Money-saving expert Martin Lewis has shared his advice on how to transform a relatively modest sum of £800, or even less, into a hefty £5,400 by following a simple eight-step process.
26.04.2024 - 10:15 / dailyrecord.co.uk
Martin Lewis has issued a stark warning about a "dangerous" bank change that could see customers paying significantly more.
The money-saving expert highlighted the issue on his BBC Podcast, explaining that a revision to Barclaycard's repayment rates might lead to people shelling out an additional £1,000 - extending their debt repayment period by up to ten years.
He pointed out that for a typical £1,000 debt, sticking with the old Barclaycard repayment rate would result in paying a staggering £955 extra. Mr Lewis criticised the move, stating: "It says it is doing it to give customers increased flexibility - I say it is doing it to make more money."
He alerted listeners that Barclaycard has notified its customers of changes to the minimum repayments, describing these adjustments as "devious and dangerous" and noting that Barclaycard is lowering them, Wales Online reports. Further detailing the changes, he informed listeners that starting from July 22, the new minimum repayment structure will be implemented.
He explained: "If I tell you what it's doing and you look at it, it feels innocuous. Most people will have ignored it. On most Barclaycards now the minimum you have to repay each month is 3.75 per cent of your balance or 2.5 per cent of your balance plus interest or £5. So you have to pay the highest of those."
The MoneySavingExpert founder explained: "From July that will be 1 per cent of your balance or 1 per cent of your balance plus interest or £5. Doesn't seem that big of a change does it?
"For someone who has got £1,000 on a typical Barclaycard - we're talking an APR of 24.9 per cent on the current minimum repayments, if you just make minimum repayment, it would take nine years and eight months to clear in full and that
Money-saving expert Martin Lewis has shared his advice on how to transform a relatively modest sum of £800, or even less, into a hefty £5,400 by following a simple eight-step process.
Martin Lewis, the money-saving guru and BBC Sounds podcast host, has confirmed his return to Good Morning Britain as a presenter alongside Susanna Reid on Wednesday May 8.
Martin Lewis has announced that he will return as a presenter on Good Morning Britain, alongside co-host Susanna Reid, on Wednesday 8 May.The money saving expert and BBC Sounds podcast presenter occasionally steps in to host the programme, however, due to his hectic schedule, he is unable to appear on the show very often. On Tuesday, 7 May, the 51 year old said: “Tomorrow morning from 6am, I’m looking forward to sitting next to @susannahreid100 to present @GMB.
As Neil Young once sang, the now shuttered Participant is gone, but not forgotten.
Martin Lewis' MoneySavingExpert.com has revealed a way for Tesco shoppers to bag up to £50 in bonus Clubcard points.Tesco is testing out a new "Clubcard Challenges" promotion, where customers can earn extra points by completing certain tasks. These could include spending £20 on the Summer barbecue range over six weeks or buying £10 worth of plant-based meals. If you're selected to participate, you'll be presented with 20 challenges - but you only need to complete 10 to secure the maximum £50 worth of additional Clubcard points.
Lewis Hamilton is one of the biggest F1 drivers on the grid right now!
Money saving pro Martin Lewis has issued a stark warning to broadband customers, including those with major providers such as Sky, Virgin Media and TalkTalk, following recent price hikes.
Martin Lewis has urged many Direct Debit-paying energy customers to phone up their provider and get some cash back.
ITV's Good Morning Britain has sparked intrigue after 'snubbing' Ben Shephard in a social media post marking the show's 10th anniversary, following his departure from GMB.
It was a milestone moment for Good Morning Britain this week as the ITV show marked ten years on screen, commemorating the moment with a post to the show's official Instagram.The post looked through the show's presenters over the years, but appeared to snub Ben Shephard, who was a regular on GMB since it's 2014 launch, before taking to This Morning earlier this year.The account wrote: "10 years have flown by! Let's look back at some of our presenters through the years.” A carousel of pictures then showed presenters such as Susanna Reid, Kate Garraway, Charlotte Hawkins, Richard Madeley and Ranvir Singh, money expert Martin Lewis, weather forecaster Laura Tobin, Richard Arnold and Adil Ray. Many spotted that Ben was missing from the post, along with Piers Morgan.
People living with disability and long-term sickness could lose out on more than £5,600 per year of government financial assistance, under proposals laid out following a fortnight of attacks on Personal Independence Payments (PIP). Disability rights advocates have criticised the plan, calling the government "obsessed with austerity, sanctions and conditionality".
Disability rights advocates and welfare campaigners have reacted with horror to "divisive" government plans that could see Personal Independence Payments (PIP) stopped for more than three million people who need extra help in their day-to-day lives.
Consumer finance champion Martin Lewis has finally got an answer from the Secretary of State for Energy over why millions of households are still struggling with energy prices, amid high standing charges and a lack of competition in the sector. In her response, Claire Coutinho MP told him "I share your concern."
Kansas City Chiefs star pass-catcher Travis Kelce has locked in a two year contract extension to make him the highest paid tight end in the NFL.
Adam B. Vary Senior Entertainment Writer Jeff Bridges is going back to the grid. The 74-year-old actor told the Film Comment podcast (via The Playlist) that he is going to appear in “Tron: Ares,” the third film in the long-running sci-fi franchise that Bridges inaugurated with “Tron” in 1982 and reprised with “Tron: Legacy” in 2010.
The Department for Work and Pensions (DWP) came under fire this morning (April 25), when a former government adviser went on BBC Breakfast to criticise the way the benefits body treats vulnerable people.
Money Saving Expert Martin Lewis has issued a warning for those considering subbing out their traditional ovens for air fryers, especially after the nation's frenzy over the kitchen gadgets that have taken over households in recent years. Seen as a potential cheaper alternative to regular ovens, there has even been talk of some people planning to cook full roasts in in these chic compact cookers.
Profits at the UK's largest mortgage lender, Lloyds Banking Group, have fallen by over a quarter in recent months as interest rates peak and the competition intensifies in the mortgage and savings market. However, despite the tough trading conditions, the bank maintains that its customers are "resilient" and has improved its predictions for certain sectors of the economy this year.
Consumer watchdog Which? has named the 'worst broadband firm for customer service' in a warning to customers.
Aldi has issued an urgent recall of its Village Bakery 8 Tortilla Wraps White amid an "active police investigation".