'I got a £15,000 pay out after listening to Martin Lewis' Direct Debit warning'

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'I got a £15,000 pay out after listening to Martin Lewis' Direct Debit warning'

A woman has received a £15,000 pay out after following Martin Lewis' direct debit advice. It was only when she listened to the Money Saving Expert's tips that she realised she was entitled to thousands of pounds.

Martin Lewis' five minute direct debit challenge involves checking your regular payments to ensure you are not wasting hundreds of pounds. This method has helped lots of people realise they are still paying for things they no longer use or need.

The budgeting guru says: "It isn't rocket science, but it is important financial housekeeping. Regular payments are PASSIVE transactions, money auto-paid, dripping from our pockets without our conscious action.

READ MORE: The London commuter town randomly named the calmest place to live

A woman sorting her bank cards
The Money Saving Expert advises to check all your direct debits

"While they're often a valuable tool to ensure crucial bills are paid, millions who don't check them often enough are likely wasting £100s on products and services they no longer want or use - or worse - that are completely pointless."

He advises to use online banking to check what you are paying for, as that's where standing orders and direct debits will be listed. If you are unsure what a payment is then you should be able to find out by searching online.

Lewis notes that recurring payments, may be trickier to spot as they may just be listed as any other payment, so are effectively hidden and you will need to scour through to find them. If you are paying for something pointless then ditch it, you will need to make sure you are out of contract first.

When following the MSE's guide you could find something useful, as Cathy did. She said: "I reviewed all my Direct Debits and found we'd been paying for critical illness cover for years.

"When I looked into it, I realised it also covered our children. My son had brain surgery in 2020, and after talking to the insurance company, we received a £15,000 payout - a massive help. I've been following MSE for years, thank you for all your advice."

Other customers have also benefited from stopping to pay for services they no longer use, such as gyms located where they used to live.

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