Warning issued about 'forgotten' £500 bills being drained from bank accounts

Many of us could be losing money every year without even noticing, Citizens Advice has warned.

People in the UK have been warned they could be paying out an average of £500 each year in 'forgotten' bills that they don't even know are coming out.

That's according to figures from Citizens Advice, which revealed that 13 million adults Britain - around 26 percent - have signed up to a subscription in this past year without meaning to.

These services, which often remain unused, have cost Brits a staggering £688million over the last year.

The Mirror reports that the most common reason for these accidental subscriptions is auto-renewal (40 percent) or forgetting to cancel your subscription after a free trial (39 percent).

Meanwhile, one in four people believe they're making a one-off purchase only to find more money being taken out of their account later.

Stephanie Hood, a retail expert from TheCMO.com has recommended that you regularly take stock of your subscriptions as well as checking your bank statements for anything you don't recognise.

She said: "Many people don't realise how much they're spending on subscriptions they don't use. A thorough review can reveal opportunities to cut costs and redirect those funds towards more important financial goals.

"As living costs rise and many people find their expenses outstripping their income, it's crucial for consumers to take charge of their finances. Businesses that depend on customers forgetting to cancel free trials are taking advantage of busy, financially strained individuals, and this practice is unacceptable. Consumers should have the option to choose whether their subscriptions auto-renew and decide if they want to continue after a free trial."

How to keep on top of subscriptions

• Review subscriptions regularly to identify and cancel unused services
• Set reminders to cancel free trials
• Monitor bank statements for unexpected charges
• Set the money aside from the subscriptions into a savings pot

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