A recent survey found 38% of adults in the UK are currently tied into an contract or subscription they do not think is good value for money
Brits trapped in ‘rip-off contracts’ reckon overpriced deals are setting them back £576 a year more than they ought to be forking out. A poll of 2,000 adults revealed 38% are currently locked into a contract which they don’t believe offers good value for money.
Half of the respondents reported the price of their contracts keep rising over time, and 26% believe they get poor value for money for the service they actually receive.
TV packages (32%), energy contracts (26%) and mobile phone contracts (14%) are among the most common deals where people feel they are being ripped off. What’s more, the study, commissioned by Community Fibre, discovered nearly one in four (23%) believe better alternatives are now available.
It also revealed 26% are actively hunting for more affordable deals across all or most of their existing contracts and subscriptions. Yet with the typical person signed up to seven contracts or subscriptions in total, almost one in 10 (nine%) find it difficult to monitor them all.
Personal finance guru Peter Komolafe has teamed up with the mobile and broadband provider to back the launch of a new monthly renewing mobile eSIM, which includes unlimited data, calls and texts.
He said: “With many different long-term contracts on the go, small price rises can add up, leaving people paying more than they realise. That’s why it’s so important to regularly review, track and monitor your outgoings, so you stay in control of what you’re paying for.
“But most importantly, check you have the best deal and are only paying for what you need.”
Nearly half of those polled (48%) favour shorter, more adaptable deals. Meanwhile 41% are looking into bundling services to cut costs.
When questioned about mobile phone contracts in particular, 27% of participants wished to move to a more budget-friendly deal and securing the best price was the chief concern for six in 10 folk.
A further 19% would gladly retain their existing handset and switch to a superior contract and 15% are watching out for shorter, more flexible choices. This is followed by understanding precisely what their bill will be each month (56%) and having the most data, calls and texts possible (37%).
According to the OnePoll survey, more than a quarter of those polled (26%) have completely forgotten about a paid subscription and carried on paying each month without actually using it.
Greater control over contracts could also help some Britons struggling to keep track of what they’ve signed up for.
Video services (26%), music subscriptions (15%) and software (13%) are the most overlooked, costing bill payers an estimated £54 before they cancelled.
Peter Komolafe, who appeared in a video for Community Fibre questioning Londoners about their subscriptions, added: “I spoke to lots of people and found many are confused or frustrated by their mobile phone contract, but happy with their handset.
“Switching to an eSIM like this is a straightforward way to secure unlimited data, calls and texts for a fixed monthly price, with the added flexibility of a rolling contract.”
