Renowned financial expert Martin Lewis has recently underscored the importance of Britons regularly checking their bank statements to ensure they are not paying for unnecessary services.
During a recent BBC podcast, Mr. Lewis emphasised the significance of reviewing direct debits and standing orders linked to one’s bank account, advocating for an annual or bi-annual review to prevent unnecessary payments. He also drew attention to recurring payments, often unnoticed due to their connection to card numbers rather than bank account details, and recommended individuals scrutinise these transactions.
Drawing from a real-life example, Mr. Lewis recounted the case of a cameraman who, at his urging, discovered he had been making direct debit payments for council tax on a property he had vacated three years prior. This revelation prompted Mr. Lewis to highlight the potential impact of overpaying for unused services and the importance of these financial checks.
Additionally, Mr. Lewis advised individuals to assess their council tax band to ensure they are not overpaying. He shared the success story of a woman who challenged her council tax band, resulting in a significant refund of approximately £7,000. Mr. Lewis outlined the necessary steps for conducting a council tax band review, including comparing one’s property with similar homes in the area and assessing the property’s value in 1991, which is crucial when challenging the tax band.
Mr. Lewis’s insightful recommendations demonstrate his strong advocacy for financial vigilance and prudence. His dedicated efforts to empower individuals with the knowledge and tools needed to manage their finances responsibly make him a valuable resource in personal finance.
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