Money Saving Expert Martin Lewis has advised anyone with a UK bank account to check for unnecessary payments.
The money guru has warned that many people have money taken out of their accounts every month without noticing - for something they no longer need or shouldn't be paying for.
Martin made the revelation on the latest episode of the Martin Lewis Money show while highlighting the difference between a Direct Debit and recurring payment and why everyone should check their bank statement for them.
He asked co-host Angellica Bell: "Have you heard of this, Angellica?" When his co-host shook her head, the Money Saving Expert founder proceeded to explain.
He said: "It is called a recurring payment. Have you heard of it?"
"I have, yes, but some people think it is the same as Direct Debits..." his co-presenter replied. "No," said Martin.
He added: "A direct debit is when you give your sort code and your account number and they take the money each month. "A standing order is when you set it up yourself to make a regular payment each month, quarterly or whatever. A recurring payment - this is crucial - is when you give the long number on your card. A credit card or a debit card.
"Then they can take money from you each month. You have far less rights with that one. You used to not be able to cancel it without contacting the company. You can cancel it now. So, if you want to get in touch and cancel it, contact your bank. If they say they cannot cancel it, they CAN.
"And they owe you the money. You can go to the Ombudsman."
One viewer revealed that they had discovered the former owner of their home was still paying for insurance - costing £3,200 over the 16 years.
The Martin Lewis Money Show continues to air each Thursday night at 8.30pm on ITV1.
It is also available to catch up with via the ITV Hub
