New research from the University of Law suggests that millions of people are at risk of being caught out and overspending on bills by not checking their contracts as they renew. The study showed some 82 per cent of respondents admitted they don’t always check updated terms and conditions for rolling contracts or those which auto-renew, of which 36 per cent said they ‘hardly or never’ check the small print.
A legal expert at the University has now warned consumers that this lack of vigilance could land them with higher costs, as suppliers could easily hike up prices for those not in contract. For those on certain energy tariffs, it could also see them continue to pay more for their gas or electricity as they may not realise the meaning of their tariff.
Aruna Verma, Associate Professor at the University of Law, said: “Contracts can often be long and complex documents, which can easily become laborious or confusing to read in-depth, however, it’s so important to fully understand what you’re entering into before signing on the dotted line, especially in the current economic climate.”
