- 23 hours ago
The Martin Lewis Money Show - Season 18 Episode 1
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00:00Thank you so much. Thank you.
00:13Hello. We're back.
00:20Tonight, I want to show you how to reboot your finances in just one hour
00:24to get them in the best shape possible for 2026.
00:27I'll focus on big and easy wins with a cost-cutting crash course
00:32for credit cards, council tax and overdrafts, then energy bills.
00:37They've just gone up again but should come down in April,
00:40though you can save far more if you act now.
00:43Plus, I have an important update for anyone who is already on a fixed tariff.
00:48Now, those are my bits, but also today, I want to give you as much time as possible
00:53to get in touch and ask me anything within reason inside leg 33 inches.
00:59Then, in my news you can use, are you booking a holiday?
01:03If so, I have a crucial warning for you.
01:05Sky is hiking prices, but there's an urgent window in which you can beat it.
01:10Are you a nationwide customer? You may be able to bag yourself £100.
01:13Will you get a cold-weather payment?
01:17£600,000 homes are due them.
01:19And I've got cheap deals on train tickets, Eurostar and pizza.
01:23Now to a woman perfectly suited to this post-watershed episode off-air.
01:28What a pat a potty mouth she is.
01:30It's Jeanette Kwachi, everybody.
01:32Martin, I'll have you know, I don't have a potty mouth, you can...
01:39Anyway, as Martin said, this is all about your questions.
01:42So get them in quick.
01:43Send them in on X or threads, or you can use the hashtag MartinLewis.
01:48Or you can email the team martinlewis at ITV.com
01:50and a huge welcome to our studio audience today.
01:54Wave those wallets, everybody!
01:56You dropped yours.
01:58We don't drop money on this programme.
01:59You've got to keep it. We are here to save you money, not to lose it.
02:03OK. Right.
02:04We're going to kick the show off this evening
02:06with a question from our studio audience.
02:07Phil's got a question for you.
02:08Yeah. Hi, thank you.
02:10With regards to balance transfers,
02:12are they worth the upfront fee and do they impact your credit score?
02:17Well, the whole point of a balance transfer,
02:19which is when you get a new card that pays off the debt on old cards for you,
02:22so you owe the new card the money at a cheaper rate,
02:25is to cut the interest you're paying.
02:27And the interest that you'll pay, if it's not at 0%,
02:30is vastly more than the fee.
02:31So, yes, it's worth it.
02:32I mean, are you paying interest on a card at the moment?
02:35No, because I pay my cards off in full.
02:37Well, which is perfect.
02:38But for those who want balance transfers, absolutely.
02:41In fact, instead of answering you, let me get on with this.
02:44Yeah.
02:44Because I'm going straight into that.
02:48Look, most important message,
02:50if you can't afford to fully clear your credit and store cards,
02:54then you cannot afford not to try and see
02:57if you can get a balance transfer card at 0%.
02:59A couple of rules before we start.
03:01First of all, to protect your credit worthiness,
03:04you should use an eligibility calculator.
03:06Now, individual sites have them,
03:08but you'll be better on a comparison site.
03:10What happens is you go into it, it does a soft search,
03:12so it doesn't affect your credit worthiness,
03:14and then it will tell you which of the top cards
03:17you're most likely to get,
03:18so you can home in on the one you'll be accepted for,
03:21minimising applications protecting your credit score.
03:24Rule number two, they have a one-off fee,
03:26which is what you're talking about.
03:28So if it's 3%, that's £30 per £1,000 that you pay.
03:32You want to go for the card with the lowest fee,
03:35but in the time you're sure that you can pay it off.
03:37If you're not sure, go long.
03:40So I've picked five cards at the moment,
03:43which will give you an example.
03:44Now, the real thing to notice here
03:45is whether they're up-tos in blue or definites.
03:49If they're up-to, that means even if you're accepted,
03:52some customers won't get the full headline rate.
03:56They will get a shorter rate, and they may have a higher fee.
03:59So if you're not getting very good...
04:01So let me move on, let me explain,
04:03and then I'll come back to that in a minute.
04:04First one back, see? I almost lost where I was.
04:06So the top card, the longest card at the moment,
04:08is up to 38 months 0% with TSB with a 3.49% fee.
04:12Barclay card is a definite 36 months 0%, 3.45% fee.
04:17So if you had good chances of getting Barclay card,
04:21you would know you're getting 36 months.
04:24Good chances of getting TSB,
04:25you might not get the full 38 months.
04:28Also worth noting,
04:29if you're transferring over £2,500,
04:31you get £20 cash back on this one,
04:33which effectively reduces the fee on £2,500 to around 2.6%,
04:37so it's a lower fee.
04:38My next pick card is another definite.
04:40Why did I pick this one?
04:42Because there are some of the longer cards.
04:43Well, it's definite,
04:45and for a long card, it's got a lower fee at 2.95%.
04:49Still better off in Barclay card
04:50if you're transferring over £2,500,
04:52but under £2,500, this one will win.
04:54Then I'm going to the other end,
04:55because if you can repay quickly,
04:58you want to go for a no-fee card.
05:00So then there's absolutely no cost whatsoever.
05:04Longest no-fee is Barclay card up to 14 months, 0%,
05:07but some accepted customers only get 7 months, 0%.
05:12So if you find that you've got good chances of virgin money,
05:16if you're accepted there,
05:17you will definitely get one year's 0% balance transfer at no-fee.
05:22As I say, if you're not sure, longer is safer.
05:26If you know you can definitely pay it off, go shorter.
05:28Now, what some people will say, of course, is,
05:30yeah, that's all very well,
05:31but I never get accepted for these things.
05:32Well, always use an eligibility calculator,
05:34because that will show you,
05:35and the good ones will include poorer credit history cards.
05:38Now, these mean some people who've had past defaults
05:41or county court judgments against them,
05:43if your recent history is a bit better, may be accepted.
05:46Capital One, Vanquist has one just to give you ideas,
05:49the 0% shorter than the longest cards,
05:51and the fee's a bit higher,
05:53but they will still save you money.
05:54My biggest warning, though, is the go-to rate.
05:58All of these are 24.9% rep APR,
06:01so when the 0% ends, you're going to be paying 24.9%.
06:04You don't want to get to that,
06:05you want it to be clear by then,
06:06but that's what you're paying.
06:07These cards have a higher go-to rate.
06:10So what I would say to you
06:11is check the go-to rate of the balance transfer card,
06:16and check your current rate.
06:18If your current rate is lower,
06:20only shift debt you're sure you can repay in the 0% period.
06:23If your current rate is the same or higher,
06:25well, you can shift it all,
06:26because you're not going to be losing anyway.
06:28And just some golden rules.
06:29This is a crash course.
06:30I'm going quick today.
06:32Always follow the balance transfer golden rules.
06:34First, never miss the minimum monthly repayment,
06:37or you could lose your 0%.
06:38You've got to pay it.
06:39Set up a direct debit.
06:40You do not want that.
06:41You know, you get 30 months,
06:43and then suddenly it's gone after two months
06:44because you missed the payment.
06:46Aim to clear the card before the 0% ends,
06:48or the rate will rock it.
06:50If you haven't done that,
06:51you want to do another balance transfer just before it ends.
06:53It's on to another 0% card.
06:55Do not spend or withdraw cash.
06:57They are generally not at the cheap rate.
07:00In fact, this is all about discipline.
07:01You could even get the card,
07:03put it in a bowl of water,
07:04and put it in your freezer
07:05so that you never use it without having to smash it,
07:08which should prevent you,
07:09because that will really mess you up if you do that.
07:11And finally,
07:12you need to do the balance transfer at application,
07:15or some cards will let you do it within 60 to 90 days,
07:18but check so you don't miss out.
07:20And those are the golden rules,
07:21and that's how you do it.
07:22Yeah, we've had lots of people
07:23who've got in touch actually
07:24with big balance transfers, successes,
07:26but I did want to choose somebody
07:27who hasn't got the best credit
07:29to show that this can be done.
07:30It's coming from Mary.
07:32And she says,
07:32I took your advice
07:33and I checked 0% eligibility
07:34and was accepted for six months 0% card.
07:38The credit score is poor,
07:39but after six months,
07:40I can look around again.
07:41And after keeping up with my payments,
07:42my score might improve.
07:44I feel so much better.
07:48I mean,
07:49that's very rewarding,
07:50and it is a message for anyone
07:52not to give up
07:53and not to think
07:53that you've been rejected by one card.
07:55It means others will be.
07:55Use the eligibility calculator.
07:57But it goes back to my original saying,
07:59if you can't afford
08:00to fully clear your credit and store cards,
08:02and you're paying interest on them,
08:04then you can't afford not to check
08:06if you can get a 0% balance transfer.
08:08OK, I'm going to move on
08:10to a different subject now.
08:12Here we go.
08:13It's a couple of council tax cost-cutting checks.
08:16Easy for me to say.
08:17Bills are likely to rise again
08:19for most people by 5%.
08:21That's capped in England.
08:22It can be higher in Scotland and Wales.
08:24There's no cap there this April.
08:25So sorting it sooner is best.
08:26And in fact,
08:27they're changing the formula
08:29of central government funding,
08:31which means
08:31some councils will get more,
08:33some will get less.
08:33And they may change the rules
08:34so they allow some councils
08:36to go higher than the cap
08:37coming in April.
08:38But that's supposition.
08:39I don't know whether
08:40that's happening or not.
08:41But either way,
08:42let's go through the key things.
08:44The first thing is,
08:46is your property
08:47in the wrong council tax bands?
08:50Specifically,
08:51is it in too high a band?
08:52Up to 400,000 homes,
08:54especially in England
08:55and Scotland, maybe.
08:57Now, to show you how important this is...
08:58Yeah, just before you get into this,
09:00this is coming from Ian, actually,
09:01and he's saying,
09:02after watching your programme,
09:03I decided to question
09:04my council tax banding
09:06and asked to be reassessed.
09:07After living in my current house
09:09and paying band D since 1994,
09:11they finally changed it to band C
09:13and I received just short of £6,000.
09:16What was that?
09:17So, that's why I'm doing this.
09:22If your council tax band is reduced,
09:24not only do you pay less in future,
09:27but you get a backdated payout
09:29from the day that you moved in
09:31or 1993, whichever is later.
09:35£6,000 is middling
09:37for the successes I get.
09:38I've seen £10,000, £11,000, £12,000.
09:41This is very important to do.
09:42Now, I've done a full programme on this.
09:43I'm only doing this briefly
09:45just to whet your appetite
09:46to go and look it up
09:47and do it a little bit more,
09:48but I've got two checks.
09:49I invented this system back in 2007.
09:51My first check is the neighbours' check.
09:53Compare your band to neighbours
09:54in similar or preferably identical homes.
09:57Now, you don't have to ask them.
09:58In England and Wales, you go to gov.uk.
10:00In Scotland, you go to saa.gov.uk.
10:02If your house is in a higher band
10:04than people in identical homes,
10:06you may be in too higher band.
10:08Equally, they may be in too lower band,
10:11which is what the second check helps you realise.
10:13That's the valuation check.
10:15Council tax bands are based
10:16on property values in 1991,
10:19so you need to find out
10:20what your property is worth
10:21or similar properties are worth
10:22from sales data and convert it into 1991.
10:25Sounds complicated,
10:26but there are free online tools
10:28that will do this for you.
10:30Then only consider challenging
10:32if you pass both of the checks,
10:35because otherwise, you could ask
10:37and they could put your neighbours' band up
10:39and they won't like you very much
10:40if that happens.
10:43Look, I need to be honest.
10:45If you're going to be challenging,
10:46you need to go and read
10:47the free information that's online.
10:48You can work out
10:49where there are good resources
10:50that will help you through this step-by-step
10:51and take you through what to do.
10:52This is not a short process.
10:55My final challenge tip, though,
10:57is in England and Wales,
10:58go onto gov.uk
11:00and check your property attribute details,
11:03your PAD.
11:04Now, that lists
11:05what the Valuation Office Agency
11:07thinks it knows about your house.
11:09And if that's wrong,
11:10that becomes strong evidence
11:12of why you're in the wrong band.
11:14Also, if you live in a house
11:16worth over about 1.75 million quid,
11:19which could be due to that future mansion tax,
11:21the council tax surcharge,
11:23well, I have a suspicion,
11:24we don't know yet,
11:25that it's your property attribute details
11:27will be a core part of assessing you.
11:28So you might want to go
11:29and check that now anyway,
11:31just to see if you're in the right band.
11:32Now, moving different tack,
11:36do you qualify for hundreds of pounds
11:37of council tax discounts?
11:39Now, this is a graphic I did
11:41on a previous show.
11:42I'm not going to go through it in detail,
11:43but I just want to give you an idea.
11:45The real key is how many
11:47qualifying adults live in your house.
11:51An adult is someone aged 18 plus,
11:54but, so not an under 18,
11:57full-time students do not count,
11:59they're disregarded,
12:00and someone with a severe mental impairment,
12:03which is severe lack of functioning,
12:05of intelligence and social functioning,
12:07which appears to be permanent.
12:09They also have to be on some benefits.
12:10It's complicated rules to go through.
12:12It's not talked about often enough,
12:14but they can also be discounted
12:16for council tax purposes.
12:17So, how does it work?
12:20Well, if there's only one adult,
12:21someone living by themselves,
12:22you get 25% off.
12:23Someone living by themselves with under 18,
12:25you get 25% off.
12:26Someone living by themselves
12:27with a full-time student,
12:28you get 25% off.
12:29Someone living by themselves
12:30with someone with an SMI,
12:31you get 25% off,
12:32because you're the only qualifying adult.
12:34If there are two adults,
12:35regardless of house you're living with,
12:37you're always paying 100%.
12:38If the whole household is discounted,
12:42full-time students would be the obvious one.
12:44You don't pay any council tax.
12:46And then there's this one here,
12:47which is SMI and care,
12:48which is 50% off.
12:50But carers...
12:51Just to say something briefly on this,
12:53I'm going to be doing more about this
12:54in the coming weeks.
12:56If you care for someone
12:58over 35 hours a week, unpaid,
13:01and that person is not your spouse
13:02or an under 18,
13:03could be your brother or sister,
13:04could be an aged parent,
13:05could be an adult child,
13:07then you may be entitled,
13:09depending if they're on certain benefits,
13:12to the carer's discount.
13:14Many councils' websites
13:16do not provide
13:17the correct qualification information.
13:19So don't read your councils' website.
13:21Go to Carers UK
13:22and read their information
13:24if you're a carer,
13:25and that rings about
13:26whether you might be eligible or not.
13:28OK. Right.
13:29We're going to move on
13:29to a different topic now, Martin,
13:31if that's OK.
13:31I've got this question
13:32that's coming from Ryan.
13:33Now, Ryan's saying,
13:34I have a 2K overdraft
13:35on a debit card,
13:36which is carried over
13:37from my student days.
13:38When I was a student,
13:39it was interest-free,
13:40but now I'm paying
13:41approximately £50 a month
13:43in overdraft fees.
13:45What's my best option,
13:46and would I be able
13:46to get a credit balance transfer?
13:48What? What?
13:49Warning! Warning! Warning!
13:52Overdrafts are a danger debt.
13:54Of mainstream borrowing,
13:56overdrafts are by far
13:57the most expensive.
13:58The typical overdraft rate
13:59in this country is 40%.
14:00That is nearly getting on
14:03for double a credit card.
14:05This is where I'm going next.
14:06So absolutely,
14:07we'll talk about
14:08a balance transfer in a moment.
14:09Let's get on to my overdraft lift
14:10at the moment.
14:11If you even dip in your overdraft,
14:12you do not want to do that.
14:13It's dangerous.
14:14People say,
14:15ooh, credit card's good,
14:16debit card's bad,
14:18but debit cards are debt cards too
14:20if you're overdrawn,
14:20and they are worse than credit cards.
14:22They are more expensive.
14:23So much said,
14:24anyone got an overdraft
14:25in here on credit cards?
14:26Be honest.
14:27There was someone I saw looking
14:28who I thought might do,
14:29but I think they're keeping
14:30their hand down.
14:30But we'll move on.
14:31You know who you are.
14:33So look, what people do
14:34is they pay off their credit card
14:35from their overdraft,
14:36but the overdraft's
14:37the more expensive debt.
14:38You want to minimise
14:39the payments on your credit card
14:40and maximise getting rid
14:41of your overdraft.
14:42So what do you do?
14:44Well, first of all,
14:44if you've got a relatively
14:45small overdraft,
14:46first direct new switchers,
14:47so this isn't for Ryan,
14:48I'm afraid.
14:49Well, you might try it.
14:50You get £375 for switching
14:52if you can switch across
14:53when you're new to it,
14:54check the eligibility conditions,
14:55and most get an ongoing
14:56£250 0% overdraft.
14:58So think about this.
14:59You're £400 overdrawn.
15:00Get £175 free cash,
15:02so you're £225 overdrawn.
15:04The rest is at 0%.
15:05You can see how it could work
15:06and make a big change for you.
15:08Now, what?
15:08It won't move your overdraft for you,
15:10so what actually happens
15:11is you get the new account,
15:12you have your overdraft
15:13at the old bank.
15:13The old bank says,
15:14if you pay it off,
15:15we can close it,
15:16or sometimes they'll say
15:17you can pay it off
15:17over six or seven months.
15:18So you take the money
15:19from the new account,
15:20you pay it off yourself,
15:21and old payments into that account
15:22you'll have to ship for yourself.
15:23But it can work really well.
15:25I should mention,
15:25because it launched today,
15:26Club Lloyds,
15:27which gives switchers
15:28more money,
15:28£250,
15:29but the overdraft
15:31is just a buffer zone
15:31of £100 at 0%.
15:33But still,
15:33that might work
15:34if you're in a very small overdraft.
15:36This is probably better for Ryan,
15:38because he's got a bigger overdraft.
15:39And that's not good,
15:41that £50 a month.
15:42That's eating a lot
15:42of his disposable income.
15:44So,
15:46if you pass the credit score,
15:47you may be able to shift
15:48your overdraft
15:49to a money transfer credit card.
15:51It's a bit like
15:52a balance transfer,
15:53but here you get a new card,
15:55pays money into
15:56your bank account for you,
15:57so you now owe
15:59the credit card
15:59the money that's
16:00in your bank account
16:00and you use that
16:01to clear the overdraft off.
16:02There are very few
16:03of these cards.
16:04Make sure you do your reading
16:05before you do them,
16:06because many that look
16:07like this aren't.
16:08Tesco is the longest.
16:09It's not that long.
16:0914 months, 0%
16:10with a 3.99% fee.
16:13If you're financially disciplined,
16:15I have another route.
16:16But this is only for people
16:17who can go to a recipe
16:19and follow
16:20and won't spend on impulse.
16:220% spending cards,
16:25borrowing cards,
16:25can be up to 25 months,
16:270% with no.
16:27No fee.
16:28And you don't like the fee,
16:29do you?
16:30No way.
16:31So here's what you could do.
16:32You could get a 0% spending card.
16:34You could use that
16:35for all your normal spending,
16:38right,
16:38just paying the minimum repayments.
16:40And because you're spending
16:41on the card
16:42rather than your bank account,
16:43your income goes
16:44into your bank account
16:45and pays off your overdraft.
16:46So now, effectively,
16:48you've shifted your overdraft,
16:50once your overdraft's clear,
16:50stop doing this,
16:51onto the 0% credit card
16:53at absolutely no cost.
16:54Why financially disciplined?
16:56Because if you start going,
16:57hey, I've got all this
16:57extra credit,
16:58I'm going to go and buy,
16:58it's going to mess you up terribly.
17:00So if you don't have
17:01financial self-control,
17:02that one isn't for you.
17:03But it is a technique.
17:04You know,
17:05a young man like Ryan
17:05who's come out of university
17:06might be able to do the discipline
17:07rather than having
17:08a big wide scale of debts.
17:09It might well work for him.
17:11Final point,
17:11and Brian,
17:12really important,
17:12your overdraft is a debt.
17:14It is a debt.
17:15Treat it like a debt.
17:16Like any debt,
17:17you want to repay it.
17:18So repaying £100 a month
17:19on an overdraft means
17:20I end this month
17:21with £2,000 overdrawn.
17:23Next month,
17:24I do a budget
17:24and make sure I'm only £1,900.
17:26The month after,
17:27only £1,800.
17:28Final tip,
17:30shift your direct debits
17:31if you can.
17:32You can't always
17:32to a day or two
17:33before payday.
17:34That way,
17:35you won't be overdrawn
17:36as heavily
17:36for as long
17:37in the month.
17:39Ah, very good.
17:40OK, so...
17:40Yeah, makes sense.
17:41Yeah.
17:42Those are three
17:42of your big topics.
17:44I know you're doing
17:44energy a bit later.
17:45Yeah, that's a big one.
17:45We're doing a whole part
17:46on that later.
17:47Yes.
17:47But it's time
17:48for the audience now
17:49to set the agenda.
17:49So let's start again
17:51with the audience in the room.
17:52Phil, you've got another question.
17:52You're giving him two questions?
17:53Two questions.
17:54What's going on?
17:55Happy New Year.
17:56Come on.
17:56Bog off, Phil.
17:58I wasn't saying bog off.
17:59I mean...
18:00Lovely.
18:02Is now a good time
18:04to lock in
18:04a fixed rate on savings
18:06with interest rates
18:07forecasted to go down
18:08this year?
18:10So you're right.
18:11Currently,
18:12the Bank of England
18:12base rate is 3.75%.
18:14I was talking to an economist
18:16about this the other day
18:17and they were predicting
18:17by the end of the year
18:18it'll be at 3%.
18:19They don't know.
18:19They're just predicting.
18:20So we look like
18:21there's some rate cuts to come.
18:23Top easy access savings
18:24at the moment is,
18:25for newbies,
18:26is Chase at 4.5%,
18:28which is pretty decent.
18:30The top one-year fix
18:31is Chetworth at 4.28%
18:35and the other fixes
18:36are about the same.
18:37So easy access
18:38is slightly more
18:39but if that rate comes down
18:40unless it's doing it
18:41for competitive advantage
18:42it will go below.
18:43Now, the rate that the fixes
18:45are set at the moment,
18:46the top fixes,
18:47does factor in
18:48future interest rate predictions
18:50so that already
18:51those cuts
18:51will be in a little bit
18:53but not fully.
18:54So the answer is
18:55if it goes like predicted
18:57then yes,
18:58this looks a decent time
18:59to fix for surety
19:00as long as you can
19:01lock the money away
19:01but there's no guarantee
19:03it will go as predicted
19:04but I've seen
19:05much worse times
19:06to fix.
19:06I will phrase it that way.
19:07Of course,
19:07if you're putting money away
19:08for the long term,
19:09investing could do you
19:09even better.
19:11Thanks for your questions,
19:12Bill.
19:12There's a lady going like that
19:13behind you so I stopped.
19:16You've got a poll for us
19:17this evening, haven't you?
19:18I do indeed, yes.
19:19So,
19:21how competent
19:22do you feel
19:22to look after
19:23your household finances?
19:25Are you good at budgeting?
19:26Are you good
19:27at getting the best products?
19:28Are you good at both?
19:29Are you good at neither?
19:30The vote is live
19:31on X right now
19:32and I'd also
19:33really like you
19:34to tell me
19:34what do you think
19:36would help you improve?
19:37What are you missing
19:38if you're not that good?
19:39Comments with that
19:40use the hashtag
19:41Martin Lewis.
19:42We'll have a look
19:42at the poll later
19:43in the show.
19:43Awesome.
19:44Thank you very much.
19:45Well, next is over to you
19:46with your questions.
19:47What else would you like to know?
19:48Now's the time
19:49to send them in.
19:50We'll see you in four.
19:51CHEERING
19:52AND APPLAUSE
20:00Welcome back
20:06to our financial reboot
20:07for 2026.
20:08Now, just a couple
20:09of notes for you.
20:09I'm hearing that,
20:10as always happens
20:11when I do my
20:12council tax check
20:13and challenge system,
20:14the council tax website
20:15is struggling to check
20:16your balance.
20:18Which is good.
20:19It means people
20:19are being active.
20:20Another note,
20:21I realise it's actually
20:22called Chet Wood Bank
20:24and I said Chet Worth Bank
20:26because I've always got value
20:27on my mind, basically.
20:28Wow.
20:29Jeanette.
20:30We have had
20:31so many questions coming
20:32and I do want to try
20:33and get through
20:33as many as we can.
20:34So to start us off,
20:35let's go to Morticia.
20:37Now, Morticia's asking,
20:38we've just received
20:39our water bill.
20:40Morticia?
20:41Yeah, Morticia, yes.
20:42Oh, no.
20:43She's probably heard
20:44that so many times.
20:45I wish she hadn't done it.
20:45I'm sorry.
20:46I don't even know
20:46at this point.
20:47Right.
20:47I've just received
20:48our water bill
20:48and water shock,
20:49£195 more
20:51than last year.
20:53We simply can't afford it.
20:54We're paying
20:55£595 now.
20:57It's £787.
20:58There are just two of us
20:59in a two-bedroom home.
21:01Would it be cheaper
21:01to have a water meter?
21:03Well, assuming that you are
21:04in England and Wales,
21:06in Scotland and Northern Ireland,
21:07Northern Ireland doesn't have
21:08water bills in that way,
21:09but in Scotland,
21:10it works differently.
21:11My rule of thumb is always,
21:12if there are more
21:13or the same number
21:14of bedrooms in your house
21:15than people,
21:17you should check
21:17if a water meter's
21:18right for you.
21:18So you've got two bedrooms,
21:20two people,
21:21more or the same,
21:22you should check.
21:23How would I check?
21:24The Consumer Council
21:25for Waters website
21:26has a calculator.
21:28Now, just to put this
21:29in perspective,
21:29I have people
21:30who move to water meters
21:31and they suddenly find,
21:33especially if you're not
21:33the type of person
21:34who have a bath every night
21:35and he's got everything on,
21:36that they're saving
21:36£200, £300, £400 a time.
21:39If it's not right for you,
21:40with some water companies,
21:42I don't know who you're with,
21:43you can normally move back
21:44within a year
21:45to your water bills
21:46as long as you weren't
21:46put on a compulsory meter,
21:47which is a different matter.
21:48It's about voluntarily going,
21:50but you would check that first.
21:52So the savings could be
21:53really quite substantial.
21:55Of course, once you do it,
21:57then you want to go
21:57as frugal as you can
21:58with your water
21:59in a way that doesn't
21:59affect your life.
22:00So if you're one of those people
22:01who brushes their teeth,
22:02shh, you want to shh, shh, shh, shh.
22:07No words, you knew what I meant.
22:11Rachel has been in touch.
22:12Now, Rachel's asking,
22:13it's a big question,
22:14if you had to prioritise,
22:16which would you sort first?
22:18Would you do your will
22:19or power of attorney, etc.,
22:20or your pensions, tax,
22:22inheritance, and why?
22:26That is a tough one.
22:27So first of all,
22:28I'd say we'll take inheritance
22:29for a second.
22:30Only about 6% to 8%
22:32of the population,
22:33their estates pay inheritance tax.
22:34It's something far more people
22:36worry about than actually affects them.
22:37If you're married
22:38and you're leaving your property
22:39to one of your descendants,
22:40then do it right
22:41and you can leave up
22:42to a million pounds
22:43with no inheritance tax.
22:43If you're not married,
22:44it's £500,000.
22:45So that might not even be an issue
22:47for you in the first place.
22:48It isn't for many people.
22:48Do some more reading on that.
22:50Otherwise, I mean,
22:51of course I would say
22:51all of them are important.
22:53And what I would say
22:54to any of you thinking about
22:55if you haven't got sorted
22:56through your bills
22:56or any of these things,
22:57take a day off work.
22:58What?
22:59Take a day off work.
22:59Why?
23:00Well, look,
23:01many people when I do
23:02a money makeover
23:03save over a grand a year.
23:04Now, a grand a year,
23:06we do 250 working days
23:07during the year.
23:08So 250 times a grand
23:09is £250,000.
23:10To earn £250,000 after tax
23:12should have to earn
23:13£450,000 before tax.
23:15If you earn more than
23:15£450,000,
23:17don't take a day off work.
23:18For everyone else,
23:19it may be worth
23:21taking a day off work
23:22to sort out your finances.
23:23OK, so which one,
23:24Martin, please?
23:25Oh, I thought I got away with it.
23:27Honestly,
23:29power of attorney
23:29for a very important reason.
23:31Power of attorney says
23:32if I were to lose
23:33my faculties,
23:35then I will nominate
23:36other people
23:37who can look after
23:37my finances and my health
23:38and well-being for me.
23:40I've had a power of attorney
23:40for 15 years
23:41even though I've got
23:42no foreseeability
23:42of losing my faculties.
23:44If you don't have
23:45a power of attorney in place
23:46and you were to have
23:47an accident tomorrow
23:48so you couldn't look
23:48after yourself
23:49when new faculties are gone
23:50or a severe stroke
23:51and you're a young person
23:52because people think
23:52it's only for old people,
23:53it's not.
23:54Then it is,
23:56frankly,
23:57a nightmare
23:57to go through the process
23:59of someone else
24:00trying to take over
24:00your finances.
24:01Meanwhile,
24:01they may not be able
24:03to pay your mortgage for you
24:04or pay for any treatments
24:05for you
24:05or pay for anything you need.
24:07If you die,
24:07intestate rules mean
24:08it will probably go
24:09to those people you love.
24:10Your pension,
24:11you'll hopefully work out.
24:12Sorting out tax,
24:13it's important
24:14but your power of attorney
24:16is the one that tomorrow,
24:18if you haven't got one,
24:19God forbid,
24:21you could really need.
24:22So that's the one I do first.
24:23OK, hopefully that's helpful, Rachel.
24:25Now, this question's coming
24:26from Mandy.
24:27Quite a tough one, Martin.
24:28She's asking,
24:29a book flight's on my credit card
24:30in August
24:31to fly to Australia
24:32at Christmas
24:33to see our son.
24:34Unfortunately,
24:35my husband had a heart attack.
24:36So sorry.
24:37So we needed to cancel the flights.
24:39The agent said,
24:39it's non-refundable,
24:41can I claim it back
24:42through the credit card company?
24:45No.
24:46Oh.
24:47So look,
24:48when I talk about Section 75
24:49being very valuable
24:50extra protection,
24:51sometimes it breaks
24:52if you buy through a travel agent,
24:53sounds like you didn't.
24:54What Section 75 does
24:55is it says,
24:56with the credit card company,
24:58you get mirrored rights
24:59that you would
25:00with the retailer.
25:01You get the same rights.
25:04Look,
25:04I'm going to use
25:04a horrible analogy,
25:05but to try and explain it to you.
25:07There's nothing faulty
25:08about your flights,
25:10right?
25:10If I bought a tennis racket
25:12and broke my arm
25:14the next day,
25:15I couldn't take
25:15my tennis racket back
25:16saying it's faulty.
25:17It's my arm that's faulty.
25:19The flights were still available.
25:21They're not faulty.
25:22You don't have any
25:22consumer rights
25:23to get your money back
25:24on non-refundable.
25:26That's what travel insurance
25:27is for.
25:28That's who you go to.
25:29Now,
25:29you could speak
25:30to the credit card company.
25:31There might be
25:31some purchase protection
25:32that would help you.
25:32There occasionally are,
25:33but generally not.
25:35Can I bring that first
25:36news you can use graphic now?
25:37Have you got it?
25:38OK.
25:39All right.
25:39Give you a second.
25:41All right.
25:41I was doing this later.
25:42I was coming to this.
25:44My big travel insurance rule,
25:46many people are booking holidays.
25:47January's the big booking month,
25:48is to get it ASAB,
25:50ASSOON AS YOU BOOKED.
25:53If you've booked
25:54and you don't have it yet,
25:55do it now.
25:55And the reason is simple.
25:57If something happens
25:58before you go away
25:59that stops you going away,
26:02travel insurance,
26:03that's half of what
26:04you're buying it for.
26:05So if you don't do it,
26:06people book the holiday
26:07and then four months later
26:08they get it
26:09and something happens.
26:09In the meantime,
26:10you're giving away
26:11half the value
26:11of the travel insurance
26:12and you're not protected.
26:13Mandy,
26:13I hope so much
26:14you've got travel insurance.
26:15Speak to your travel insurance.
26:16Ask the credit card,
26:18but it's very unlikely.
26:19Now,
26:19what people always ask me
26:20when I do this,
26:20this is all coming
26:21in my news,
26:21you can use,
26:21but I'm doing it early.
26:22Hey,
26:23we're nothing if not flexible.
26:25What counts
26:26as soon as you book?
26:28I always get asked this.
26:29If it's a single trip policy,
26:30it's simple.
26:31You get the insurance now.
26:33For the date,
26:33you're going away,
26:3410th to the 17th of August.
26:36And then once you've bought
26:37and paid for it now,
26:39you're covered
26:39if anything happens to you.
26:40You have the policy in place
26:41even though it's
26:41for a future date.
26:43For annual policies,
26:44which cover all your trips
26:45in a year,
26:46if you don't have cover,
26:48you need to start it today
26:50with today's start date
26:52so that will cover you
26:53for the next 12 months,
26:54not your holiday date.
26:55If you already have cover in place
26:57and that lasts
26:58until the last day
27:00of your holiday,
27:00till you come home,
27:01not the first,
27:02the last day,
27:03you're fine.
27:04You don't need another policy.
27:05You're all good.
27:06You've got it in place
27:06as soon as you booked
27:07or before you booked.
27:08If you've got an annual policy
27:10that let's say ends in June
27:12and you're going away in August,
27:14well, you are generally covered
27:15if something happens to you
27:16up to June.
27:18Most firms would then
27:20still cover you
27:20even if the holiday
27:22was after the cover period.
27:23But do check,
27:24not everyone will,
27:24but the vast majority will.
27:26But I would still,
27:27as soon as you can,
27:28get a policy to start
27:29the day your existing policy ends
27:31to butt up against it.
27:31I'd say as soon as you can
27:32because you can normally
27:33only do it about 90 days in advance.
27:35So as soon as you can,
27:36you'd have that.
27:37In case there are any issues,
27:39you've then got at least
27:39two people with some sort of,
27:41so there's no jurisdictional
27:42crossover between the two.
27:43A final thing I would say on this,
27:46ASAB is absolutely
27:47the right thing to do,
27:48but I'm not going 100%,
27:49guaranteeing 100% it will work.
27:50It's not foolproof.
27:51Some firms,
27:52you won't like what I'm about to say,
27:54I don't like it.
27:55If you were to get
27:55a serious diagnosis,
27:56like a cancer or leukemia
27:58or something,
27:59they might say,
28:00OK, we're cancelling your policy,
28:01you can have a refund.
28:02And you go,
28:02but what about the holiday?
28:03I'm sorry, we're cancelling.
28:04I mean, it's a real problem.
28:06It's something that we're fighting,
28:06but that may happen.
28:08ASAB is still right,
28:10and I do hope,
28:10it was Mandy, was it?
28:11It was Mandy, yeah.
28:12Mandy, I hope you've got
28:13travel insurance.
28:13OK.
28:15Patricia wants to clarify
28:16something with you, Martin,
28:17if possible.
28:18She's asking,
28:19we booked a cruise
28:20for 2028
28:21and we paid a deposit
28:22of just over £1,300.
28:24I tried to get a cancellation
28:25cover insurance
28:26for the holiday.
28:27All insurance companies
28:28say they'll only give cover
28:30from 2027,
28:31and you always say
28:32book insurance,
28:33ASAB.
28:34How can we?
28:37OK.
28:38So there are four...
28:38I'm doing this on memory,
28:39I'm digging into my brain here.
28:40There are four companies
28:42that do over a year ahead
28:43on single trip.
28:44I believe it is...
28:47Admiral is up to 24 months,
28:48Aviva is up to 18 months,
28:50Stay Sure is up to 18 months,
28:51and CoverWise is up to 18 months.
28:53Rosie, my researcher,
28:54just double-check that.
28:55I'll correct it
28:56when we come back after the break
28:57if I've got the one wrong.
28:57It's the first one.
28:58I think it's Admiral.
28:59It's 24 months.
29:01So, look,
29:01nothing is perfect.
29:03If you're going away
29:03in the middle of 2028,
29:05you're not going to get
29:05a policy that I know of.
29:07But in the middle of this year,
29:09exactly two years before,
29:10you could get a policy.
29:11So in your case,
29:12it's ASAP,
29:13not ASAB,
29:14because it's impossible
29:15to do it ASAB.
29:16But that's the best acronym.
29:17OK, thank you very much.
29:18Well, next,
29:19energy prices.
29:20They went up last week,
29:21and we're going to sort it out
29:22and put it in the next part.
29:23Can you save us some money, Martin?
29:25Obviously.
29:25Lots.
29:26Come back after the part.
29:27Hello, welcome back
29:40to our financial reboot
29:41for 2026.
29:42I knew,
29:42you knew I knew
29:43I'd got it wrong,
29:44didn't you?
29:44I said,
29:44Admiral,
29:45it was Aviva.
29:46Aviva is a 24-month one.
29:48It was an A word.
29:48It sometimes got in there.
29:49But we'll move on.
29:50Jeanette,
29:51where are we going now?
29:51I'm sure you're forgiven.
29:52Let's get into this.
29:54Margaret,
29:54Margaret A.
29:55wants to know,
29:55it's an energy question,
29:56my energy fix tariff
29:58ends on the 19th of January,
29:592026.
30:01Please tell me
30:01if I should fix it now
30:03or wait until prices go down.
30:06Short answer,
30:07fix it now.
30:08Long answer.
30:12OK,
30:13let me explain this in detail.
30:15Now,
30:15the first thing to understand
30:16is if you're on a fix,
30:18when you come off a fix,
30:19if you do nothing,
30:20you go onto the energy price cap,
30:21which I call the energy pants cap
30:23because it is pants.
30:24Equally,
30:25two-thirds of you
30:26are already on the price cap.
30:27Those of you who are on
30:28standard variable tariffs,
30:29the do-nothing tariff,
30:30the I've not switched tariff,
30:31the I came off my fix
30:32and didn't act tariff,
30:33you are on the price cap.
30:35So to really answer that in detail,
30:37I need to go through
30:39what's happening
30:39with the price cap.
30:41So the first thing to say
30:42is it went up
30:43last week,
30:44on the 1st of January,
30:45it moves every three months,
30:47by 0.2%,
30:49which looks relatively innocuous,
30:51but let's just have a little bit more
30:52look at the detail here.
30:54Standing charges went up
30:552 or 3%,
30:56electricity unit rates,
30:58so that's each kilowatt hour
30:59of energy you use
31:00on electricity went up
31:01by 5.1%,
31:02gas came down by 5.9%.
31:04So if you lose
31:06normal portions of both,
31:07it's 0.2%.
31:08If you're a heavy electricity user
31:10or you don't have gas,
31:12your rise would have actually
31:12been quite a lot more significant
31:14than it's being said
31:15because it doesn't average out
31:16if you use a lot of gas.
31:17It's the other way around,
31:18of course.
31:18But what really matters
31:19for answering Margaret's questions
31:21is two things.
31:22The first one is
31:23what's going to happen
31:24at the next price cap.
31:26Let's have a look
31:26at what the predictions are.
31:28Here we go.
31:30It's going to drop.
31:31And it's going to drop
31:326.5% in April.
31:34Those predictions will vary,
31:35but I think it's going to be
31:36somewhere in that ballpark.
31:37Now, this is that
31:38budget announcement.
31:39You'll remember in the budget
31:40they said energy bills
31:41will come down 150 quid.
31:43About...
31:43Now, that 150 quid
31:44is on a typical bill.
31:46What's really going to happen
31:47is your unit rate
31:48on electricity
31:49will come down
31:49by about 3.5 pence
31:50and your gas unit rate
31:52will come down
31:53by about 0.35 pence.
31:55Now, that is made up
31:56of shifting some of the cost
31:58to renewables
31:58onto general taxation.
32:00That's about 90 quid
32:01of the typical 150.
32:02And 60 pounds
32:03is getting rid
32:04of the eco scheme
32:05and taking that off bills.
32:06And that's what makes up
32:07the 150.
32:08Now, 150 would actually
32:10put you about here,
32:12but some network costs
32:13are going up
32:13and that's taking away
32:15a little bit of the game,
32:16but it's still around
32:176.1% off a typical bill
32:19and then once that comes off
32:20because it's 150 pounds
32:21per year,
32:22we're going to see
32:23sort of rates
32:24stay relatively low
32:25and they will move
32:25with wholesale rates
32:26after that
32:26and other policy changes.
32:28So that's a prediction
32:28over the next year.
32:30But what really matters,
32:31of course,
32:32is how does that compare
32:34to the cheapest fixes
32:36on the market?
32:37Well, we'll have a look
32:38at that now.
32:39The current cheapest fix
32:41and to find yours,
32:42go on to a whole
32:43of market comparison site
32:45because your cheapest
32:45depends on where you live
32:46and how much you use.
32:47It's very easy to do.
32:49The current cheapest fixes
32:50are around 15% below
32:51the current price cap.
32:53So, you know,
32:54150, 200 quid for typical use
32:56could be 3, 4, 500 quid
32:57for some people.
32:58And they're still cheaper
33:00than when the price cap
33:02comes down,
33:02but they don't look
33:03that much cheaper.
33:05However, there's a twist
33:06because fixes,
33:08the whole point of a fix
33:09is your rate is fixed,
33:10but we're about to see
33:10something virtually unprecedented
33:12happen in April
33:13because on the back
33:14of that budget announcement,
33:15I spoke to Ed Miliband
33:16an hour afterwards
33:16and say,
33:17what about all those people
33:18who are on fixes?
33:18You can't leave them loose
33:20because, you know,
33:21otherwise you'll totally mess
33:22up the entire marketplace.
33:23And he said,
33:24well, we'll talk to firms
33:24and say they should pass
33:25on the fix.
33:26They shouldn't pass
33:26on the fix, they must.
33:27So there's been quite
33:28a lot of push.
33:29There's been official statements
33:29by the government
33:30saying that firms
33:31should pass on the same
33:32£150 saving
33:34to fix rates.
33:36Most firms,
33:37I'm going to go through
33:37firm by firm in a moment,
33:39will be doing so
33:39and they will be doing so
33:40on the 1st of April.
33:41So at that point,
33:42what we're actually going
33:43to see is something
33:43a bit more like this.
33:45Fix rates are going
33:46to come down.
33:47Here it'll be about
33:47£130.
33:49I mean,
33:49there are more details
33:51to being ironed out
33:51and a little bit of this
33:52is crystal ball gazing
33:53as well.
33:53So if you fix now,
33:55your rate will drop
33:56in April.
33:57And the differential
33:58between the current
33:59price cap
34:00and the fix rate,
34:02it's there, sorry,
34:03is actually slightly bigger.
34:05The fix rate
34:05should be slightly cheaper.
34:07You know,
34:0816% may be cheaper
34:10than the price cap
34:11once we go forward
34:12from April.
34:13Of course,
34:13the further out you go,
34:14the more crystal ball gazing
34:15this is.
34:16So you asked me,
34:16should you fix now,
34:17wait till prices come down?
34:18No, you should do it now
34:19because you'll be saving now
34:20as long as it's a cheap fix
34:22and your fix
34:23will probably get cheaper
34:24in April too
34:25at roughly the same rate
34:26or slightly more
34:27than the price cap.
34:28Does that make sense?
34:29Yes.
34:30Good.
34:30That was great.
34:31Hopefully that's helpful
34:32for you, Margaret.
34:33Brian has been in touch.
34:34He's got a success on this.
34:35I took your advice
34:36to switch my tariff
34:37from variable to capped.
34:39It told me that I'd save
34:40over £200 a year.
34:41Fixed, actually,
34:42but yeah, go.
34:42OK.
34:43And I'm a non-tech savvy
34:4464-year-old man
34:46and the whole process
34:47took me less than a minute
34:48to complete
34:48and I recommend
34:49switching to everyone.
34:50It is.
34:52Honestly,
34:52it's so easy.
34:53These days,
34:54comparison sites
34:55have your usage data
34:56so you don't even need
34:56to put that in.
34:57I'm glad you understand
34:58it a moment ago
34:58because now I'm going
34:59to complicate it.
35:00Right.
35:00Let me move on to this.
35:02Have a bit of a shot
35:03when you see this.
35:03Here we go.
35:04Right.
35:05So, I'm going to stand here
35:07so people at home
35:08can read all the different ones.
35:10Those are a list
35:11of all the energy providers
35:12on the market
35:13at the moment.
35:13This first lift
35:14is what have they said
35:15about reducing the cost
35:16of all tariffs
35:17including fixes
35:18in April.
35:19You'll see the vast majority
35:20of them are yes.
35:22A couple,
35:23Good Energy says it
35:23intends to
35:24and Chulo Energy
35:26is we're awaiting
35:27a response from it.
35:27We've tried to get
35:28the details of it.
35:29Then the next question
35:30is will the reduction
35:31apply on the 1st of April?
35:33I want to see that
35:34because then that's transparent.
35:35It makes easy comparison
35:36of them all moving
35:36on the same day.
35:38Most of them are saying yes.
35:39Some of them aren't so sure.
35:41I will be putting pressure
35:42on them that they all move
35:43on the same day.
35:43But you can see
35:44the vast majority of fixes
35:45will be incorporating
35:47that discount.
35:48You with me?
35:49Yes.
35:49Now,
35:50you see the grey ones
35:52and the stars.
35:54You know I told you
35:55that there were two elements
35:57to the reduction.
35:59Renewables
35:59and eco.
36:00Well some smaller firms
36:02didn't have to pay
36:03the eco bill
36:04so didn't add it
36:05to your bill.
36:06Those are all
36:06of the starred ones.
36:08So on their fixed rates
36:09I suspect
36:09on that typical
36:10£150
36:11it will only go down
36:13£90
36:13because they weren't
36:14paying the extra
36:15£60 anyway.
36:16But on their price capped rates
36:18even on the smaller firms
36:19because there's a price cap
36:20and they have to
36:20obey the price cap
36:21you will get the full saving.
36:23So just on a few
36:23smaller firms
36:24it may not be as much
36:25but you have to give me
36:26some wriggle room
36:27because none of this
36:28is officially confirmed.
36:29These are my data
36:30talking to the firms
36:31but not the actual discounts.
36:32But I go back
36:33to the original question
36:34should I fix now
36:35if prices are coming down
36:37in April?
36:37Yes.
36:38Yes.
36:38There are lots of other
36:39variants of tariffs
36:40you know special tariffs
36:41time of use tariffs
36:41EV tariffs
36:42all those type of things
36:43as well
36:43but simple terms
36:44if you're looking for a fix
36:45don't delay.
36:46Fabulous.
36:47Right.
36:47Gail has been in touch
36:48Martin
36:49she's got this question
36:50for you
36:50it's on energy
36:50I'll take my time
36:51so you can have some water
36:52I fixed my energy
36:53in August
36:54and I've just had an email
36:56to say that my monthly
36:57direct debit
36:57is increasing by £30
36:59I thought once
37:00the price was fixed
37:01it couldn't change.
37:02Gail
37:03it's the rate
37:04of energy
37:05the cost of the
37:06standing charge
37:07the daily charge
37:07and the unit rate
37:08that you fix
37:09but of course
37:10you still
37:10the more you use
37:11the more you pay
37:12so what that means
37:14in a perfect world
37:15it means you're actually
37:16using more than
37:16they thought you were
37:17and maybe you're
37:17in energy debt
37:18and therefore
37:19you're putting
37:19your direct debit up
37:20so you're paying
37:21smoothed across the year
37:22not your rate going up
37:23your rate is fixed
37:24you'll stay with the same
37:24amount within the fix
37:25in an imperfect world
37:26that's not what we live in
37:28they could have
37:29their calculations wrong
37:30if you're in energy credit
37:31and your direct debit
37:32use a direct debit calculator
37:33online to see
37:34is about right
37:34they're just pushing it up
37:35and you need to get in touch
37:36with them and say
37:36I think it's too high
37:37but if you're in energy debt
37:38at this time of year
37:39or even if you're only
37:41just sort of roughly
37:42at the right amount
37:43you should be in a bit
37:43of credit at this time of year
37:44then they're probably
37:45putting it up for you
37:46to catch up
37:46and therefore
37:46it's about the right thing
37:47you fix the rate
37:49you know they're on
37:50no
37:50there was one once
37:51about eight nine years ago
37:52where you could just say
37:53I'm going to pay a set amount
37:54it didn't last very long
37:55because everyone did it
37:56and put their usage up
37:57you fix the rate
37:58you don't fix it
37:59based on usage
37:59okay perfect
38:00right another Margaret
38:02this time Margaret B
38:03has got a question for you
38:04do you have one Margaret A
38:05it was Margaret A
38:06it was yes
38:06this is Margaret B
38:07I prefer to pay for the energy I use
38:10rather than fixed monthly payments
38:12how many of the best rates allow this
38:14very very few of them
38:16there are two ways to do what you're saying
38:18what most people do
38:18is they do what's called
38:19payment in receipt of bills
38:21so you get a bill and you pay it
38:22the most expensive way to pay for your energy bills
38:24seven or eight percent more expensive than direct debit
38:26if you want to do that
38:28shift to variable direct debit
38:31that's where you pay for what you've used each month
38:34but instead of you sending them the money
38:35it's automatically taken by direct debit
38:37that is the same rate as monthly direct debit
38:39and that is far cheaper
38:40if you're going to do that though
38:42there are very very few fixed plans
38:45fixed tariffs available
38:46you have to accept
38:47you're not going to be in the competitive market
38:49and you're probably going to pay more for doing so
38:50it's your choice
38:51okay Martin thank you very much
38:53well coming up
38:54in news you can use
38:55over 50% off of rail travel
38:57bag yourself £100 from Nationwide
38:59and will you get a cold weather payment
39:01we find out after the break
39:03welcome back
39:17lots to get through
39:17do you know what's happening
39:18well lots are coming in of course
39:20but there is this question that's coming from Georgia
39:22I want you to have a look at this Martin
39:23now I have roughly £13,000 of credit card debts
39:27and roughly £37,000 in loans from my wedding this year
39:31since I got the loan from my wedding
39:33I'm struggling to get a 0% balance transfer with any lender
39:36is this due to my loan which I took out six months ago
39:39well yes but it's mainly due to £50,000 of total debt
39:43which is a very significant amount of debt
39:45Georgia I hope you forgive me being avuncular here
39:48my view is
39:53your wedding is one day
39:54your marriage is for life
39:55£37,000 worth of debt for one day
39:58doesn't start your marriage off particularly well
40:01and I would prefer people out there
40:03to protect their marriages
40:04and their married life
40:06rather than have that one day
40:07that puts them in debt
40:08I don't like debt for a wedding
40:09that's a very substantial amount of debt
40:11now I don't know how much you earn
40:14but I have my three questions that dictate whether someone's in debt crisis
40:17the first one is
40:19do you have more than a year's salary in debt
40:23not counting mortgage and student loans
40:25now if you earn £140,000 a year that's doable
40:28if you earn £50,000 or £40,000 a year
40:30that's a very difficult amount of debt
40:33now look you can try and stay within the system
40:35you should you know order all your debts
40:39and go on to an eligibility checker
40:40and check what you can call
40:41order all your debts in order of highest interest rate
40:44and lowest interest rate
40:45focus all your repayments on clearing the highest interest rate debt
40:47because that's the one growing more quickly
40:49and the minimums on all the others
40:50that would be the right technique
40:52do a money makeover
40:53do a budget
40:54go through them in detail
40:55find out where you can save money
40:56and try and get rid of those debts
40:58but it's going to be quite tough
41:01alternatively
41:02if you're thinking
41:04I don't know how I'm going to do it
41:05if I can't get a 0% balance transfer
41:07then you may want to go to a non-profit debt counselling agency
41:10step change
41:11national debt line
41:12citizens advice
41:14all of those
41:16will be able to help you
41:17but it will take you out of the system
41:19it's very tough for me to answer
41:21without knowing your income
41:22and your other finances
41:23but the answer to your question is
41:25yes absolutely
41:26£50,000 of debt
41:27you become a risk
41:28and the lender's going
41:29well if we lender any more
41:30are we going to get it any back
41:31you would be credit scoring
41:32but I'm more worried about the bigger picture
41:35that's a very large amount of debt
41:37to be in
41:38£50,000
41:38unless you have a very substantial income
41:40and you might want to go
41:41and get some debt counselling help
41:43to help you through it
41:43I wish you the best with it
41:44and I wish you
41:45I hope this goes through
41:46in a couple of years
41:47and you have a wonderful
41:48happy delightful
41:49married life
41:50but that is something that sticks
41:51I'm afraid
41:52so you just have to deal with it now
41:53OK
41:53hope that helps
41:54for that question Georgia
41:55but Martin
41:56should we get some news you can use
41:57yeah sure
41:58OK
42:01so I've got six news you can use for you
42:04first of all ending Monday
42:05the Great British Rail Sale
42:06up to 50% off tickets
42:07from the 13th of Jan
42:08to the 25th of March
42:09the government says it's over 50%
42:11my view
42:11having looked at them all
42:12I'm seeing up to 50%
42:13look it's trial and error
42:15this
42:16for advance or off-peak fares
42:17all the different operators
42:19mainly online
42:20if you're going to be travelling
42:21on the train during that period
42:22you may as well go and check
42:23before Monday
42:24whether you can get a cheaper ticket
42:25wait just before you go
42:27look at this from Lottie
42:28thanks to the Great British Rail Sale
42:30I've spent £44.50
42:31on three trips to Manchester
42:33but I would have spent £150
42:34usually at Martin Lewis
42:36are you proud of me?
42:40so I saw that this morning
42:41couldn't resist sending it to you
42:42Lottie I am so proud of you
42:44I feel like I've won the Lottie-ree
42:46thank you so much
42:47terrible pun
42:48but let's move on
42:49ending also on Monday
42:5175 returns on that
42:52what do you call it?
42:54I am thank you very much
42:56right
42:57on Eurostar.com
42:58unless it sells out first
42:59now I've heard rumours
43:00there's 100,000 tickets
43:01they won't officially confirm that
43:02for travel between
43:03again 19th of Jan
43:0425th of March
43:05again it's trial and error
43:06but there's loads of these tickets available
43:07effectively
43:08it's actually £35 each way
43:10to Paris, Lille, Brussels, Amsterdam
43:11and Rotterdam
43:12I mean most people are going
43:13coming back as well
43:14so it'd be £70 return
43:15is the point
43:15next
43:16are you a nationwide customer
43:18if so you'll know about
43:19its Farish Air scheme
43:20where it gives existing customers
43:21£100
43:22sometime normally
43:23in June-ish
43:25and it announces it in March
43:26in April-May time
43:28now
43:29it's done it for the last three years
43:31I don't know if it's doing it again
43:32but
43:33this is the period
43:34where you have to qualify for it
43:35so this is what you need to do
43:36only based on previous years
43:38ensure you're using
43:39your current account
43:40between now
43:41and the 31st of March
43:42use definitions vary
43:44but if you're spending on it
43:44and using it normally
43:45you will generally be fine
43:47then you need either £100 or more
43:48in savings
43:48or you need to owe £100
43:50on your mortgage
43:51in March this year
43:52if you don't think
43:53you'll do that now
43:54well get £100 in its
43:55Flex 6.5% regular saver
43:57or maybe put £150 in
43:59to be safe
44:00and hopefully then
44:00that will trigger you
44:01getting the £100 payment
44:02later in the year
44:03as long as you've got
44:03a current account
44:04I've got a few more to do
44:06Sky is going to hike
44:07most of its mobile phone prices
44:10on the 14th of February
44:11Happy Valentines
44:12by normally around £1.50 a month
44:16now here's the key
44:17if it's a mid-contract price hike
44:20you have within 30 days
44:22of notification
44:23which you can leave your contract
44:25you don't have to finish
44:26your contract penalty free
44:27of notification
44:28which will be happening
44:30at the moment
44:30not when the price goes up
44:32many people only notice
44:32when the price goes up
44:33so they miss this opportunity
44:34so if you're a Sky Mobile customer
44:36get yourself on a comparison site now
44:38and see if you can cut your bill
44:40and get a better deal elsewhere
44:41or go to Sky and say
44:42hey I can leave if I want
44:43I'm haggling down a cheaper price
44:45I've seen it much cheaper
44:45elsewhere I want to stick with you
44:46no I haven't got much time left
44:47£25 cold weather payments
44:49£600,000 homes in £400 postcodes
44:51are eligible
44:52it's auto paid for those
44:53on certain benefits
44:53in England, Wales, Northern Ireland
44:54if the average temperature
44:56for a week has been
44:57less than zero degrees
44:58use the cold weather payments
45:00checker on gov.uk
45:01to see if your postcode
45:02is one of them
45:02you're going to get the payment
45:03and finally
45:03easy peasy
45:04pizzerie discounts
45:06oh I thought that would be
45:07a pizza
45:08whatever to do
45:09lots of restaurants
45:10have deals this time of year
45:11so Pizza Express
45:12dining two for one
45:13for a pound
45:13if you're a member of its club
45:15do it via its app
45:15and it should be easy
45:16if not go onto its website
45:17and fill in a form
45:18and you'll get an online code for it
45:19and finally
45:20remember
45:21the self-assessment
45:23tax return deadline
45:24is the 31st of January
45:25if you have been sent one
45:26you need to do it
45:27otherwise you could be fined
45:28£100
45:29and have interest of 7.75%
45:31that's it
45:32we're back in two weeks
45:33in our new time
45:34at 7.15pm
45:36thank you for watching
45:37bye bye
45:37some valuable advice there
45:44and if you missed any of that
45:46you can watch it again
45:47on STV Player
45:48next up
45:49it's the news at 10
45:50and if you miss any of that
45:53a lot
45:55thank you
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