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Uncancelled direct debits costing £210 per year

Uncancelled direct debits costing £210 per year

Category: Money

Updated: 02/08/2017
First Published: 20/04/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The average Briton wastes £210 a year paying memberships and bills they do not make use of, new research has revealed.

Two thirds of people questioned admitted to having contracts which they should cancel due to lack of use, a survey by www.MyVoucherCodes.co.uk has found.

Just over as third of people said they were 'forgetful' when it comes to cancelling outgoing financial commitments.

Monthly direct debits for membership to a gym that they did not actually attend were the most common financial obligation people forgot to cancel, followed by charity donations and then service subscriptions, such as LOVEFiLM and Tesco DVD Rental.

Around two thirds of people admitted to wasting between £15 and £20 a month on services they did not use regularly.

"Whilst £15 doesn't seem much at first, if every adult in the country wasted this much money every month on outgoings they simply kept forgetting to cancel, Brits would be giving away a combined total of more than £8.4bn," said Farhad Farhadi, financial services expert at the website.

"Our advice is simple – make a note, set an alarm, put it up on the fridge – whatever it takes to remind you to cancel the memberships that could be costing you more than £200 every single year.

"The change will help you organise your finances much more efficiently, and it'll also feel like a weight has been lifted when you finally do get around to doing it!"

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