Expert Hacks to Haggle for Discounts on Contracts and Renewals
Learn effective strategies to negotiate better deals on your contracts and renewals
Haggling, Negotiation, Contracts, Discounts, Insurance, Telecom, UK
London: So, you want to save some cash on your contracts? Martin Lewis, the money-saving guru, has some great tips. He points out that in industries where everyone has a service, like mobile phones, companies often try to keep their current customers rather than just snagging new ones.
In areas like breakdown insurance or TV deals, haggling can really pay off. Consumer expert Helen Dewdney, known as The Complaining Cow, shares her best tips for getting the best deals.
First off, if you’re thinking about renewing a contract, don’t just accept the first offer. Companies often have better deals for new customers, so ask for those as a loyal customer. This is especially true for telecom and insurance companies.
And here’s a little secret: insurance companies are now required to offer you the same price as new customers. But that doesn’t mean it’s the best deal. If you find a better price on a comparison site, let your provider know—they might just match it.
Next, do your homework. Check what your exit fees might be and see what other companies are offering. This way, you can show your current provider that it’s cheaper to leave, even with the fees.
When you call to negotiate, you’ll likely be directed to a team that handles these discussions. Before you call, jot down your budget limits. Know the highest and lowest you’re willing to pay. This will help you stay focused during the call.
And don’t just take the first offer they throw at you. Use phrases like, “I’ve got a budget, and my max is £[insert amount] a month,” or “I’ve seen better offers from [insert competitor].”
Remember, they might pressure you to agree quickly, but don’t rush. If you stay silent after they make an offer, they might feel the need to fill that silence with a better deal.
Lastly, if you’re really stuck, consider writing to the executive team. You can find the CEO’s email online and let them know you’re thinking of leaving. This can sometimes get you a better response than a phone call.