Martin Lewis returned to our TV screens a couple of days ago to impart more money-saving tips, moving from the topic of air fryers at Christmas to mobile network providers.
The money saving expert issued an urgent warning to everyone who has a mobile phone or a broadband deal with EE, BT, Three, Vodafone, and O2.
On the latest episode of The Martin Lewis Money Show Live, the money expert stated that customers of certain providers will see another price hike very soon.
Come April, BT, EE, Plusnet, Three, Vodafone and O2, among others, will all hike their mobile contracts by 7.9% at an above-inflation rate. Whilst, TalkTalk customers will observe a 7.7% increase in April.
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Last year, contracts rose by as much as 17.3%, however, due to a drop in inflation, the hikes are less steep.
However, before you try to grasp yet another interest upsurge, the financial expert says there is something you can do about it.
For the 14 million mobile customers and 7 million broadband customers out of contract, Lewis explained that they don't have to accept price increases and can leave without any risks of penalties or fees.
'If you're out of contract you are basically being ripped off. You are being ripped off,' Lewis exclaimed.
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Customers out of contract have the opportunity to shop around for a cheaper deal before the new prices take effect in April. Newbies always tend to get the best deals also.
'Go onto a price comparison site, find yourself the cheapest new SIM card or the cheapest new broadband deal, and if you don't want to move, take that to your existing company and haggle with them,' Lewis continued.
Unfortunately, customers who are still mid-contract will have to accept the steep price increase as part of the provider's terms and conditions. In most cases, there won't be a way to cancel penalty-free.
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However, Lewis advised that it's worth keeping track of when your contract is due to end so you can start searching for new deals around that time.
In December 2023, the telecom regulator Ofcom proposed a rule to stop phone and internet providers from increasing prices mid-contract based on inflation. Meaning, that providers would have to tell customers exactly how much any mid-contract price would increase when they sign up.
Although, despite the rule, prices can still increase mid-contract by a lot more than the inflation rate, so customers are still left in the dark.