Or you might try it.
14:45You get £375 for switching
14:47if you can switch across
14:48when you're new to it,
14:49check the eligibility conditions
14:50and most get an ongoing
14:51£250 0% overdraft.
14:53So think about this.
14:54You're £400 overdrawn.
14:55Get £175 free cash
14:57so you're £225 overdrawn.
14:59The rest is at 0%.
15:00You can see how it could work
15:01and make a big change for you.
15:03Now, what?
15:03It won't move your overdraft
15:05for you.
15:05So what actually happens
15:06is you get the new account,
15:07you have your overdraft
15:08at the old bank.
15:08The old bank says,
15:09if you pay it off,
15:10we can close it
15:11or sometimes they'll say
15:12you can pay it off
15:12over six or seven months.
15:13So you take the money
15:14from the new account,
15:15you've paid it off yourself
15:16and old payments
15:17into that account
15:17you'll have to shift for yourself.
15:18But it can work really well.
15:20I should mention,
15:20because it launched today,
15:21Club Lloyds,
15:22which gives switchers
15:23more money,
15:23£250,
15:24but the overdraft
15:26is just a buffer zone
15:27of £100 at 0%.
15:28But still,
15:28that might work
15:29if you're in a very small overdraft.
15:30This is probably better
15:32for Ryan
15:33because he's got
15:33a bigger overdraft
15:34and that's not good,
15:36that £50 a month.
15:37That's eating a lot
15:37of his disposable income.
15:39So,
15:41if you pass the credit score,
15:42you may be able
15:43to shift your overdraft
15:44to a money transfer credit card.
15:46It's a bit like
15:47a balance transfer,
15:48but here you get
15:49a new card,
15:50pays money into
15:51your bank account for you,
15:53so you now owe
15:54the credit card
15:54the money that's
15:55in your bank account
15:55and you use that
15:56to clear the overdraft off.
15:57There are very few
15:58of these cards.
15:59Make sure you do
16:00your reading
16:00before you do them
16:01because many
16:01that look like this aren't.
16:03Tesco is the longest.
16:04It's not that long.
16:0514 months, 0%
16:05with a 3.99% fee.
16:08If you're financially disciplined,
16:10I have another route,
16:11but this is only for people
16:12who can go to a recipe
16:14and follow
16:15and won't spend on impulse.
16:170% spending cards,
16:20borrowing cards,
16:21can be up to 25 months,
16:220% with no fee.
16:23And you don't like the fee,
16:24do you?
16:25No way.
16:26So here's what
16:27you could do.
16:27You could get
16:28a 0% spending card.
16:29You could use that
16:30for all your normal spending,
16:33right,
16:33just paying the minimum repayments.
16:35And because you're spending
16:36on the card
16:37rather than your bank account,
16:38your income goes
16:39into your bank account
16:40and pays off your overdraft.
16:41So now, effectively,
16:43you've shifted
16:44your overdraft,
16:45once your overdraft's clear,
16:45stop doing this,
16:46onto the 0% credit card
16:48at absolutely no cost.
16:49Why financially disciplined?
16:51Because if you start going,
16:52hey, I've got all this extra credit,
16:53I'm going to go and buy,
16:53it's going to mess you up terribly.
16:55So if you don't have financial self-control,
16:57that one isn't for you.
16:58But it is a technique.
16:59You know,
17:00a young man like Ryan
17:01who's come out of university
17:01might be able to do the discipline
17:02rather than having a big wide scale of debts.
17:04It might well work for him.
17:06Final point,
17:06and Brian,
17:07really important,
17:07your overdraft is a debt.
17:09It is a debt.
17:10Treat it like a debt.
17:11Like any debt,
17:12you want to repay it.
17:13So repaying £100 a month
17:15on an overdraft means
17:15I end this month
17:16with £2,000 overdrawn.
17:18Next month,
17:19I do a budget
17:19and make sure I'm only £1,900.
17:21The month after,
17:22only £1,800.
17:23Final tip,
17:25shift your direct debits
17:26if you can.
17:27You can't always
17:27to a day or two
17:28before payday.
17:29That way,
17:30you won't be overdrawn
17:31as heavily
17:31for as long
17:32in the month.
17:34Ah, very good.
17:35OK, so...
17:36Yeah, makes sense?
17:36Yeah.
17:37Those are three of your big topics.
17:39I know you're doing energy
17:40a bit later.
17:40Yeah, that's a big one.
17:40We're doing a whole part
17:41on that lately.
17:42Yes.
17:42But it's time for the audience now
17:44to set the agenda.
17:44So let's start again
17:46with the audience in the room.
17:47Phil, you've got another question.
17:47Two questions?
17:48Two questions.
17:49What's going on?
17:50Happy New Year.
17:51Come on.
17:51Bog off, Phil.
17:53I wasn't saying bog off.
17:54I mean...
17:54Lovely.
17:57Is now a good time
17:59to lock in
18:00a fixed rate on savings
18:01with interest rates
18:02forecasted to go down
18:03this year?
18:05So you're right.
18:06Currently,
18:07the Bank of England
18:07base rate is 3.75%.
18:09I was talking to an economist
18:11about this the other day
18:12and they were predicting
18:12by the end of the year
18:13it'll be at 3%.
18:14They don't know.
18:14They're just predicting.
18:15So we look like
18:16there's some rate cuts to come.
18:18Top Easy Access savings
18:19at the moment is
18:20for newbies
18:21is Chase at 4.5%
18:23which is pretty decent.
18:25The top one-year fix
18:26is Chetworth at
18:284.28%
18:30and the other fixes
18:31are about the same.
18:32So Easy Access
18:33is slightly more
18:34but if that rate comes down
18:35unless it's doing it
18:36for competitive advantage
18:37it will go below.
18:38Now,
18:39the rate that the fixes
18:40are set at the moment
18:41the top fixes
18:42does factor in
18:43future interest rate predictions
18:45so that already
18:46those cuts
18:46will be in a little bit
18:48but not fully.
18:49So the answer is
18:50if it goes like predicted
18:52then yes
18:53this looks a decent time
18:54to fix for surety
18:55as long as you can
18:56lock the money away
18:57but there's no guarantee
18:58it will go as predicted
18:59but I've seen much worse
19:00times to fix.
19:01I will phrase it that way.
19:02Of course,
19:02if you're putting money away
19:03for the long term
19:03investing could do you
19:04even better.
19:06Thanks for your questions.
19:07There's a lady
19:07going like that behind you
19:08so I stopped.
19:08You've got a poll for us
19:12this evening haven't you?
19:13I do indeed.
19:14Yes.
19:14So,
19:16how competent
19:17do you feel
19:17to look after
19:18your household finances?
19:20Are you good at budgeting?
19:21Are you good
19:22at getting the best products?
19:23Are you good at both?
19:24Are you good at neither?
19:25The vote is live
19:26on X right now
19:27and I'd also
19:28really like you
19:29to tell me
19:29what do you think
19:31would help you improve?
19:32What are you missing
19:33if you're not that good?
19:34Comments with that
19:35use the hashtag
19:36Martin Lewis
19:36and we'll have a look
19:37at the poll later
19:38in the show.
19:38Awesome.
19:39Thank you very much.
19:40Well, next is over
19:41to you with your questions.
19:42What else would you
19:42like to know?
19:43Now's the time
19:44to send them in.
19:45We'll see you in four.
20:00Welcome back
20:01to our financial reboot
20:02for 2026.
20:03Now, just a couple
20:04of notes for you.
20:04I'm hearing that
20:05as always happens
20:06when I do my council
20:07tax check and challenge
20:08system.
20:09The council tax
20:10website is struggling
20:11to check your balance.
20:13This is good.
20:14It means people
20:15are being active.
20:15Another note,
20:16I realise it's
20:17actually called
20:18Chet Wood Bank
20:19and I said
20:20Chet Worth Bank
20:21because I've always
20:22got value on my mind.
20:22Wow.
20:24Jeanette.
20:25We have had so many
20:26questions coming.
20:27I do want to try
20:28and get through
20:28as many as we can.
20:29So to start us off,
20:30let's go to Morticia.
20:32Now, Morticia's asking,
20:33we've just received
20:34our water bill.
20:35Morticia?
20:36Yeah, Morticia.
20:37Oh, no.
20:38She's probably heard
20:39that so many times.
20:40I wish I hadn't done it.
20:40I'm sorry.
20:41I don't even know
20:41at this point.
20:42Right.
20:42I've just received
20:43our water bill
20:43and what a shock.
20:45£195 more
20:46than last year.
20:48We simply can't afford it.
20:49We're paying £595 now.
20:52It's £787.
20:53There are just two of us
20:54in a two-bedroom home.
20:56Would it be cheaper
20:56to have a water meter?
20:58Well, assuming that you are
20:59in England and Wales,
21:01in Scotland and Northern Ireland,
21:02Northern Ireland doesn't have
21:03water bills in that way,
21:04but in Scotland
21:05it works differently.
21:06My rule of thumb is always
21:07if there are more
21:08or the same number
21:09of bedrooms in your house
21:10than people,
21:12you should check
21:12if a water meter
21:13is right for you.
21:13So you've got two bedrooms,
21:15two people,
21:16more or the same,
21:17you should check.
21:18How would I check?
21:19The Consumer Council
21:20for Waters website
21:22has a calculator.
21:23Now, just to put this
21:24in perspective,
21:24I have people
21:25who move to water meters
21:26and they suddenly find,
21:28especially if you're not
21:28the type of person
21:29to have a bath every night
21:30and he's got everything on,
21:31that they're saving
21:32£200, £300, £400 a time.
21:34If it's not right for you,
21:35with some water companies,
21:37I don't know who you're with,
21:38you can normally move back
21:39within a year
21:40to your water bills
21:41as long as you weren't
21:41put on a compulsory meter,
21:43which is a different matter.
21:43It's about voluntarily going.
21:45But you would check that first.
21:47So the savings could be
21:48really quite substantial.
21:50Of course,
21:50once you do it,
21:52then you want to go
21:52as frugal as you can
21:53with your water
21:54in a way that doesn't
21:54affect your life.
21:55So if you're one of those people
21:56who brushes their teeth,
21:57shh, you want to...
21:59shh, shh, shh, shh.
22:01No words,
22:02you knew what I meant.
22:05Rachel has been in touch.
22:07Now, Rachel's asking,
22:08it's a big question,
22:09if you had to prioritise,
22:11which would you sort first?
22:13Would you do your will
22:14or power of attorney,
22:15et cetera,
22:15or your pensions,
22:17tax, inheritance,
22:18and why?
22:19That is a tough one.
22:22So first of all,
22:23I'd say,
22:23we'll take inheritance
22:24for a second.
22:25Only about 6% to 8%
22:27of the population,
22:28their estates,
22:28pay inheritance tax.
22:29It's something
22:30far more people worry about
22:31than actually affects them.
22:32If you're married
22:33and you're leaving your property
22:34to one of your descendants,
22:35then do it right
22:36and you can leave
22:37up to a million pounds
22:38with no inheritance tax.
22:38If you're not married,
22:39it's £500,000.
22:40So that might not even be
22:41an issue for you
22:42in the first place.
22:43It isn't for many people.
22:43Do some more reading on that.
22:45Otherwise,
22:46I mean, of course,
22:46I would say all of them
22:47are important.
22:48And what I would say
22:49to any of you
22:49thinking about
22:50if you haven't got sorted
22:51through your bills
22:51or any of these things,
22:52take a day off work.
22:53What?
22:54Take a day off work.
22:55Why?
22:55Well, look,
22:56many people when I do
22:57a money makeover
22:58save over a grand a year.
22:59Now, a grand a year,
23:01we do 250 working days
23:02during the year.
23:03So 250 times a grand
23:04is £250,000.
23:05To earn £250,000 after tax,
23:07you'd have to earn
23:08£450,000 before tax.
23:10If you earn more than
23:10£450,000,
23:12don't take a day off work.
23:13For everyone else,
23:14it may be worth
23:16taking a day off work
23:17to sort out your finances.
23:18OK, so which one,
23:19Martin, please?
23:20Oh, I thought
23:20I got away with it.
23:22Honestly,
23:24power of attorney
23:24for a very important reason.
23:27Power of attorney says
23:27if I were to lose
23:28my faculties,
23:30then I will nominate
23:31other people
23:32who can look after
23:32my finances
23:33and my health
23:33and wellbeing for me.
23:35I've had a power of attorney
23:36for 15 years
23:36even though I've got
23:37no foreseeability
23:38of losing my faculties.
23:39If you don't have a power
23:40of attorney in place
23:41and you were to have
23:42an accident tomorrow
23:43so you couldn't look
23:43after yourself
23:44when new faculties are gone
23:45or a severe stroke
23:46and you're a young person
23:47because people think
23:47it's only for old people,
23:48it's not.
23:49Then it is frankly
23:51a nightmare
23:52to go through the process
23:54of someone else
23:55trying to take over
23:55your finances.
23:56Meanwhile,
23:57they may not be able
23:58to pay your mortgage for you
23:59or pay for any treatments for you
24:00or pay for anything you need.
24:02If you die,
24:03intestate rules mean
24:03it will probably go
24:04to those people you love.
24:05Your pension,
24:06you'll hopefully work out.
24:07Sorting out tax,
24:08it's important
24:09but your power of attorney
24:11is the one that tomorrow,
24:13if you haven't got one,
24:14God forbid,
24:16you could really need.
24:17So that's the one I'd do first.
24:18OK, hopefully that's helpful, Rachel.
24:20Now, this question's coming from Mandy.
24:22Quite a tough one, Martin.
24:23She's asking,
24:24I booked flights
24:25on my credit card in August
24:26to fly to Australia
24:27at Christmas to see our son.
24:29Unfortunately,
24:30my husband had a heart attack.
24:31So we needed to cancel the flights.
24:34The agent said,
24:35it's non-refundable.
24:36Can I claim it back
24:37through the credit card company?
24:40No.
24:41Oh.
24:42So look,
24:43when I talk about Section 75
24:44being very valuable extra protection,
24:46sometimes it breaks
24:47if you buy through a travel agent.
24:48Sounds like you didn't.
24:49What Section 75 does
24:50is it says,
24:51with the credit card company,
24:53you get mirrored rights
24:54that you would with the retailer.
24:56You get the same rights.
24:59Look,
24:59I'm going to use a horrible analogy
25:00but to try and explain it to you.
25:02There's nothing faulty
25:03about your flights,
25:05right?
25:05If I bought a tennis racket
25:07and broke my arm the next day,
25:10I couldn't take my tennis racket back
25:11saying it's faulty.
25:12It's my arm that's faulty.
25:14The flights were still available.
25:16They're not faulty.
25:17You don't have any consumer rights
25:18to get your money back
25:19on non-refundable.
25:20That's what travel insurance is for.
25:23That's who you go to.
25:24Now, you could speak
25:25to the credit card company.
25:26There might be some purchase protection
25:27that would help you.
25:27There occasionally are
25:28but generally not.
25:30Can I bring that first
25:31news you can use graphic now?
25:32Have you got it?
25:33Okay.
25:34All right.
25:34Give you a second.
25:36All right.
25:36I was doing this later.
25:37I was coming to this.
25:39My big travel insurance rule,
25:41many people are booking holidays.
25:42January is the big booking month,
25:43is to get it ASAB,
25:46as soon as you booked.
25:48If you've booked
25:49and you don't have it yet,
25:50do it now.
25:50And the reason is simple.
25:52If something happens
25:53before you go away
25:54that stops you going away,
25:57travel insurance,
25:58that's half of what
25:59you're buying it for.
26:00So if you don't do it,
26:02people book the holiday
26:02and then four months later
26:03they get it
26:04and something happens
26:04in the meantime.
26:05You're giving away
26:06half the value
26:06of the travel insurance
26:07and you're not protected.
26:08Mandy, I hope so much
26:09you've got travel insurance.
26:10Speak to your travel insurance.
26:11Ask the credit card
26:12but it's very unlikely.
26:14Now what people always ask me
26:15when I do this,
26:15this is all coming in my news
26:16you can use
26:16but I'm doing it early.
26:17Hey, we're nothing
26:18if not flexible.
26:20What counts
26:21as soon as you book?
26:23I always get asked this.
26:24If it's a single trip policy,
26:25it's simple.
26:26You get the insurance now.
26:28For the date,
26:28you're going away
26:2910th to the 17th of August.
26:31And then once you've bought
26:32and paid for it now,
26:34you're covered
26:34if anything happens to you.
26:35You have the policy in place
26:36even though it's
26:36for a future date.
26:38For annual policies
26:39which cover all your trips
26:41in a year,
26:42if you don't have cover
26:44you need to start it today
26:45with today's start date
26:47so that will cover you
26:48for the next 12 months
26:48not your holiday date.
26:50If you already have cover in place
26:52and that lasts
26:53until the last day
26:55of your holiday
26:55till you come home,
26:56not the first,
26:57the last day,
26:58you're fine.
26:59You don't need another policy.
27:00You're all good.
27:01You've got it in place
27:01as soon as you booked
27:02or before you booked.
27:03If you've got an annual policy
27:05that let's say
27:06ends in June
27:07and you're going away
27:08in August,
27:09well,
27:09you are generally covered
27:10if something happens to you
27:11up to June.
27:14Most firms would then
27:15still cover you
27:15even if the holiday
27:17was after the cover period.
27:18But do check,
27:19not everyone will,
27:19but the vast majority will.
27:21But I would still,
27:22as soon as you can,
27:23get a policy
27:23to start the day
27:24your existing policy ends
27:26to butt up against it.
27:27I'd say as soon as you can
27:27because you can normally
27:28only do it about 90 days
27:29in advance.
27:30So as soon as you can,
27:31you'd have that.
27:32In case there are any issues,
27:34you've then got at least
27:34two people with some sort of,
27:36so there's no jurisdictional
27:37crossover between the two.
27:38A final thing I would say on this,
27:41ASAB is absolutely
27:42the right thing to do,
27:43but I'm not guaranteeing
27:43100% it will work.
27:45It's not foolproof.
27:46Some firms,
27:47you won't like what I'm about to say,
27:49I don't like it.
27:50If you were to get
27:50a serious diagnosis
27:51like a cancer or leukemia
27:53or something,
27:54they might say,
27:55OK, we're cancelling
27:56your policy,
27:56you can have a refund
27:57and you go,
27:58but what about the holiday?
27:58I'm sorry we're cancelling.
27:59I mean, it's a real problem.
28:01It's something that we're fighting,
28:02but that may happen.
28:03ASAB is still right
28:04and I do hope,
28:05it was Mandy, was it?
28:06It was Mandy, yeah.
28:07Mandy, I hope you've got
28:08travel insurance.
28:08OK.
28:10Patricia wants to clarify
28:11something with you,
28:12Martin, if possible.
28:13She's asking,
28:14we booked a cruise
28:15for 2028
28:16and we paid a deposit
28:17of just over £1,300.
28:19I tried to get a cancellation
28:20cover insurance
28:21for the holiday.
28:22All insurance companies
28:23say they'll only give cover
28:25from 2027
28:26and you always say
28:27book insurance,
28:28ASAB.
28:29How can we?
28:32OK.
28:33So there are four,
28:33I'm doing this on memory,
28:34I'm digging into my brain here.
28:35There are four companies
28:37that do over a year ahead
28:38on single trip.
28:39I believe it is,
28:42Admiral is up to 24 months,
28:44Aviva is up to 18 months,
28:45StaySure is up to 18 months
28:46and CoverWise is up to 18 months.
28:48Rosie, my researcher,
28:49just double-checked that.
28:50I'll correct it
28:51when we come back
28:51after the break
28:52if I've got the one wrong.
28:53It's the first one,
28:53I think it's Admiral,
28:54it's 24 months.
28:56So look,
28:56nothing is perfect.
28:58If you're going away
28:59in the middle of 2028,
29:00you're not going to get
29:00a policy that I know of.
29:02But in the middle of this year,
29:04exactly two years before,
29:05you could get a policy.
29:06So in your case,
29:07it's ASAP,
29:08not ASAB,
29:09because it's impossible
29:10to do it ASAB.
29:11But that's the best second.
29:12OK, thank you very much.
29:13Well, next,
29:14energy prices,
29:15they went up last week
29:16and we're going to sort it out
29:17and put it in the next part.
29:18Can you save us
29:19some money, Martin?
29:20Obviously, lots.
29:21Come back after the part.
29:34Hello, welcome back
29:35to our financial reboot
29:36for 2026.
29:37I knew,
29:37you knew I knew
29:38I'd got it wrong,
29:39didn't you?
29:39I said,
29:39Admiral,
29:40it was Aviva.
29:41Aviva is a 24-month one.
29:43It was an A word.
29:43It sometimes got in there.
29:44But we'll move on.
29:45Jeanette,
29:46where are we going now?
29:46I'm sure you're forgiven.
29:47Let's get into this.
29:49Margaret,
29:49Margaret A wants to know,
29:50it's an energy question,
29:52my energy fixed tariff
29:53ends on the 19th of January,
29:542026.
29:56Please tell me
29:57if I should fix it now
29:58or wait until prices go down.
30:01Short answer,
30:02fix it now.
30:03Long answer.
30:07OK,
30:08let me explain this in detail.
30:10Now,
30:10the first thing to understand
30:11is if you're on a fix,
30:13when you come off a fix,
30:14if you do nothing,
30:15you go on to the energy price.
30:16Which I call the energy pants cap
30:18because it is pants.
30:20Equally,
30:20two thirds of you
30:21are already on the price cap.
30:22Those of you
30:23who are on standard variable tariffs,
30:24the do nothing tariff,
30:25the I've not switched tariff,
30:26the I came off my fix
30:27and didn't act tariff,
30:28you are on the price cap.
30:30So to really answer that in detail,
30:32I need to go through
30:34what's happening
30:34with the price cap.
30:36So the first thing to say
30:37is it went up
30:38last week
30:39on the 1st of January,
30:40it moves every three months
30:42by 0.2%,
30:44which looks relatively innocuous,
30:46but let's just have
30:47a little bit more look
30:48at the detail here.
30:49Standing charges went up
30:502 or 3%,
30:51electricity unit rates,
30:53so that's the unit,
30:53each kilowatt hour of energy
30:55you use on electricity
30:56went up by 5.1%,
30:57gas came down by 5.9%.
30:59So,
31:00if you lose
31:01normal portions of both,
31:02it's 0.2%.
31:03If you're a heavy electricity user
31:05or you don't have gas,
31:07your rise would have actually
31:07been quite a lot more significant
31:09than it's being said
31:10because it doesn't average out
31:11if you use a lot of gas,
31:12it's the other way around,
31:13of course.
31:13But what really matters
31:14for answering Margaret's questions
31:16is two things.
31:17The first one is
31:18what's going to happen
31:19at the next price cap.
31:21Let's have a look
31:22at what the predictions are.
31:23Here we go.
31:25It's going to drop.
31:26And it's going to drop
31:276.5% in April.
31:29Those predictions will vary,
31:30but I think it's going to be
31:31somewhere in that ballpark.
31:32Now, this is that
31:33budget announcement.
31:34You'll remember in the budget
31:35they said energy bills
31:36will come down 150 quid.
31:37Now, that 150 quid
31:39is on a typical bill.
31:41What's really going to happen
31:42is your unit rate
31:43on electricity
31:44will come down
31:44by about 3.5 pence
31:45and your gas unit rate
31:47will come down
31:48by about 0.35 pence.
31:50Now, that is made up
31:51of shifting some of the cost
31:53to renewables
31:53onto general taxation.
31:55That's about 90 quid
31:56of the typical 150.
31:57And 60 pounds
31:58is getting rid of the eco scheme
32:00and taking that off bills.
32:01And that's what makes up the 150.
32:03Now, 150 would actually
32:05put you about here,
32:06but some network costs
32:08are going up
32:09and that's taking away
32:10a little bit of the game.
32:11But it's still around 6.1%
32:13off a typical bill.
32:14And then once that comes off,
32:15because it's 150 pounds per year,
32:17we're going to see sort of rates
32:19stay relatively low
32:20and they will move
32:20with wholesale rates
32:21after that
32:21and other policy changes.
32:23So that's a prediction
32:23over the next year.
32:25But what really matters,
32:26of course,
32:27is how does that compare
32:29to the cheapest fixes
32:31on the market?
32:32Well, we'll have a look
32:33at that now.
32:34The current cheapest fix,
32:36and to find yours,
32:37go on to a whole
32:38of market comparison site
32:40because your cheapest
32:41depends on where you live
32:41and how much you use.
32:42It's very easy to do.
32:44The current cheapest fixes
32:45are around 15% below
32:47the current price cap.
32:48So, you know,
32:49150, 200 quid for typical use
32:51could be three, four,
32:52500 quid for some people.
32:53And they're still cheaper
32:55than when the price cap
32:57comes down,
32:57but they don't look
32:58that much cheaper.
33:00However, there's a twist.
33:02Because fixes,
33:03the whole point of a fix
33:04is your rate is fixed.
33:05But we're about to see
33:05something virtually unprecedented
33:07happen in April.
33:08Because on the back
33:09of that budget announcement,
33:10I spoke to Ed Miliband
33:11an hour afterwards
33:11and say,
33:12what about all those people
33:13who are on fixes?
33:13You can't leave them loose
33:15because, you know,
33:16otherwise you'll totally mess up
33:17the entire marketplace.
33:18And he said,
33:19well, we'll talk to firms
33:20and say they should pass on the fix.
33:21They shouldn't pass on the fix.
33:22They must.
33:22So there's been quite a lot of push.
33:24There's been official statements
33:24by the government
33:25saying that firms
33:26should pass on the same
33:27£150 saving
33:29to fix rates.
33:31Most firms,
33:32I'm going to go through
33:32firm by firm in a moment,
33:34will be doing so
33:34and they will be doing so
33:35on the 1st of April.
33:36So at that point,
33:37what we're actually going to see
33:38is something a bit more like this.
33:40Fix rates are going to come down.
33:42Here it'll be about
33:42130 quid.
33:44I mean,
33:44there are more details
33:46to being ironed out
33:46and a little bit of this
33:47is crystal ball gazing as well.
33:48So if you fix now,
33:50your rate will drop
33:51in April.
33:52And the differential
33:53between the current price cap
33:55and the fix rate
33:57is actually slightly bigger.
34:00The fix rate
34:00should be slightly cheaper.
34:03You know,
34:0316% may be cheaper
34:05than the price cap
34:06once we go forward
34:07from April.
34:08Of course,
34:08the further out you go,
34:09the more crystal ball gazing
34:10this is.
34:11So you asked me,
34:11should you fix now,
34:12wait till prices come down?
34:13No,
34:13you should do it now
34:14because you'll be saving now
34:15as long as it's a cheap fix
34:17and your fix
34:18will probably get cheaper
34:19in April too
34:20at roughly the same rate
34:21or slightly more
34:22than the price cap.
34:23Does that make sense?
34:24Yes.
34:25Good.
34:25Good, great.
34:26Hopefully that's helpful
34:27for you, Margaret.
34:28Brian has been in touch.
34:29He's got a success on this.
34:30Yeah.
34:30I took your advice
34:31to switch my tariff
34:32from variable to capped.
34:34It told me that I'd save
34:35over 200 pounds a year.
34:36Fixed actually,
34:37but yeah, go.
34:37OK,
34:38and I'm a non-tech savvy
34:3964-year-old man
34:41and the whole process
34:42took me less than a minute
34:43to complete
34:43and I recommend
34:44switching to everyone.
34:45It is.
34:47Honestly,
34:47it's so easy.
34:48These days,
34:49comparison sites
34:50have your usage data
34:51so you don't even need
34:52to put that in.
34:52I'm glad you understand
34:53it a moment ago
34:53because now I'm going
34:54to complicate it.
34:55Right.
34:55Let me move on to this.
34:57Let's have a bit of a shot
34:58when you see this.
34:58Here we go.
35:00Right.
35:01So,
35:01I'm going to stand here
35:02so people at home
35:03can read all the different ones.
35:05Those are a list
35:06of all the energy providers
35:07on the market
35:08at the moment.
35:08This first list
35:09is what have they said
35:10about reducing the cost
35:11of all tariffs,
35:12including fixes,
35:13in April.
35:14You'll see the vast majority
35:15of them are yes.
35:17A couple,
35:18Good Energy says
35:18it intends to,
35:19and Chulo Energy
35:21is we're awaiting
35:22a response from it.
35:23We've tried to get
35:23the details of it.
35:24Then the next question is
35:25will the reduction apply
35:27on the 1st of April?
35:28I want to see that
35:29because then that's transparent.
35:30It makes easy comparison
35:31of them all moving
35:32on the same day.
35:33Most of them are saying yes.
35:34Some of them aren't so sure.
35:36I will be putting pressure
35:37on them that they all move
35:38on the same day.
35:38But you can see
35:39the vast majority of fixes
35:40will be incorporating
35:42that discount.
35:43You with me?
35:44Yes.
35:44Now, you see the grey ones
35:47and the stars.
35:49You know I told you
35:51that there were two elements
35:52to the reduction.
35:54Renewables and eco.
35:55Well, some smaller firms
35:57didn't have to pay
35:58the eco bill
35:59so didn't add it to your bill.
36:01Those are all of the starred ones.
36:03So on their fixed rates,
36:04I suspect on that typical
36:05£150,
36:07it will only go down £90
36:08because they weren't paying
36:10the extra £60 anyway.
36:11But on their price-capped rates,
36:13even on the smaller firms,
36:14because there's a price cap
36:15and they have to obey
36:16the price cap,
36:16you will get the full savings.
36:18So just on a few smaller firms,
36:19it may not be as much.
36:21But you have to give me
36:22some wriggle room
36:22because none of this
36:23is officially confirmed.
36:24These are my data
36:25talking to the firms
36:26but not the actual discounts.
36:27But I go back
36:28to the original question,
36:29should I fix now
36:30if prices are coming down
36:32in April?
36:32Yes.
36:33Yes.
36:33And there are lots
36:34of other variants of tariffs,
36:35you know, special tariffs,
36:36time of use tariffs,
36:36EV tariffs,
36:37all those type of things as well.
36:38But simple terms,
36:40if you're looking for a fix,
36:41don't delay.
36:41Fabulous.
36:42Right, Gail has been in touch.
36:43She's got this question
36:45for you.
36:45It's on energy.
36:46I'll take my time
36:46so you can have some water.
36:48I fixed my energy in August
36:49and I've just had an email
36:51to say that my monthly
36:52direct debit
36:52is increasing by £30.
36:54I thought once
36:55the price was fixed
36:56it couldn't change.
36:57Gail,
36:58it's the rate of energy,
37:00the cost of the standing charge,
37:02the daily charge
37:02and the unit rate
37:03that you fix.
37:04But of course,
37:05you still,
37:05the more you use,
37:06the more you pay.
37:08So what that means,
37:09in a perfect world,
37:10it means you're actually using
37:11more than they thought you were
37:12and maybe you're in energy debt
37:13and therefore you're putting
37:14your direct debit up
37:15so you're paying smooth
37:16across the year.
37:17Not your rate going up,
37:18your rate is fixed.
37:19You'll stay with the same amount
37:20within the fixed.
37:21In an imperfect world,
37:22that's the one we live in.
37:23They could have
37:24their calculations wrong.
37:25If you're in energy credit
37:26and your direct debit,
37:27use a direct debit calculator
37:28online to see is about right,
37:30they're just pushing it up
37:30and you need to get in touch
37:31with them and say,
37:32I think it's too high.
37:32But if you're in energy debt
37:33at this time of year,
37:35or even if you're only
37:36just sort of roughly
37:37at the right amount,
37:38you should be in a bit of credit
37:39at this time of year,
37:39then they're probably
37:40putting it up for you
37:41to catch up
37:41and therefore it's
37:42about the right thing.
37:43You fix the rate,
37:44you know they're on.
37:45No, there was one once
37:46about eight, nine years ago
37:47where you could just say,
37:48I'm going to pay a set amount.
37:49It didn't last very long
37:50because everyone did it
37:51and put their usage up.
37:53You fix the rate,
37:53you don't fix it based on usage.
37:54OK, perfect.
37:56Right, another Margaret.
37:57This time Margaret B
37:58has got a question for you.
37:59Do you have one Margaret A?
38:00It was Margaret A, it was, yes.
38:02This is Margaret B.
38:03I prefer to pay
38:04for the energy I use
38:05rather than fixed monthly payments.
38:07How many of the best rates
38:09allow this?
38:10Very, very few of them.
38:11There are two ways
38:12to do what you're saying.
38:13What most people do
38:13is they do what's called
38:15payment in receipt of bills.
38:16So you get a bill
38:16and you pay it.
38:17The most expensive way
38:18to pay for your energy bills.
38:19Seven or eight percent
38:20more expensive than direct debit.
38:22If you want to do that,
38:24shift to variable direct debit.
38:26That's where you pay
38:28for what you've used each month
38:29but instead of you
38:29sending them the money,
38:30it's automatically taken
38:31by direct debit.
38:32That is the same rate
38:33as monthly direct debit
38:34and that is far cheaper.
38:36If you're going to do that though,
38:37there are very, very few
38:39fixed plans,
38:40fixed tariffs available.
38:41You have to accept
38:42you're not going to be
38:43in the competitive market
38:44and you're probably
38:45going to pay more for doing so.
38:46It's your choice.
38:46OK, Martin, thank you very much.
38:48Well, coming up,
38:49in news you can use
38:50over 50% off of rail travel.
38:53Bag yourself £100 from Nationwide
38:54and will you get
38:55a cold weather payment?
38:57We find out after the break.
38:58APPLAUSE
38:59Welcome back.
39:12Lots to get through.
39:12Do you know what's happening?
39:13Well, lots are coming in,
39:15of course,
39:15but there is this question
39:16that's coming from Georgia.
39:17I want you to have
39:18a look at this, Martin.
39:19Now, I have roughly
39:20£13,000 of credit card debts
39:22and roughly £37,000
39:24in loans from my wedding
39:25this year.
39:26Since I got the loan
39:27for my wedding,
39:28I'm struggling to get
39:29a 0% balance transfer
39:30with any lender.
39:31Is this due to my loan
39:32which I took out
39:33six months ago?
39:34Well, yes,
39:35but it's mainly due
39:36to £50,000 of total debt,
39:38which is a very significant
39:39amount of debt.
39:41Georgia, I hope you forgive me
39:42being avuncular here.
39:46My view is
39:48your wedding is one day,
39:49your marriage is for life.
39:51£37,000 worth of debt
39:52for one day
39:53doesn't start your marriage
39:55off particularly well
39:56and I would prefer people
39:57out there to protect
39:58their marriages
39:59and their married life
40:01rather than have that
40:01one day that puts them
40:02in debt.
40:03I don't like debt
40:04for a wedding.
40:05That's a very substantial
40:06amount of debt.
40:07Now, I don't know
40:08how much you earn,
40:09but I have my three questions
40:11that dictate whether
40:11someone's in debt crisis.
40:13The first one is,
40:14do you have more than
40:15a year's salary
40:17in debt,
40:19not counting mortgage
40:20and student loans?
40:21Now, if you earn
40:21£140,000 a year,
40:23that's doable.
40:23If you earn £50,000
40:24or £40,000 a year,
40:26that's a very difficult
40:27amount of debt.
40:28Now, look,
40:29you can try and stay
40:30within the system.
40:31You should, you know,
40:32order all your debts
40:34and go on to an
40:35eligibility checker
40:36and check what you can
40:36order.
40:37Order all your debts
40:37in order of highest
40:38interest rate
40:39and lowest interest rate.
40:40Focus all your repayments
40:41on clearing the highest
40:42interest rate debt
40:43because that's the one
40:43growing more quickly
40:44and the minimums
40:45on all the others.
40:45That would be the right
40:46technique.
40:47Do a money makeover.
40:48Do a budget.
40:49Go through them in detail.
40:50Find out where you can
40:51save money and try and
40:52get rid of those debts.
40:54But it's going to be
40:55quite tough.
40:57Alternatively,
40:58if you're thinking,
40:59I don't know how
41:00I'm going to do it
41:00if I can't get a 0%
41:01balance transfer,
41:02then you may want to go
41:03to a non-profit debt
41:04counselling agency.
41:05Step change,
41:06national debt line,
41:08citizens' advice,
41:10all of those
41:11will be able to help you,
41:12but it will take you
41:13out of the system.
41:14It's very tough
41:15for me to answer
41:16without knowing your income
41:17and your other finances.
41:19But the answer
41:19to your question is
41:20yes, absolutely.
41:21£50,000 of debt,
41:22you become a risk
41:23and the lender's going,
41:24well, if we lend her
41:25any more,
41:25are we going to get it
41:26any back?
41:26You would be credit scoring.
41:28But I'm more worried
41:29about the bigger picture.
41:31That's a very large amount
41:32of debt to be in,
41:33£50,000,
41:34unless you have
41:34a very substantial income
41:35and you might want to go
41:36and get some debt counselling
41:37help to help you through it.
41:38I wish you the best with it
41:39and I wish you,
41:40I hope this goes through
41:41in a couple of years
41:42and you have a wonderful,
41:43happy, delightful,
41:44married life.
41:45But debt is something
41:46that sticks, I'm afraid,
41:47so you just have
41:47to deal with it now.
41:48OK, I hope that helps
41:49for that question, Georgia.
41:51But Martin,
41:51should we get some news
41:52you can use?
41:52Yeah, sure.
41:56OK, so I've got
41:58six news you can use for you.
41:59First of all,
41:59ending Monday,
42:00the Great British Rail Sale,
42:01up to 50% off tickets
42:02from the 13th of Jan
42:03to the 25th of March.
42:04The government says
42:05it's over 50%.
42:06My view, having looked
42:07at them all,
42:07I'm seeing up to 50%.
42:08Look, it's trial and error,
42:10this, for advance
42:12or off-peak fares,
42:13all the different operators,
42:14mainly online,
42:15if you're going
42:16to be travelling
42:16on the train
42:17during that period,
42:17you may as well
42:18go and check before Monday
42:19whether you can get
42:20a cheaper ticket.
42:20Wait, just before you go,
42:22look at this from Lottie.
42:23Thanks to the Great British Rail Sale,
42:25I've spent £44.50
42:26on three trips to Manchester,
42:28but I would have spent
42:29£150 usually
42:30at Martin Lewis.
42:32Are you proud of me?
42:35So I saw that this morning,
42:36couldn't resist sending it to you.
42:38Lottie, I am so proud of you,
42:39I feel like I've won
42:40the Lottie-ree.
42:41Thank you so much.
42:42Terrible pun,
42:43but let's move on.
42:45Ending also on Monday,
42:4675 returns on that,
42:47what do you call it?
42:50I am, thank you very much.
42:51Right, on Eurostar.com
42:53unless it sells out first.
42:54Now I've heard rumours
42:55there's 100,000 tickets,
42:56they won't officially confirm that
42:57for travel between,
42:58again, 19th of Jan,
42:5925th of March.
43:00Again, it's trial and error
43:01but there's loads
43:02of these tickets available.
43:02Effectively, it's actually
43:04£35 each way
43:05to Paris, Lille,
43:06Brussels, Amsterdam
43:06and Rotterdam.
43:07I mean, most people
43:08are going, coming back as well
43:09so it would be £70 return
43:10is the point.
43:10Next, are you a nationwide customer?
43:13If so, you'll know
43:14about its FaroShare scheme
43:15where it gives existing customers
43:16£100 sometime normally
43:18in June-ish
43:20and it announces it
43:20in March,
43:21in April, May time.
43:24Now, it's done it
43:25for the last three years,
43:26I don't know if it's doing it again
43:27but this is the period
43:29where you have to qualify for it
43:30so this is what you need to do
43:31only based on previous years.
43:33Ensure you're using
43:34your current account
43:35between now
43:36and the 31st of March.
43:38Use definitions vary
43:39but if you're spending on it
43:40and using it normally
43:40you will generally be fine.
43:42Then you need either
43:42£100 or more in savings
43:43or you need to owe
43:45£100 on your mortgage
43:46in March this year.
43:48If you don't think
43:48you'll do that now,
43:49well, get £100 in its
43:50Flex 6.5% regular saver
43:52or maybe put £150 in
43:54to be safe
43:55and hopefully then
43:56that will trigger you
43:56getting the £100 payment
43:57later in the year
43:58as long as you've got
43:58a current account.
43:59I've got a few more to do.
44:01Sky is going to hike
44:02most of its mobile phone prices
44:05on the 14th of February.
44:06Happy Valentines.
44:08By normally around £1.50 a month.
44:11Now, here's the key.
44:14If it's a mid-contract price hike
44:15you have within 30 days
44:17of notification
44:18which you can leave
44:20your contract,
44:20you don't have to finish
44:21your contract penalty-free
44:22of notification
44:23which will be happening
44:25at the moment
44:25not when the price goes up.
44:27Many people only notice
44:28when the price goes up
44:28so they miss this opportunity.
44:30So if you're a Sky
44:30mobile customer
44:31get yourself on a comparison
44:32site now
44:33and see if you can cut
44:34your bill
44:35and get a better deal
44:35as well
44:36or go to Sky
44:36and say,
44:37hey, I can leave if I want.
44:38I'm haggling down
44:39a cheaper price.
44:40I've seen it much cheaper
44:40elsewhere.
44:41I want to stick with you.
44:41I haven't got much time left.
44:43£25 cold weather payment.
44:44£600,000 homes
44:45in £400 postcodes
44:47are eligible.
44:47It's also paid for those
44:48on certain benefits
44:48in England, Wales,
44:49Northern Ireland
44:50if the average temperature
44:51for a week
44:52has been less than 0 degrees.
44:53Use the cold weather
44:54payments checker
44:55on gov.uk
44:56to see if your postcode
44:57is one of them
44:57you're going to get the payment.
44:58And finally,
44:58easy peasy
44:59pizzerie discounts.
45:01Oh, I thought
45:02that would be a pizza
45:03whatever to do.
45:04Lots of restaurants
45:05have deals this time of year.
45:06So Pizza Express,
45:07dining two for one
45:08for a pound.
45:09If you're a member
45:09of its club
45:10do it via its app
45:10and it should be easy.
45:11If not,
45:11go onto its website
45:12and fill in a form
45:13and you'll get
45:13an online code for it.
45:14And finally,
45:16remember,
45:17the self-assessment
45:18tax return deadline
45:19is the 31st of January.
45:20If you have been sent one
45:21you need to do it
45:22otherwise you could be
45:23fined £100
45:24and have interest
45:25of 7.75%.
45:26That's it.
45:27We're back in two weeks
45:28in our new time
45:29at 7.15pm.
45:32Bye-bye.
45:38Some valuable advice there
45:39and if you missed
45:40any of that
45:41you can watch it again
45:42on Ace TV Player.
45:43Next up,
45:44it's the news at 10.
45:45We'll see you next time.
45:47We'll see you next time.
45:48We'll see you next time.
45:48We'll see you next time.
45:49We'll see you next time.
45:50We'll see you next time.
45:51We'll see you next time.
45:52We'll see you next time.
45:53We'll see you next time.
45:54We'll see you next time.
45:55We'll see you next time.
45:56We'll see you next time.
45:57We'll see you next time.
45:58We'll see you next time.
45:59We'll see you next time.
46:00We'll see you next time.
46:01We'll see you next time.
46:02We'll see you next time.
46:03We'll see you next time.
46:04We'll see you next time.
46:05We'll see you next time.
46:06We'll see you next time.
46:07We'll see you next time.
46:08We'll see you next time.
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