IF you’re feeling the pinch, money expert Martyn James reveals how to get FREE cash to boost your bank balance by thousands.
Households are being clobbered by a crippling cost of living crisis which is seeing bills soar from energy and food to fuel and transport.
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Millions saw their energy bills DOUBLE from April 1 when the price cap – which limits how much suppliers can charge for your energy – went up.
While drivers are being stung by record-breaking fuel prices and families could be paying £20 a month extra on food by the end of summer because of soaring inflation – which has hit 7%.
It’s no wonder that households are struggling to keep out of the red, with many having to make the difficult choice between heating or eating.
But you can bank THOUSANDS of pounds by following consumer expert Martyn James’ tips.
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Mr James, from Resolver, has decades of experience giving out tips to help households save cash and fights for their consumer rights.
He’s also on of the experts on The Sun’s Squeeze Team panel of experts, here to help you through a crippling cost of living crisis.
If you’re worried about how to make ends meet, are struggling to pay off your debts or don’t know how best to manage your cash, get in touch by emailing [email protected].
Bank switching
You might not know that simply switching your current account could make you hundreds of pounds.
Banks sometimes offer incentives to tempt new customers into moving their money over to them – it’s in their interests as they get more customers in the process.
When you agree to swap, the bank will handle all the hassle of switching your current account – including direct debit and standings orders set up – over to a new one.
It is usually done within seven days – and you don’t even have to tell your old bank you are switching, as everything is done automatically.
Savvy savers have been known to make thousands of pounds – this one made £4,000 from bank switches.
Mr James said you can get paid up to £150 to £200 in some cases.
For example, you have until April 29 to apply to switch over your current account to HSBC and get £175.
While First Direct is giving new customers £150 and there’s £125 on offer from both Halifax and Nationwide.
But Mr James said to be aware of the small print when switching accounts.
“There are catches though – you’ll need to have a certain amount of money going through the account for example, so keep the switch for the account that your wages go through,” he said.
However, be warned – switching accounts can be time-consuming and fiddly, so make sure you put aside enough time to sort it out.
It could also be a red-flag to lenders in terms of your “credit worthiness”.
Grants
If you’re struggling for cash, you might be eligible for a number of grants to help you pay for bills, food, furniture and more.
As energy bills soar, for example, more cash has been piled into emergency hardship funds set up by suppliers for hard-up customers.
Octopus has doubled its fund from £2.5million to £5million, EDF has boosted its own by £5million, and Shell Energy launched one recently worth millions.
To see if you are eligible for help, get in touch with your supplier for more information.
Your local council might be a good port of call for grants as well.
Schemes such as the Household Support Fund and the Welfare Assistance Scheme dish out free cash, food vouchers and even free furniture to desperate residents.
A total of £1billion is available to households across the country under the Household Support Scheme after it was boosted by chancellor Rishi Sunak in the Spring Statement in March.
While welfare assistance schemes see authorities dish out up to £1,000 to help you pay for food, furniture, clothes, bills and rent.
For both the Household Support Fund and the welfare assistance scheme, you should get in touch with your local council for more information.
You can find who your local council is by using the gov.uk council finder tool online.
But Mr James said while there are quite a few schemes and options available to people who are struggling financially, finding them can be “really complicated”.
“The simplest thing to do is contact the business or organisation and ask them outright what help is available and they are obliged to tell you,” he said.
“From the Household Support Fund through your local council to energy discounts and support, it’s all there. So don’t suffer in silence – seek help.”
Claiming lost cash
Forget scrabbling behind the sofa for that lost fiver – you might want to try hunting for lost bank accounts, pension pots and Child Trust Funds instead.
There could be hundreds of pounds waiting to be re-discovered.
There’s an estimated £4.5 billion lying in the defunct or forgotten bank accounts – the average amount a person could have stashed away is £450, new research shows.
While a missing pension pot could be hoarding tens of thousands of pounds.
The Association of British Insurers estimates that there are around 1.6million missing pension pots, with an average size of £13,000.
But Mr James said to beware of companies promising to win back your money in exchange for a fee or a cut of the cash tracked down.
“Wherever there’s easy money waiting to be claimed, there are businesses that will charge you for doing something you can do yourself for free.
“So watch those Google ads and stick to official tracing services.”
For lost bank accounts, you can use My Lost Bank Account which is a service set up by the British Banker’s Association
And for pensions, you can use the Pension Tracing Service on the gov.uk’s website.
Government savings schemes
If you’re on a low income, there are government schemes out there to help you save – although this will be difficult for many who do not have any cash to spare amid rising prices and bills.
The Help to Save scheme means you can get up to £1,200 free in bonus money.
You pay in between £1 up to a maximum of £50 each month and you get 50p for every pound saved at the two year and four-year marks.
“So, if you pay in the maximum of £2,400 over four years you earn £1,200 in bonus money – but there are, of course, conditions,” Mr James said.
“So make sure you read everything first – especially the bits about
accessing the money early.”
But millions could be missing out on the help – latest figures show a quarter of a million people opened up an account, but 3.5million people are eligible for one.
You can apply for an account via Gov.uk but you need a government gateway user ID and password.
If you do not have a user ID, you can create one when you apply.
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