Money Saving Expert Martin Lewis has issued a 24-hour warning to anyone paying for broadband in their home. Martin, who founded the MoneySavingExpert (MSE) website, is urging anybody with a broadband account to act quickly before it's too late.
On the latest episode of the ITV Martin Lewis Money Show, the finance journalist advised people that broadband prices are likely to go up again this week. It's a huge blow for Brits already struggling to cope with the cost of living crisis.
However, according to Martin, there are things you can do to avoid the price hikes. But if you want to beat them, you'll need to act today.
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He warned: "For the rest of this week, probably from tomorrow, we are going to get the December inflation figures. That is normally what broadband costs are increased on. And they do it above inflation - so I am expecting 15 per cent rises in broadband to be announced for many of the big providers this week. So go now."
He continued: "Look if you can get a cheaper price on a price comparison website, see if you can use that as a benchmark. And if you are one of those many millions out of contract, ring up your provider and say you want a cheaper deal, and if they can't do it, well, maybe you want to leave."
BT, EE, Plusnet, Shell, TalkTalk, Three and Vodafone broadband customers are expected to be hit with price hikes of up to 15 per cent this spring, Mr Lewis has already warned. “As a loyal customer, the first thing I would do is, I’d get on the phone and I’d say: I’ve seen what you’re charging new customers. I’m not willing to pay that amount, can you offer me a better deal?” he said.
Mr Lewis added: “If they say no, you say ‘I want to go through to customer disconnections’ – this is where they can do the big deals.” A recent MoneySavingExpert poll revealed an over 75% success rate when haggling with TalkTalk, Virgin and Sky, plus “high success rates at many other broadband providers too”.
The Money Saving Expert website says: "If you're in contract - meaning you actively signed up to a new tariff within the last year or possibly two (do check) - the price rise will likely be part of that contract. In most cases this means that you won't be able to cancel penalty-free.
"But if you're unhappy with the price rise, you should note when your contract's due to end and start looking for new deals nearer the time."
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