A lot of people have to dust off their acting skills over Christmas while opening presents to pretend their absolutely buzzing with the random things they’ve received.

You’re not going to break your nana’s heart and tell her those socks just really aren’t your style, are you?

However, you might subtly rummage through the remnants of the wrapping paper in the hopes that a receipt was included with your gift too.

But according to Martin Lewis, getting a refund or swapping your unwanted gift for something a bit more your taste might not be as easy as a lot of Brits think.

The money saving mogul, 52, warned that there is a little known rule which could scupper your plans to exchange your presents at the shops.

In a TikTok video, which he originally shared in 2022, he explained the reason why your request for a refund might be rejected.

Lewis said he had received a letter from a disgruntled shopper who had headed to a store to return a shirt which they decided ‘was not suitable for them’.

A member of staff then informed them that they could not process the refund, which didn’t sit well with the customer.

The letter finished off by saying: “I’m sure you will be aghast too and will tell them how wrong they are in the eyes of the law. Yours sincerely…”

However, Lewis had some news for the frustrated shopper – he wasn’t going to rip the store a new one as they had hoped.

In the clip shared to social media, he explained: “The shop is right. Many people don’t know this, but if you buy something in a shop as opposed to online, you only legally have a right to return it if it’s faulty.

He warned that stores are not required to offer you a refund just because you don’t like the item (David M. Benett/Alan Chapman/Dave Benett/Getty Images)

“You changing your mind or saying the colour isn’t right does not mean it’s faulty and you have no legal right of return,” he continued. “Though, if the shop has a published returns policy, that’s part of the contract and you can use that.

“But if that means they say you can only get a full refund if you’ve got the receipt and you’re hopping on one leg when you hand it in, then start to hop – because you haven’t got a legal right.”

Ouch. Let’s hope you lot have an impressive hop which can hypnotise a shop worker then.

Although a lot of us make purchases under the illusion that we can get our money back if we end up deciding we don’t like something, that’s not actually the case.

So, make sure you have brushed up on both the Consumer Rights Act 2015 and the Consumer Contracts Regulations before you go spare at a retail worker.

Stores do not have to offer a refund to a customer if they simply no longer want an item – unless they bought it without seeing it.

However, as Lewis mentioned, a lot of shops will allow returns if they have a published returns policy which might state that they offer refunds, exchanges or store credit.

Shoppers are also not entitled to a refund if they knew an item was faulty when they bought it or if they damaged an item by trying to repair it themselves.

However, stores do have to offer a refund for certain items if they are faulty and you have a 30-day right to reject the goods and receive all of your money back.

So, the main takeaways here are – hold onto your receipt, take your chances at the store in question and see what they say about it.

But remember, you’re not actually entitled to a refund, so don’t give a shop assistant an earful if they turn you down.

The cost of living crisis and economy remains the most important issue for Brits as we reach the mid point of the 2024 general election.

And as we hit half-time, Martin Lewis is here once again with another warning that shows the cost crisis is still well and truly here to stay for the time being.

While inflation may be down compared to the highs of last year, and interest rates are finally starting to fall as a result, the costs of running a household remain sky-high.

As trade union heavyweight Mick Lynch said this week, prices have already gone up on the goods we need to survive. Inflation might have dropped but the cost of your milk, poultry, bread, and snacks haven’t fallen with it.

It means that more of us now are relying on overdrafts and credit cards, with a fifth of Brits saying they use their overdraft every single month.

Well, there’s a big warning coming your way courtesy of Martin Lewis and his Money Saving Expert (MSE) team.

Issuing the warning in his latest MSE newsletter this week, Lewis and his team said big changes are coming to overdrafts across the country.

What is happening to overdrafts?

Whenever Martin Lewis issues a warning it usually means you’re going to worse off if you don’t change tact or habits.

That’s sadly the case here with overdrafts, with how much it costs you to use yours upping significantly.

As a result of banks changing their overdraft fees, the interest rates being charged to customers is being upped by almost 100%.

Three massive banks are introducing the change, with millions of Brits impacted.

Which banks are impacted?

It is bad news for Bank of Scotland, Halifax or Lloyds customers.

As a result of a fees shake-up, interest rates on overdrafts is being increased to a maximum of 49.9 per cent.

That’s an increase from as low as 27.5% on previous rates, which applied to some Club Lloyds customers.

Most Bank of Scotland, Halifax and Lloyds customers were on rates of 39.9%.

MSE says: “The Lloyds Banking Group, which owns all three brands, says most customers will be charged the same or less after the changes – but others will pay more, and some Club Lloyds customers will see their rate nearly double, from 27.5 per cent to 49.9 per cent.”

Money is still tight for millions of Brits despite inflation and interest rates falling (Getty Stock Images)

What will happen to you?

MSE approached the Lloyds Banking Group for clarity on which customers would be impacted. Their answer was left a little open on the issue of who is impacted.

“Which rate you get will be based on an ‘affordability assessment’, including your credit history and how you use any accounts you have with the banks – though the group says 39.9% will remain its standard rate,” MSE says.

“The group told us that ‘the vast majority’ of those with an arranged overdraft will see their rate stay the same or fall – but refused to say how many customers would have their rate increased.”

If you are impacted and your interest rate is being increased, you’ll be given 60 days’ notice of the change. Your rate will then rise from August 2024. You will first be put on a 34.9 per cent or 44.9 per cent rate for six months to ‘limit the impact’ of the increase. It’ll then rise to either 39.9 per cent or 49.9 per cent.

If your rate is going down, you’ll be given seven days’ notice, with the lower rate coming into effect after that.

There are interest-free overdrafts out there at the moment so if you are impacted and want to avoid the costs, it might be time to start looking elsewhere