Financial expert Martin Lewis has revealed his latest advice which could help motorists save £1,000.
In his latest Money Saving Expert newsletter, Mr Lewis issued a warning to every driver who has passed their test before 2014.
He said that up to two million people could be affected, urging drivers to check their their licences to avoid a possible fine.
But what exactly did Martin Lewis advise motorists to check? How can you avoid a potential £1,000 fine?
Read on below to find out more.
Money-saving guru Martin Lewis shares his latest tip which could save motorists £1,000
What did Martin Lewis advise drivers to do?
In his most recent newsletter, Mr Lewis revealed that up to two million people may have neglected to update their licences.
He advised drivers to verify the date under section ‘4b’ on the front of their photocard. This section shows the expiry date of your licence.
If you are found to be driving with an expired or out of date photocard, you could be subject to a £1,000 fine from the DVLA.
Driving licence photocards, first issued in 1998, are valid for ten years from their first date of issue.
However, paper licences, which were issued prior to 1998, remain valid until the holder turns 70, even though this format was abolished in June 2015 and they are no longer issued alongside the photocard.
As a result, paper licences do not need to be renewed if your personal details have not changed, but all driving licences are required to be in the photocard format by 2033.
‘The cards and products stored in your purse or wallet (even if it’s digital via your phone and watch) are a vivid window on your finances,’ Mr Lewis wrote.
‘So each year I like to do an annual check-up of what you’re holstering to see if there’s an easy cash boost.’
Pictured: A photocard and paper counterpart of a UK Driving Licence. If you are found to be driving with an expired or out of date photocard, you could be subject to a £1,000 fine from the DVLA
How do you renew a driving licence?
Anyone seeking to renew their driving licence is able to do so by post or at their local post office.
In order to renew it, you must hold a valid UK passport and be resident in England, Scotland or Wales.
Northern Ireland has its own system under the Driver and Vehicle Agency.
To renew, applicants must also not have been disqualified from driving. Furthermore, they must able to show their current licence or explain why they can’t if they do not have it. They must also provide their National Insurance number and their previous three addresses.
A £14 processing fee must also be paid by debit or credit card online, which rises to £17 if submitting by post. Over-70s or those with a short-term medical driving licence are not required to pay a fee.
Once your application has been received, you should obtain your new licence within a week, the DVLA advises.
