Direct debit dates

peterfrompekham

I have approx 15 direct debits set up which run from the 1st until 28th but I would like them all taken out on the same day is that possible ? I don't care which day as long as they all come out on the same day of the month. I'm hoping it will help me run my budget better.

I did try years ago but the different firms all only had a choice of 4 dates but I coundn't get a date that would suit them all. Have things changed?

andy69_2

It's possible, you just have to ring up all the companies you have direct debits with and ask them to change the date that the money comes out! Ive done it with half my bills!

LeeSouthEast

Most companies will accommodate you these days. You might come across a few who don't, but I've not had issues. Most of mine come out 5 days after payday*.

* After experiencing a payroll cockup meaning 5,000 staff were paid 3 days late, I no longer get them taken out the day after !!

agsnu

Another approach which works for some people is to set up a separate "bills" account, move all the DDs to that, and then transfer a set amount to cover all the bills at the start of the month - keeping their disposable income in a "spending" account.

peterfrompekham

Thanks for your replies . I'll get on the phone Monday morning.

Boozer

agsnu wrote: »

Another approach which works for some people is to set up a separate "bills" account, move all the DDs to that, and then transfer a set amount to cover all the bills at the start of the month - keeping their disposable income in a "spending" account.

That is a very good idea and a simple one i had never really thought of, i think i will do this and as i have spare money now i will put 3 months in advance into it, and put more in monthly so that if i am going to be short i will know 3 months in advance and give me time to see what i can do about it.

thanks for that agsnu

exel1966

peterfrompekham wrote: »

I have approx 15 direct debits set up which run from the 1st until 28th but I would like them all taken out on the same day is that possible ? I don't care which day as long as they all come out on the same day of the month. I'm hoping it will help me run my budget better.

I did try years ago but the different firms all only had a choice of 4 dates but I coundn't get a date that would suit them all. Have things changed?

Nearly all companies nowadays will permit you to choose when you would like a DD collected, however there are one or two (particularly in finance) that will charge an admin fee to change so ensure to check first.

It's impossible to specify an 'exact' date for collection due weekend/bank hols but you should be able to get close to what you want. This is why most DD's specify that the collection will be taken within +/- 3 days of a date (usually first business day after specified date).

flutterbyuk25

agsnu wrote: »

Another approach which works for some people is to set up a separate "bills" account, move all the DDs to that, and then transfer a set amount to cover all the bills at the start of the month - keeping their disposable income in a "spending" account.

I do this.

My wages get paid into my Halifax Reward account (so I get the £5/month reward), and all DDs leave this account, at various times throughout the month. I then transfer a set amount as my spending money to my HSBC account for food/petrol/socialising etc. I never take the Halifax debit card out with me, so there is no risk of spending on it.

I always leave a £20 buffer in my Halifax account just in case a DD is more than it should be, however all bar my mobile bill are set amounts, so this shouldn't happen.
If there is any extra left in the Halifax account at the end of the month I transfer ot to a Halifax savers account for any unexpected bills, or for extra towards winter fuel bills etc.

HTH

x

keadd

im going to get all mine set up to come out the day before payday. that way i will have all my wages is the account for the most time so will be earning interest!!!! im going to change to abbeys 6% account!

heloid

I use 3 accounts
F direct takes my pay and all my direct debits. I zero it when I get paid after my rent goes out and use the free £250 overdraft to pay my bills (about £70 ish).
Transfer my spending money to my HSBC account (food + alcohol)
All the rest goes to my 6% A&L account. I pay debts from here (Credit card etc) and get interest from the surplus (I only send money to NZ once every 3 months to get better rates). I use the money here to make sure I never pay interest on my credit card which I have self control on (only use it at supermarkets or purchases over £50 which I have thought about like work clothes, shoes, presents).

System works for me