Martin Lewis’s exact phrase to get ‘shedload’ of money off

The money expert says millions of customers are paying more than they need to because they automatically renew services such as broadband, mobile phone contracts, insurance policies and breakdown cover without negotiating.

Speaking on his podcast, Lewis said consumers should not be afraid to challenge renewal prices and ask for a better deal. “Don’t just accept your renewal,” he said. “Especially in the right industries, you can save a shedload.”

One listener to his Martin Lewis Podcast told him they had cut costs by £550 a year, while others reported securing discounts of up to 50% simply by threatening to leave.

Martin Lewis’s golden rule

Lewis said customers should never automatically accept a renewal quote.

He explained: “We do not have a right to a cheaper price, but they do not have a right to our custom.”

His advice is straightforward: before renewing, check what rival firms are charging and use those prices as leverage.

If your provider refuses to budge, you can simply switch elsewhere.

The companies most likely to offer discounts

Martin Lewis revealed research showing some firms are particularly willing to negotiate with existing customers.

Among the companies where customers reported the highest success rates when haggling were:

• RAC
• AA
• Virgin Media
• Admiral
• Hastings Direct
• TalkTalk
• Sky Mobile
• Sky TV
• LV=

According to Lewis, more than nine in ten RAC customers who attempted to haggle reported success.

The secret department that can unlock bigger discounts

One of Lewis’s biggest tips is to ask to cancel rather than simply asking for a discount.

That’s because many companies have specialist retention teams whose job is to stop customers leaving.

Lewis explained that what customers know as the “disconnections department” is often known internally as the “retentions department”.

These teams frequently have greater authority to offer discounts and incentives than frontline customer service staff.

Why being nice could save you more money

While many people dread these conversations, Lewis says politeness can pay.

Rather than becoming frustrated or confrontational, he recommends being friendly and respectful.

According to Lewis, some call centre workers have limited discount allowances and may be more inclined to help customers who are pleasant to deal with.

He told listeners: “Always be polite and charming, never rude.”

Martin Lewis’s top haggling tips

The money-saving expert recommends:

1. Check competitor prices first

Know exactly what rivals are offering before making the call.

2. Have a reason prepared

Explain why you’re considering leaving.

This could be because:

• You’ve found a cheaper deal elsewhere
• The bill no longer fits your budget
• You need to reduce household spending

Having figures to hand can help – what’s the price elsewhere, how much do you need to reduce your spending by etc.

3. Ask for cancellation

If you’re not getting anywhere, ask to speak to the team that handles cancellations.

4. Be willing to leave

The strongest negotiating position comes when you’re genuinely prepared to switch providers.

5. Stay calm and friendly

Aggression rarely works.

Lewis says charm and patience often produce far better results.

One mobile phone trick that could trigger a discount

Lewis also highlighted a shortcut for mobile phone customers.

If you’re out of contract and considering switching, requesting your PAC code can sometimes trigger a retention offer from your provider.

The PAC code allows you to keep your existing phone number when moving networks.

Some firms respond by offering discounts or improved deals to persuade customers to stay.

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Why haggling matters more than ever

With household budgets still under pressure, Lewis believes consumers should treat negotiating bills as one of the easiest ways to reduce monthly outgoings.

Whether it’s broadband, TV packages, insurance or breakdown cover, a short conversation could result in meaningful savings.

And as Lewis points out, companies are often far more willing to negotiate than many customers realise.

Have you successfully haggled your bills down? Tell us your best deal in the comments below.