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Standing Order -changing payment date
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# 1
Tally-Ho
Old 08-11-2008, 8:19 AM
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Join Date: Oct 2008
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Default Standing Order -changing payment date

Hi,

This might sound a really basic and stupid question sorry if it is, I just want to make sure I am doing nothing wrong or end up getting charged or in trouble with my bank (Lloyds TSB).

The circumstances are, I pay my rent by Standing Order (not direct debit) every month. It is due for payment on the first of the month, but I set up the Standing Order to pay it out of my account on the 20th of the preceding month (ie around 11 days before it is actually due) - the letting agents originally set up the Standing Order so rent came out of my account on the 1st day of the monh it is due but I wanted to pay it early). It has run like this for nearly a year - all fine and dandy.

My salary, which I use to pay my rent, actually goes in to my bank account by BACS on the 25th of the month however (I pay the rent from the preceeding months salary not the current month if you see what I mean). With it coming up to Christmas (and me doing a bit of forward planning for it and to maximise my available funds), would it be okay to change the date on which the Standing Order is paid to the 25th of the month (ie Salary goes in and rent comes out on the same day)?|. Is this acceptable or does for example the Standing Order get taken out before the salary goes in albeit on the same day technically putting me overdrawn and potentially incur charges? Or does salary go in first then Standing Orders come out? I suppose I could change the payment date to the 26th to prevent any possibility of this happening?.

By changing the Standing Order date (in November) It will give me a months rent to do with as I please (ie shop for Christmas and put a bit by for a rainy day) as the rent would in future come out of my current months salary as opposed to (as now) my previous months salary. Are there any potential pitfalls to doing this and how easy is it to change a Standing Order date?. Can I just ammend the Standing Order on line, do I have to do it at my bank branch or is a complete new mandate required?.

Thank you.

Tally
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# 2
halight
Old 08-11-2008, 8:31 AM
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Hi Mate,

You are write your standing order could go out before you wage goes in. I ad a standing order on my accout with lloyds for about two years it went out on the same day as my wage came in. i had no trouble at all with it untill one day and it happened the other way around and lloyds charged me!!!!!
I did phone them up and thay did in the end give me the charges back!! But i moved the stending order after this to the day after my wage went in.
So id be wary of doing this mate
Good luck
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# 3
Debt_Free_Chick
Old 08-11-2008, 9:04 AM
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Firstly, does your employer pay you early if the 25th falls on a weekend or Bank Holiday?

If so, then just have the SO coming out on the 26th - it ought to still get to the LA's account by the 1st (except in February).

If your employer doesn't pay you early, when the 25th is not a working day, then leave well alone! Or pay your rent late - which the LA seemed to think was acceptable, when they first set up the SO :confused:

Do you have nothing saved to spend on Christmas? If so, that would be more worrying, surely? You should have some savings as all manner of unforeseen circumstances can hit anyone of us. Get saving!
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# 4
Tally-Ho
Old 08-11-2008, 3:25 PM
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Quote:
Originally Posted by Debt_Free_Chick View Post
Firstly, does your employer pay you early if the 25th falls on a weekend or Bank Holiday?

If so, then just have the SO coming out on the 26th - it ought to still get to the LA's account by the 1st (except in February).

If your employer doesn't pay you early, when the 25th is not a working day, then leave well alone! Or pay your rent late - which the LA seemed to think was acceptable, when they first set up the SO :confused:

Do you have nothing saved to spend on Christmas? If so, that would be more worrying, surely? You should have some savings as all manner of unforeseen circumstances can hit anyone of us. Get saving!
Hi,

Yes, my wages do go in early if the 25th falls on a weekend/Bank Holiday etc.

Re the savings, due to circumstances (divorce etc) am currently on a debt management plan with Payplan where all my spare cash goes to pay it off asap. .I live on a very tight budget and my Christmas for the last two years has been more or less non existent. Hence this year, after getting ahead with rent etc, I as looking to have at least a bit of an enjoyable time and put some aside for a rainy day.

Tally
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# 5
Mikeyorks
Old 08-11-2008, 10:06 PM
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You can (or should be able to) amend the SO online. Set it for the 26th (it will come out 29th Dec - and get there for the 1st).

Bear in mind most SOs should be by Faster Payment by the turn of the year - so your SO will arrive the same day it departs! So you can tweak it back a couple more days then? But not too far ...... as Debt-Free-Chick cautions ...... Feb is an issue, so perhaps back to the 28th - unless you want to Login every month and tweak the date. Gets a bit anorak'ish if you do that - after all you've saved the month you were after?
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