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It's DD Day Today.... check your Direct Debits today

MSE_Martin
MSE_Martin Posts: 8,268 Money Saving Expert
Part of the Furniture 1,000 Posts Combo Breaker
in Budgeting & bank accounts
OK, well I made up DD day as it sounds good, yet there's a serious point. Many of us have Direct Debits and Standing Orders for things dripping out of the bank account for things we've forgotten about or don't really want any more. Check them out today and cancel all the old ones!

Click reply to discuss this.

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Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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Comments

  • cmjohnson_86
    cmjohnson_86 Posts: 1,468 Forumite
    Yea, I noticed a direct debit for LOVEFILM taken out the other day even though I cancelled my membership months ago. Apparently they have been taking it for months. Rang them up and there going to refund it all back in the next 28 days :D Yipeeee :)

    As Martin said, Make sure you keep an eye out and cancel any not needed
  • Thefunkygibbons
    Thefunkygibbons Posts: 1,381 Forumite
    This is where on line banking really wins as it is easy to check and cancel

    My main spot revolved around rationalising the number of charity payments
  • Heinz
    Heinz Posts: 11,191 Forumite
    Part of the Furniture Combo Breaker Car Insurance Carver!
    cmjohnson_86 wrote:
    Yea, I noticed a direct debit for LOVEFILM taken out the other day even though I cancelled my membership months ago. Apparently they have been taking it for months. Rang them up and there going to refund it all back in the next 28 days :D Yipeeee :)

    As Martin said, Make sure you keep an eye out and cancel any not needed
    One of the benefits of online banking - I can check/cancel any of my DDs or S/Os online in a matter of seconds.

    I make a point of scrolling through my list of DDs online at least once a month to make sure all are still needed.

    EDIT - 'Snap' Thefunkygibbons!
    Time has moved on (much quicker than it used to - or so it seems at my age) and my previous advice on residential telephony has been or is now gradually being overtaken by changes in the retail market. Hence, I have now deleted links to my previous 'pearls of wisdom'. I sincerely hope they helped save some of you money.
  • Pugwash69
    Pugwash69 Posts: 136 Forumite
    I moved in with my girlfriend a couple of years ago, so told the TV Licensing people that I wanted to cancel my license for my own address. They wrote back to confirm, etc.
    I've just last month realised that they continued to take payments so have cancelled the DD and waited. They've written to me to say that they tried to take a payment this month and it failed, so I've pointed out the cancellation I made and asked for a refund. Here's hoping!
    Online banking is ideal for this.
  • lex
    lex Posts: 266 Forumite
    A DD going out without me noticing? Don't think so.

    I'm one of those anal people that enter their receipts into MS Money, then when the bank statement comes in I reconcile it to the computer to check for errors.

    Plus analysing any variances to budget etc using the reports....

    Think maybe I'm a bit weird...:confused:

    lex
    Competition wins -
    May 09 - Horrid Henry book box set, 8GB ipod touch, Jan 10 - Creme Egg keyring, 4 Ripley's Believe it or not museum tickets! Feb 10 - Annabel Karmel snacks, Disney laptop, tumble tots back pack, tumble tots DVD, basket of fruit,
    Mar 10 - Farm Frenzy 3 PC game, GHD styler carry case, May 10 - 44 inch chest DVD
  • cazzie_4
    cazzie_4 Posts: 83 Forumite
    I have a direct debit mobile insurance going out it's £5 a month, can I just cancel it at the bank, I seem to have misplaced the information about it, had it a year and and a bit.

    Im scared if I cancel it they will charge me for cancelling it.
  • Gordon_the_Moron
    Gordon_the_Moron Posts: 1,472 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You should be able to just cancel it, you just won't be covered, ask your bank and the insurer if you want to be sure but I don't see how either can charge you for it. If they collect the money in arrears (after the months cover) you may get a letter demanding outstanding payment though.
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
  • Justamum
    Justamum Posts: 4,727 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    lex wrote:
    A DD going out without me noticing? Don't think so.

    I'm one of those anal people that enter their receipts into MS Money, then when the bank statement comes in I reconcile it to the computer to check for errors.

    Plus analysing any variances to budget etc using the reports....

    Think maybe I'm a bit weird...:confused:

    lex


    ;) A stray DD wouldn't get past me either! I have my household accounts on Excel, and know to a penny how much is in the bank and how much is in my purse (usually very little!) Every day I make a note on the accounts of what I have spent, file all receipts when I have used my debit card, and then when the bank statement comes spend a few minutes going through it and doing a bank reconciliation. Being on a low income it's the only way I can budget. I haven't tried the MS Money - must look into that!
  • Wyndham
    Wyndham Posts: 2,650 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    lex wrote:
    A DD going out without me noticing? Don't think so.

    I'm one of those anal people that enter their receipts into MS Money, then when the bank statement comes in I reconcile it to the computer to check for errors.

    Plus analysing any variances to budget etc using the reports....

    Think maybe I'm a bit weird...:confused:

    lex

    You mean, there are people out there, who DON'T do this? :)

    REAL people? No, I refuse to believe it!

    I'm with you lex, my spreadsheets have spreadsheets!
  • Rosie3
    Rosie3 Posts: 1 Newbie
    Thanks Martin, have just become £25 a month better off so I'm going to start paying it into a pension
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