direct debits

Monique01

Hi there, I hope I am in the right place but I really need some advice?

My friend has advised that I need to cancel all of my direct debits and 'take control of my money', this way I can section off enough money from my salary for monthly food shop, travel to work, rent, and kids school money. He then suggests I pay the salary balance to my debtors basically giving them a small amount monthly but enough that they cannot take me to court for non payment.

This scares me.

I am trying to be more financially savvy and not waste money, I am trying to pay all my bills on time and not accrue any more debt. Each and every month my current bills get paid (gas, elec, phone, rent, council tax etc) but I am left short on money to live off throughout the month and inevitably 'borrow' from my friend.

any advice please would be great?

kaisersoze_2

You would be better off posting this on the debt free wannabe board, loads of people over there who will be able to give you loads of advice.

McKneff

But if you stop your direct debits and use some of that money to stop you being short then obviously some of your direct debits are not going to get paid.
You save money by leaving your direct debits where they are, what are you going to do, go to the bother of remembering to send a half a dozen cheques off a month, then you forget one or two and get late payment charges.
You also get discounts for paying by dd. If you pay BT by cheque you pay an extra fiver or so. You have a very silly friend. I think she's probably just a bit fed up of lending you money. Take control of whats left of the money after your direct debits (the important things) are paid.

willo65

Depending on your banking situation I would

a: if you are getting charges because d/d's are taking you o/d or bouncing then cancel them and pay them manually
b: take advice of mckneff and manage with the remainder.

Monique01

thank you all very much......i had thought it best to leave DD's in place, just needed confirmation...

thanks