Martin Lewis says Brits can do simple check to see if they're owed hundreds of pounds without realising
Martin Lewis is here again with a money saving trick that could end up putting hundreds back in your pocket that you didn't realise you were owed.
Every week Lewis and his Money Saving Expert (MSE) team send out their newsletter with the latest cash tips for Brits.
This ranges from details on how you can be making money by playing video games to a simple but important check of your payslip when it comes to how much tax you're paying.
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He's even here for your Spotify woes, issuing advice on how to save cash following the company's decision to up its subscription fee.
This week (8 May), Lewis and the MSE gang are back again with advice on now being 'the perfect time' to check when it comes to one outgoing that could actually see you gain cash rather than handing it over.
What's Martin Lewis talking about?
It all boils down to your energy bills and how you pay, with the issue here being with Direct Debits.
This is where a set amount of money is taken from your bank account on a recurring date, so you should easily know if this is you by checking your bank statements.
The problem with direct debits is they are a flat rate and don't take in to account how your spend alters. This can leave your account in credit, meaning you've overpaid.
Lewis says: "Energy firms are sitting on over £3 billion of our cash - around £180 per household. And a decent whack of that should be back in people's pockets.
"This can be tricky to do as firms throw up lots of reasons to hold on to our cash, one of which is timing, but check right now, and you can defeat the timing excuse - making it all a lot easier."
What should you do now?
Ask for your money back, Lewis says.
Martin says: "Monthly Direct Debits aim to smooth out seasonal usage, so you pay the same year-round. That means you build up credit in summer, and use it, or build up debt, in winter.
"Crucially, now - early May - is the bottom of the cycle, so you shouldn't have much credit.
"So if you've done an up-to-date meter reading (or your smart meter has), your bill is up to date, and your Direct Debit is the right level, now is the perfect time to see if you've too much energy credit. More than a month's worth right now is certainly a lot, so ask for it back."
Lewis also stresses that energy firms set Direct Debits based on current prices and not what they could be in the future.
Once prices drop in July, it's likely you will need even less credit on your account due to the bills reducing, so you could get more money back if you wait a few months.
What could you get back?
It totally varies depending on your individual agreement, but one Martin Lewis fan got in touch to save he had overpaid on his energy bills by more than two grand.
Emailing Lewis, he said: "I went to my energy supplier today to input my gas / electric readings as per your piece on breakfast TV, and was shocked to see I was £2,016 IN CREDIT. Many thanks!"
In a post on X, Lewis says you could be owed 'hundreds'.
Topics: Cost of Living, ITV, Martin Lewis, Money, UK News
Tom Earnshaw