Danny reviewed his Scottish Widows critical illness policy and uncovered he could claim £150,000 for a heart attack from 10 years earlier
Martin Lewis is the money saving expert(Image: ITV)
One man has shared the remarkable sum of money that came his way after following a straightforward tip from money saving expert Martin Lewis.
Danny said: “I just wanted to share my good fortune thanks to Martin. His advice was to check your Direct Debits to make sure you need what you’re paying for.
“I reviewed a Scottish widows critical illness policy and found it covered me for a heart attack I’d had 10 years earlier.
“I phoned up and they were surprised how long it’d taken me to claim – I received a payment of £150k, including backdated interest.
“I can’t put into words how grateful I am for the prompt.”, reports the Express. Danny acted on Martin’s straightforward guidance which starts with examining what you’re being charged for.
By accessing your online banking portal or app, you should be able to view your standing orders or direct debits (DDs) displayed, according to Martin Lewis.
Danny found he was owed £150,000(Image: Halfpoint Images via Getty Images)
That said, some of these transactions won’t appear in this list and will simply be recurring payments. This demands a bit more investigative effort.
Whilst some banks such as Monzo, Revolut, Halifax, Lloyds and HSBC feature a section labelled ‘subscriptions’ or ‘scheduled payments’ – not all banks offer this. Similarly, even if your bank does have one of these sections, some payments can still evade detection.
The most effective approach is to simply scrutinise your transaction history. Common companies that frequently use recurring payments include – AA, Amazon Prime, Apple TV+, Audible, AutoAid, David Lloyd, Disney+, Dropbox, Giffgaff, HelloFresh, iD Mobile, Klarna, Microsoft Office, Mubi, Netflix, Now, PureGym, RAC, Spotify, Virgin Active.
If you’re paying for something unnecessary – now’s the moment to cancel it. Question whether it’s worthwhile, affordable and whether you’ll actually use it.
However, before taking action, always verify you’re outside of any contract period and there’s no cancellation charge. The most reliable method is to contact the company directly.
Utilise comparison websites or tools such as Martin Lewis’ Cheap Broadband Finder, Cheap Mobile Finder, Cheap Energy Club and 0% credit card eligibility to discover if you can reduce your expenses.
Martin Lewis shared some tips around bank accounts(Image: ITV)
You can readily cancel direct debits and standing orders via your bank – although with recurring payments it’s often simpler to cancel through the company itself. Nevertheless, you possess a legal right to halt the payments through your bank if you’re experiencing difficulties.
With this in mind, you might occasionally experience a situation like Danny’s and recover substantial sums. But sometimes smaller amounts can come your way too.
It’s more probable to be insurance for white goods and mobile contracts you’ve overlooked.
Avoiding these payments is always preferable, but if you discover you’ve been paying for something incorrectly, you can politely request a refund.
One man, Joshua, explained: “My partner recently moved in and I helped her review her bills and subscriptions. I noted an odd £19/mth recurring payment since 2020, which she didn’t know what it was for.
“My partner’s dyslexic and didn’t realise she’d signed up to a cashback site subscription from a pop-up. I read your article on their ban (see Complete Savings ads banned) and politely contacted the customer service team. I explained the circumstances, and they agreed to refund all payments back to 2020 – over £850 refunded. Thanks.”
The exception applies to regulated financial products such as insurance, where there’s a valid argument that firms bear a responsibility to conduct regular suitability reviews.
If a company has failed to do so, it has a ‘Consumer Duty’ to issue a refund. Should the firm refuse, you’re entitled to lodge a formal complaint with the Financial Ombudsman.