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LongTermLurker

YorkshireBoy wrote: »

Credit card would help (cashback type even better).
Shift your regular outgoings, ie DD's/SO's, back to the end of the (statement) month just before payday.
Tighten your belt for a couple of months and build up a credit buffer.

Not sure I agree with moving DDs to the credit card, but I'm not sure if that's what you meant? You can cancel a direct debit but are at the whim of suppliers when it comes to cancelling regular CC payments.

Building the buffer is the right thing to do, definitely. It doesn't take much to get yourself back in the black. Using a credit card to give yourself one managable bill just after (?) payday helps budgeting enormously.

YorkshireBoy

LongTermLurker wrote: »

Not sure I agree with moving DDs to the credit card, but I'm not sure if that's what you meant? You can cancel a direct debit but are at the whim of suppliers when it comes to cancelling regular CC payments.

I've not had a credit card yet (and I've had a few ) where it wasn't possible to move the statement (and hence payment due) date back a little. Granted, some only allow you to do it once (per year, or ever?).

The only exception to my list would be mortgage DD's if it would mean 'missing' a month.

LongTermLurker

YorkshireBoy wrote: »

I've not had a credit card yet (and I've had a few ) where it wasn't possible to move the statement (and hence payment due) date back a little. Granted, some only allow you to do it once (per year, or ever?).

The only exception to my list would be mortgage DD's if it would mean 'missing' a month.

Glad you finished off the sentence, I was in shock/horror mode for a second Are we on different wavelengths here? Are you talking about moving Direct Debits to a credit card? Or just realigning them with payday?

I agree with moving the CC statement date, and yes, I see where you're coming from by moving the statement date to just before payday --> means your payment is guaranteed to be after payday (probably quite a long way after though - it might be better to set your statement date such that payment is due shortly after payday = less chance of the account holder spending the CC funds).

Apart from my credit cards, which tend to vary through the month, I set all my direct debits to come out either on payday (historic) or, preferably, on the 1st (i.e. just after payday).

YorkshireBoy

LongTermLurker wrote: »

Are we on different wavelengths here?

Quite possibly.

Are you talking about moving Direct Debits to a credit card? Or just realigning them with payday?

I agree with moving the CC statement date, and yes, I see where you're coming from by moving the statement date to just before payday...

No you don't. Forget statement dates for a moment. I'm talking about getting all monthly payments to leave the current account just before the monthly salary is credited. This will minimise the amount of debit interest charged (under the old Moneyback account terms), and minimise the number of £1/£2 charges (under the new 'Reward' account terms). The statement dates can be calculated/adjusted to deliver the new payment due/DD collect date (and re-calculated/re-adjusted when the card provider reduces the number of interest-free days).

This method does require willpower and organisation skills though. Particularly, it means you should never rely on ATM ministatements or online banking for your 'spendable' balance. Instead, better to keep a running tally on a piece of paper/old bank statement in your wallet/purse and take off all your monthly bills...even though they haven't yet left the account.

...I set all my direct debits to come out either on payday (historic) or, preferably, on the 1st (i.e. just after payday).

We're better organised/more affluent than perhaps others are, so that works for us. However, I have mine set for 4-5 days after payday...just in case of payment problems, eg the Nationwide/BACS fiasco yesterday.

LongTermLurker

YorkshireBoy wrote: »

Forget statement dates for a moment. I'm talking about getting all monthly payments to leave the current account just before the monthly salary is credited. This will minimise the amount of debit interest charged (under the old Moneyback account terms), and minimise the number of £1/£2 charges (under the new 'Reward' account terms).

OK, now I think I understand - by moving the debits as close as possible to (before) the credit date, you're suggesting a way to minimise the number of days overdrawn, rather than removing the need to be overdrawn in the first place. I was working on the principle that if everything important is out of the way shortly after payday, then what's left is pocket money and providing you can live within the bounds of that pocket money you'd be able to mostly stay in the black. I appreciate that some people may end up with negative pocketmoney, but we're only talking 10 or 20 quid here so unless they're living on the borderline thats about 4 pints a week less.

cheggers

Now got to move both my money back account and the joint account I have with Halifax, as I don't want to be paying £1 a day for being overdrawn.

Some months if the bills are bit heavy the joint account can be £100 overdrawn all month, and costs me £1.00 or less now going to be paying £30 a month, reckon it will cost me £200 to £250 a year from previous £10 to £12 a year.

Take my business elsewhere. Used to hope Halifax kept it's own identitiy with Lloyds merger, now don't care if we never see there name on the high street again.

jeffy22

I just have a normal current account with them, im never overdrawn and my pay (£1250) goes in every month. will i get anything..?

sorry but i get confused with banking but I am learning!

irish_eyes_r_smiling

you will be credited with £5 a month as long as you pay in more than £1000 a month yeah. :T

alared

irish_eyes_r_smiling wrote: »

you will be credited with £5 a month as long as you pay in more than £1000 a month yeah. :T

This account starts on 9th Feb 09


http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-12-12-Anewapproa.asp?section=halifax

tasone

alared wrote: »

This account starts on 9th Feb 09


http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-12-12-Anewapproa.asp?section=halifax

we got a big letter from halifax about this yesterday.

as i use my overdraft a good 50% of the month, it is going to cost me a lot more.

anyhow, i called halfiax and their moved my account to a normal account, to which i will not get the £5 interest paid to me, but i will also not get charged the £2 per day stuff.

so you can still stay with halifax, just move the account to another one without the charge.

Andy