Martin Lewis has made his name as the Money Saving Expert, and he now he often shares his money saving tips on the small screen. Last night’s instalment of the Martin Lewis Money Show was focused on the matter of debt, and how members of the public could rid themselves of it.
During the instalment, Mr Lewis looked at how aomw people who have taken out payday loans may be able to claim some money back.
The financial journalist said: “When you get a payday loan, they have to make sure that you have the ability to repay it, you know it’s a short-term loan, and you know the conditions.”
Mr Lewis then directed the member of the public who may have been mis-sold the product to go look into payday loan reclaiming.
He told one person: “Don’t pay anyone to do this for you. There are free tools and guides which will do it for you, and I want you to go and have a look and put in a payday loan reclaim to the payday loans you’ve had.
“You may be able to get quite a chunk of money back, that may help in the whole process. Ultimately it might end up going to the creditors, but that’s fine.”
Later in the episode, co-host Angellica Bell asked the broadcaster whether reclaiming payday loans is something which is “widespread”.
He replied: “It’s absolutely huge, you need to get on with it. It’s about getting the interest back – but that can be enormous.”
He also explained that one viewer, called Natalie, had written in to tell the team she had managed to reclaim some money after taking out a payday loan.
Natalie had said: “Thank you, saw your info on payday loan reclaiming and one company are refunding me £4,172 and a penny.”
Mr Lewis continued: “The issue with that though is so many people are reclaiming, payday loan companies are going bust. And, if they go bust, you’re unlikely to get anything back so just get on with it. Do it sooner.”
Also in the episode, Mr Lewis made a heartfelt speech about the need for financial education, as he referred to one person’s struggle to pay off debt.
He said: “There are so many people out there in horrendous debt. I always push to those non-profit agencies because they can sit there, go through the detail, talk to the creditors for you, and make sure it’s better and that works..
Mr Lewis said of one person who appeared on the show’s experience: “But, what sticks with me after that, is that at 18, he messed up his financial life, and at 28, it’s still with him.
“That’s why we have to get proper financial education in schools.
“We’ve got it on the National Curriculum, there’s now a textbook that I was involved in that’s in schools, but most schools don’t have to follow the National Curriculum.
“So, if you’re a parent of a teenager, ask your school, ‘What are you teaching my kids about money?’”
Mr Lewis continued: “Whether you’re good or bad with money, ask them, and say, ‘I’d like my children to be financially educated.’
“It might stop them getting into such horrible problems when they’re 18 or 20 or 22, that means the rest of their life will be just a little bit easier.”
The Martin Lewis Money Show continues on Monday on ITV at 8pm.