Could you save £150 with a quick phone call?

We've all been on the receiving end of a letter telling us that the price has increased on our broadband - sometimes by as much as £20 a month.

This is the right time to push yourself to go out and see if you can find a better deal that could save you money. These companies rely on people not being bothered to switch, so it’s an opportunity to take action.

What to do about a price hike mid-contact?

Know you’re not stuck!

If the rise is of 'material detriment' (a rise that's bigger than the Retail Price Index (RPI) rate), then you can cancel your contract and switch to any other provider, as long as you do so within 30 days of receiving your price-hike letter.

Head to price comparison sites like uSwitch, MoneySuperMarket, and Compare the Market, confident in the knowledge that rules set by Ofcom mean that customers can leave mobile, landline, or broadband contracts penalty-free if a provider increases prices mid-contract.

Negotiate, always!

While switching can often get you the cheapest price, communication companies are generally desperate to hold on to customers. Having one foot out the door is the best way to show you mean business.

It's always worth trying to negotiate with your provider, and asking them to keep the bill at the original rate you signed on for - or else you'll leave to go to another provider. If that doesn't spook them, then remember there are lots of other providers out there so there's a great chance that you'll find a better deal elsewhere.

Try negotiating first

Occasionally companies will be happy to lock customers in at a lower price in order to prevent them from jumping ship.

Call up your provider, have a go at haggling and see what happens - you may be pleasantly surprised. Read this MoneySavingExpert article about the best providers to haggle with. Sky has an 86% success rate, and BT and Virgin with a 73-76% negotiation success rate. Definitely worth giving it a go!

Ask for exactly what you want

Say you're paying too much and other companies are charging a better price, and you're an unhappy customer. Often you'll be offered a deal in exchange and it’s worth being direct, and not being embarrassed to be firm!

Don't be afraid to switch providers

Are you prepared to look for a better deal elsewhere? There aren't many rewards for loyal customers in this sector, and many of the best deals are reserved for new customers. You may find that switching providers gets you the better deal.

Keep in mind the total cost of whatever contract you sign

Many companies get people to sign on by providing a year's worth of service for £X, after which time it goes up to £Y.

That's all well and good, unless you've signed a 24 month contract which leaves you stuck paying the higher price for another year.

Remember, there you can also get value from other sign-up bonuses on offer. Some providers offer things like; Amazon vouchers, free laptops, airmiles, etc. so depending on what’s most important to you, one provider may be your frontrunner!