Energy firms sitting on £3bn of our credit – how to get it back | Cheapest way to spend abroad
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What is the main topic discussed in this episode?
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The system is far from perfect. Arguably, it's quasi-broken. I don't know, it seems to work against the consumer every time. But it's not designed to work for the consumer. I think that's a mistake in the premise. If you might end up spending money that you don't have because you've got this facility, then it's not worth it. It's a really interesting question. Hello, I'm Martin Lewis, and this is the cunningly named The Martin Lewis Podcast. I do wonder what that's going to be about. And this is our big topic episode where each week we lead on one main subject to help you save. Usually, most of it comes from my BBC Radio 5 live show with Adrian Childs, but there's also bonus money-saving tips just for you lucky, lucky podcast listeners.
Let's get straight to it.
Martin Lewis, how are you doing?
What have we got for us this week? I'm doing well.
How can I check if my energy direct debit is too high?
Well, we have a potpourri of subjects today. It's a split major, if you like. Two big topics. It's a bog off that we're doing. First of all, energy direct debits. This is the perfect time of the year if you're on a monthly direct debit to check if you're in too much credit. Energy firms are sitting on £3 billion of our cash and you can get it back. Then, What's the cheapest way to spend abroad? We're doing it right now because some of them you need to get early and get them in your pocket ready if you're going away this summer. We'll be going through lots of people's questions on that and I'll be giving you the absolutely perfect maximise every penny or every cent or every zloty of your money. And then the tellers this week, when have your children impressed you with their financial knowledge?
How old were they and what did they do? And this week's mastermind, is a really tricky one, Adrian. I need to be honest with you. It's a grey area of consumer rights. I had a couple of differing answers, but we are going for the gold standard answer, and I'll explain why it's the gold standard later on.
OK. I like them when they're tough. I feel less bad when I get it wrong.
What should I do if my energy firm is holding too much credit?
Do get in touch. Message 85058, WhatsApp 08599603. We can email martinlewispodcast at bbc.co.uk.
So, Martin, any accolades or awards this week? Shall we get those out of the way first?
Best broadcaster with an ulcer on his tongue. Oh, right. How was that? I have to say, on my show on Tuesday night, my telly show, it was an hour-long live. Really painful ulcer on my tongue. Had it seven days. Did not know how I was going to do it. I was slurring as if beforehand, as if I'd had, you know, four pints before going on. But two paracetamols, two ibuprofens and some magic spray on it. And I managed to get through the show. It is improved now, but you may hear the odd bit of lisping as we go through today. Please forgive me, everyone. There's a little bit of tongue pain. And I thought you would like some tonguing to start the show.
You've seen a clinician about this, I see it.
No, because it's only had it seven days and you're not really meant to unless you've had it two weeks. It's just an ulcer. It's just in a very painful spot on the side of my tongue, so it keeps brushing along my teeth, which I'm not enjoying very much.
OK, so no vigorous kissing for you this week, then?
No, well, you're in Cardiff, I'm in London.
We need very big tongues. Energy direct debits.
Yeah. So this is literally the perfect time of the year to check if your energy direct debit is in too much credit. It's a calendar thing I do every year. Energy firms are sitting on three billion pounds of our cash. Now, look, let's just go back to raw concept. What is a monthly direct debit? The idea is pretty good. The idea is obviously we use more energy in the winter when it's cold and less in the summer. So instead of really troubling people with cash flow, so they have to find a lot more cash in the winter, then we spread the cost over 12 months. So you pay roughly the same every month over the year. And it's a good budgeting application. The problem is the way it's executed.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–1:50
2
How can I check if my energy direct debit is too high?
1:50–2:58
3
What should I do if my energy firm is holding too much credit?
2:58–9:03
4
What are the cheapest ways to spend money abroad?
9:03–10:13
5
How can I maximize my spending while traveling overseas?
10:13–11:44
6
What financial knowledge should I teach my children?
11:44–13:16
7
What are my rights when buying a faulty item?
13:16–23:36
8
How does increasing my credit limit affect my borrowing eligibility?
23:36–1:03:27
Speakers
2 identifiedMore from The Martin Lewis Podcast
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