Token payments

aero1607

hi can someone tell me the best way to send token payments i have changed to new bank account and am worried about paying by cheque or online in case they can use this to get payments in future.

di3004

aero1607 wrote: »

hi can someone tell me the best way to send token payments i have changed to new bank account and am worried about paying by cheque or online in case they can use this to get payments in future.

Hi there

We have been paying token payments of a £1 to each creditor at this time by postal orders.

You buy these at the post office, ask for say if you wanted 4 lots of a £1's worth, you ask for 4 postal orders of a £1 please.

There is a small charge on these though.

I will ask my hubby, as he normally does this bit.

We buy 4 at a time think that worked out about either £5.50 or £6, think there are other means as well and sure someone will post up to give you some info on this good luck.;)

Ames

A £1 postal order costs £1.50. Do you know someone else with a cheque book who could write the cheques for you and you give them the money?

pre123

yea id suggest a cheque book, as for a £1 postal 50 pence is 50% which is huge. so if you have 10 postal orders per month for a year you will pay £120 towards debt but £60 in fees plus the stamps to post each one which is 30p second or 39p first so you could pay upto 89 pence per £1 paid towards debts, cant work out APR but it is stupendous!!

Tixy

If you are doing token payments long term (and I don't think you are aero if I remember correctly) then postal orders do get expensive, though they are alright for a 1 month interim pre setting up a DMP.

For people who are paying token payments long term request extra payment slips or a paying in book from your creditors, you can mostly pay over the counter for free either at the bank the creditor uses or sometime at your own bank (used to be able to pay for many items free at post offices but not sure if you still can?). Saves postage as well!

pre123

Tixy wrote: »

(used to be able to pay for many items free at post offices but not sure if you still can?). Saves postage as well!

nope most these debt management companies dont pay the Giro Bank fees so customer has to pay instead which is currently set at £2.40 at PO so works out more than the postal order and posting method

Tixy

Ah yes debt collection agencies are different to original creditors. If the debts are with the original creditor this is cheaper, with DCAs things are always more difficult.

Ames

Barclaycard and Natwest sent me a paying in book no problem. Egg didn't and just sent it to a DCA.

Numpty_Monkey

If the debt is a bank finical institution that is not linked to your new account,
they have as much right to ask your new bank to pay what they want as I have to ask for £100000

DO NOT agree to a Direct Debit, (banks can change the ammount they request

Set up a Standing Order, you are in control of that
I'm going to do that with one of my creditors,

aero1607

thanks everyone im probably getting to cautious about who has access to my new bank details,im definitely not paying by direct debit even though egg seem to insist you have to by the sounds of it,is there any problem with paying everyone online or by phone using my new debit card would be easier,im thinking of splitting £100 between 3-4 creditors on pro rata split.

rachel4331

Agree about standing orders. This is what we do. Much more convenient, we are in control and the banks can't get more than the amount we set! (well have agreed.)