A Payment A Day Part 5

Flower08

tattycath wrote: »

Hi all. Just quickly read last couple of pages...Do you really make payments of less than a couple of quid to creditors please? not being pedantic (sp).
Do the creditors not mind/penalise for the nominal amounts?
I am asking because I think this thread sounds great and i am just starting to make regular overpayments to the mortgage etc (trying to catch up on arrears accrued) and if I can make smaller payments i will be more likely to make more payments than i do at the moment.
any hints/tips/advice greatly received.
TIA

Hi Tatty - yes i really do pay small amounts to the creditors, and if they dont like i just say tuff!! I have a credit card with HSBC and they have contacted me a few times about the numerous small payments - they even said it was a bit inconvienient for them and couldnt i save the money until the end of the month and pay it :rotfl: I basically told them i will pay my credit card how i like!

mswan wrote: »

Hi everyone, £2 for me today

How are you all going to cope with Christmas, I was thinking of splitting my Pad's to help pay for it as I have nothing saved. Any tips would be great. I do go on the grabbit board and have grabbed a couple of bargains but my lot are older so it's cash they need now.

I have started buying one present every week, thus spreading the cost. Hopefully using that method by christmas i will have them all bought in time! The only one im worrying about is OHs - the only thing he has hinted at wanting costs over £300!!!:eek:

Flower08

Afternoon everyone.

Feeling absolutly awful this morning with the flu, great!!

Hope everyone is ok today, apart from this horrible weather!

PAD today is £5 please purple.

Paulgonnabedebtfree

Flower08 wrote: »

Hi Tatty - yes i really do pay small amounts to the creditors, and if they dont like i just say tuff!! I have a credit card with HSBC and they have contacted me a few times about the numerous small payments - they even said it was a bit inconvienient for them and couldnt i save the money until the end of the month and pay it :rotfl: I basically told them i will pay my credit card how i like!

Now that is what I call a missed opportunity.

Of course the answer should have been:-

Well, you see, I have a number of debts at differing interest rates. So what I do is ensure that I make the minimum payment each month to every debt to avoid charges. After that, I look at which debt is charging the highest interest rate and make payments to that debt each day to try and bring the debt level down more quickly. As you charge a higher interest rate than all my other creditors, I'm afraid that you are currently the company that is receiving my additional payments. (Here's the crunch bit). Of course, if you would like to lower your interest rate, you may no longer be the one with the highest rate. If that happens, I will happily make my small daily payments to someone else.
If they are taking the trouble to phone you because of it, maybe, just maybe, this might work. Don't hold your breath though.
I'm very surprised that anyone has made contact about this. It is all computerised trhese days so requires no real input from a droid (sorry, human).

Flower08

Paulgonnabedebtfree wrote: »

Now that is what I call a missed opportunity.

Of course the answer should have been:-

Well, you see, I have a number of debts at differing interest rates. So what I do is ensure that I make the minimum payment each month to every debt to avoid charges. After that, I look at which debt is charging the highest interest rate and make payments to that debt each day to try and bring the debt level down more quickly. As you charge a higher interest rate than all my other creditors, I'm afraid that you are currently the company that is receiving my additional payments. (Here's the crunch bit). Of course, if you would like to lower your interest rate, you may no longer be the one with the highest rate. If that happens, I will happily make my small daily payments to someone else.
If they are taking the trouble to phone you because of it, maybe, just maybe, this might work. Don't hold your breath though.
I'm very surprised that anyone has made contact about this. It is all computerised trhese days so requires no real input from a droid (sorry, human).

Ooh i almost hope that they do contact me again about it now! If they do this will definatly be my reponse!

Paulgonnabedebtfree

Flower08 wrote: »

Ooh i almost hope that they do contact me again about it now! If they do this will definatly be my reponse!

If they do, perhaps you would like to consider telling a porkie about how much the next lowest rate is. Tell the truth about who you owe as that can be checked. However, I don't think they can check what rate the other lender is charging you (I could be wrong about this). Although they know each other's standard rates, I don't think they can actually check if someone is say, on an LOB deal of perhaps 7.9%.
I am concerned about how much info lenders are allowed to share these days. I can go along with sharing the total debt and info re defaults, late payments, breaches of credit limit but I think the more recent stuff about sharing whether someone only makes the minimum payment or sharing whether someone switches from one promotional rate to another should be in breach of the Data Protection Act. I presume it isn't because they do share that additional info now. It would be interesting to see this tested in a court.

macgirl

Afternoon Everyone, hope you are all well and having a good Saturday.
It's also v. windy here and has only just stopped raining, so I couldn't take advantage and dry the washing.....:rolleyes:


Anyway PAD of just £1 please PCB, catch you all later, mac x

Silaqui

Hello everybody

Wasn't around last night as it was my mums birthday meal, then this morning we went to the football away at Coventry. Unfortunately it was only a draw but hey, a point is better than nothing I guess. Was really wierd having an early kick off as there was nowhere to go for a beer before the match! :beer:

My pad for today and yesterday is £7.50 to my a&l credit card.

lol Angelic, you are indeed better than me :rotfl:I don't know how on earth you do it!

xx

Flower08

Paulgonnabedebtfree wrote: »

If they do, perhaps you would like to consider telling a porkie about how much the next lowest rate is. Tell the truth about who you owe as that can be checked. However, I don't think they can check what rate the other lender is charging you (I could be wrong about this). Although they know each other's standard rates, I don't think they can actually check if someone is say, on an LOB deal of perhaps 7.9%.

Well actually it wouldnt be a porky. HSBC charge me 28.9% interest (after putting it up 3 times in the last year!!), Natwest charge me 12.9% - i actually do hope they contact me again!!

Paulgonnabedebtfree

Flower08 wrote: »

Well actually it wouldnt be a porky. HSBC charge me 28.9% interest (after putting it up 3 times in the last year!!), Natwest charge me 12.9% - i actually do hope they contact me again!!

Make multiple smaller payments each day. The phone will be red hot in no time .
Even if you stick to the truth, from what you've written you might be able to get 11.9% out of them.
I take the view that if you don't ask, you won't get. However, if you do ask, there's an outside chance that you might get.
That philosophy will be saving me £9 a month off my Virginmedia bill for the next year. They sent me a survey and I said what I thought. I was very surprised when they phoned me to discuss it.

BeautyandtheBeast_3

Only 72p to my tin today please.:o