Consumers should actively check their energy accounts for potential refunds, as energy firms may hold billions in unclaimed customer credit.
Shrinkflation impacts various consumer products, emphasizing the need for vigilance as companies reduce sizes without lowering prices.
Eligible individuals aged 20 to 25 can obtain a free £100 railcard through a Santander savings account promotion, encouraging awareness of financial opportunities.
Deep dives
Potential Energy Credit Refunds
Many consumers may be owed significant refunds from their energy providers, with estimates suggesting that energy firms hold around £3 billion in customer credit. The podcast illustrates how households typically build credit through monthly direct debit payments, especially during colder months. This time of year presents an ideal opportunity for customers to assess their energy accounts and request refunds if they find themselves excessively in credit. Several listener stories emphasize successful credit returns, highlighting the importance of checking your account status regularly.
Understanding Shrinkflation
Shrinkflation refers to the practice where companies reduce product sizes while maintaining the same price, effectively increasing the cost per unit. The podcast discusses how this trend affects various consumer goods, from snacks like Jaffa Cakes to household items such as toilet paper, which now contain fewer sheets per package. Listeners contributed specific examples, revealing how they noticed reductions in product sizes or quantities, and the episode explores the clever tactics businesses employ to manage consumer perception of price increases. The discussion also references the challenges in tracking shrinkflation, emphasizing the need for consumers to stay vigilant about packaging and pricing.
Free Railcard for Young Adults
Listeners were informed about a unique offer that allows anyone aged 20 to 25 to obtain a free £100 railcard through a Santander savings account promotion. To take advantage of this, individuals must save at least £50 in the account and set up online banking by the end of May. The podcast stresses the simplicity of the process, encouraging listeners to spread the word for eligible young adults. This offer is characterized as a clever way for Santander to attract younger customers and build their database, which ultimately benefits both the bank and its clients.
Variable Direct Debits Explained
The podcast outlines the differences between monthly direct debits and variable direct debits, which adjust payments based on actual energy usage each month. While many individuals prefer fixed monthly payments for budgeting reasons, a variable direct debit can reflect more accurate consumption and potentially save costs. However, variable direct debits are not universally offered, and consumers should verify with their energy providers if this option exists. The discussion highlights the importance of monitoring energy bills and being proactive when it comes to payment methods.
The Rules of Energy Direct Debits
Listeners are urged to understand their rights regarding fair direct debit amounts set by energy companies. The podcast explains that suppliers are obligated to provide clear explanations for direct debit amounts and must ensure they are fair based on actual consumption data. Customers have the right to challenge high direct debits and can take action if the provider fails to adjust them accordingly. The episode emphasizes the importance of submitting accurate meter readings regularly to ensure fair billing and avoid excessive credit accumulation.
The main topic is all about how you could potentially get money back from your energy firm. If you pay by monthly direct debit then Martin explains why you should be checking now if you’re owed serious cash.
The Tell Us is about shrinkflation. Where can you find provable evidence of groceries, cleaning productions or cosmetics that are no longer as big as they were.
Plus, if you're aged 20 to 25, Martin explains a trick that can get you a free four-year railcard worth £100 via the bank Santander.
Get in touch… email martinlewispodcast@bbc.co.uk
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