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DON'T believe the fake 'Martin Lewis' or 'MSE' ads |
Got debt but get rejected when you apply to cut its cost? New. Longest poor-credit 0% balance transfers Banks are organisations that will lend you an umbrella but ask for it back when it rains. And, sadly, if you've a poorer credit history or a lower income, you'll likely recognise that feeling when it comes to applying to cut the cost of existing debt, as rejection is the default. However, right now, likely on the back of the cuts in UK interest rates, we're seeing a range of new 'poor credit' balance transfer deals launch, which may offer some hope, and are worth trying. A 0% balance transfer is when you get a new card that pays off existing card debts for you, so you owe the new card but it's interest-free for a set period. This means more of your money clears the actual debt rather than just paying the interest.
PS: We'd love to be able to describe which of these cards is easiest to get in detail. Sadly, they won't give us that detail - that's why we include them all and link via the eligibility calc, which will simply tell you your best chances.
Q. What if the credit limit isn't big enough? The only way to find out is usually to apply, and as the application is now on your credit file anyway, make use of whatever you get. Use the new card to shift the maximum debt to it - at least it is at 0%. Then, once done, try our Balance Transfer Eligibility Calculator again to see your chances of acceptance for other providers' cards. Though try to spread future applications out, as too many in a short space of time can hurt. ALWAYS follow the Balance Transfer Golden Rules: Quick balance transfer FAQs (click links for Martin's answers) |
News. Winter Fuel Payment (WFP) reinstated - watch Martin's explanation & analysis. All those eligible for the State Pension (Eng & Wal) will get WFP this winter, but it'll be clawed back through the tax system for those who earn £35,000+. Watch Martin's WFP: How it works, what it means, is it any good? video analysis, which was done straight after the announcement. Plus your key Qs answered: What counts as income? Is the opt-out individual or household? Plus more. Are you getting enough beer for your brass? Know your pint rights. With the average price of a draught pint hitting £5.17, our self-ap-pint-ted BeerDrinkingExpert MSE Kelvin asks: Are you entitled to a top-up? (Pls be Drinkaware.) New. M&S cuts loan rates to 5.9%. We're finally seeing personal loan rates shave down after the last base rate cut. M&S Bank (links via our eligibility calc) has cut its personal loan rates, making it the joint cheapest, with TSB, at 5.9% rep APR on £7,500 to £20,000 loans. Cheapest loans' rep APRs: Up to £3,000: 9.9% | £3,000 to £5,000: 9.7% | £5,000 to £7,499: 7.1% | All links are via our eligibility calc, so you can find the cheapest lender that'll accept you. If in doubt, don't. New borrowing should only be for NEEDED (fixing broken kitchen, not a holiday-type needed), planned, budgeted-for affordable expenditure. It should be minimised and repaid as quickly as possible. Coupon-tastic FREEbies... (£3.50) cat food, (£1.60) dog food, (£2) yogurt & more. See 40+ June coupons. New. Top 5% easy-access savings. NEWBIES to app-only bank Chase* get 5% (2.75% variable + 2.25% fixed 12mth bonus), min 1p, max £3m. To get it, just open its free current account. You don't need to switch bank to it, and it only does a soft credit-check, so almost everyone can get it and your credit file isn't marked. Its debit card also gives 1% cashback on UK supermarket and travel spends & it is a top card for overseas use. More savings options in Top cash ISAs and Top savings. Martin: 'I wasn't expecting that... a funny thing just happened to me in a cab!' See what happened in our new Martin & the cabby video, which is placed in our nine financial benefits of marriage guide (which is a bit of a clue). Now only FOUR banks pay you to switch... get up to £310. Last week there were five, now one's gone. Top all-rounder: First Direct FREE £175* + top service + 0% overdraft + 7% linked savings. Top overall reward: TSB FREE £100 + FREE £15/mth for 6mths* plus FREE £120 hotel voucher in Dec (so total reward £310). Nationwide customers only: FREE £200 existing customer switch. Top for bills: Santander Edge FREE £180, but £3/mth fee, though it pays 1% cashback on bills paid via Direct Debit (max £10/mth). For full info, offers and eligibility criteria, see Top bank accounts. Update. Car finance mis-selling - regulator says 'don't use a claims firm'. The regulator prepares for compensation scheme - and warns against using claims firms. See Car finance mis-selling - the latest. Are you in the wrong Council Tax band? 100,000s are due £1,000s back. New Martin pod. It's a Council Tax Special this week, talking through how to check & challenge your band, whether you're missing out on a discount or reduction, and whether you're in one of 800,000 homes owed back credit. Plus Inheritance Tax, cash ISA rules and more. All in the new The Martin Lewis Podcast. Listen via BBC Sounds | Apple | Spotify or wherever you get your Martin fix. Ikea 'up to 60% off' sale, eg, £15 duvet set £5. Plus members of its free Ikea Family loyalty scheme who shop by Sunday will also get a £10 off voucher on a future spend. See full Ikea sale analysis. |
Martin answers... a big energy question
2. Are there cheaper fixes available than the fix you're currently on? Fixed prices have dropped recently. Currently, the top tariffs include Outfox the Market at an average 18% cheaper than the current Cap and E.on Next at an average 14.6% cheaper. Both are for new & existing Direct Debit customers, neither require you to have a smart meter, and E.on includes MSE cashback. So it's worth doing a cheap fix comparison. If the results show the fixes available are materially cheaper than your current one (that'll depend on when you fixed), whether it's worth ditching and switching depends on...
3. "Is it worth waiting until July? Will the price of new fixes drop then?" Another common question. Of course, if you're on a fix, your rate is... well... fixed, until it ends. Yet, more importantly, the Price Cap movement is mostly irrelevant for the rate at which new fixes are set. That's because the Price Cap is backward looking, eg, the July Cap is set based on wholesale rates (those energy firms pay) from mid-Feb to mid-May. Yet the rate fixes are offered at roughly depend on current wholesale rates. Sadly, there's no way to know what they'll be in July - they could be higher, lower or the same as now. So if you can save by acting now, there's no point waiting. PS: In Northern Ireland? There's no Price Cap and there's less choice when it comes to suppliers and tariffs. See our Cheap Northern Ireland electricity guide for more info. |
Warning. Got an old Economy 7 or multi-rate electricity meter? Your hot water & elec may stop working next month if you don't upgrade NOW. The 'Radio Teleswitch Service' (RTS), which allows some older (non-smart) multi-rate electricity meters to function properly, will be switched off at end of this month. If you've got one (see check if you've a Radio Teleswitch meter), it could mean your heating and hot water won't function properly, or you'll get incorrect bills. To stop this, you'll need a new meter. See Replace your old 'RTS' meter NOW for full info. 'I got a £152 energy credit refund after watching Martin.' Our success of the week comes from Miss Shaila: "I saw Martin Lewis on This Morning explaining that if you pay by Direct Debit to your energy provider and are in credit, they should refund the credit owed. So I rang British Gas and mentioned what Martin had said. Initially they said that once they get my quarterly gas bill, they will deduct the amount and refund the rest. But I insisted on the full refund due, which was £152. They put me on hold, and eventually came back and told me they would refund me the whole amount. Big thank you to Mr Lewis." If we've helped you save (on this or owt else), send us your successes. Free West End theatre ticket for kids with a paying adult, for The Lion King, Matilda, Starlight Express & more. The annual 'Kids Week' promo on 50+ shows has launched, for Jul to Aug performances. Full info in Kids' theatre tix. Last-min Father's Day deals, including 50% off Card Factory and free gift cheques. It's this Sunday (15 June). See our Father's Day round-up. |
AT A GLANCE BEST BUYS
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MONEY MORAL DILEMMA My partner eats more than me, so should he pay more of our food shopping costs? My husband and I both work full-time and contribute equally to our household expenses, including food shopping. But he eats far more than me - both in terms of portion size when we cook together, and by having breakfast at home when I don't, as well as by eating sides with meals and snacks in between. Should I ask him to contribute more to the household budget? Given how food prices have increased, it's become a growing part of our expenses. Enter the Money Moral Maze: Should my partner pay more towards our food shopping? | Suggest a Money Moral Dilemma (MMD) | View past MMDs |
MARTIN'S APPEARANCES (TUE 10 JUN ONWARDS) Thu 12 Jun - Ask Martin Lewis, BBC Radio 5 Live, noon |
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