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

lobright

It interesting that this thread has popped up - only the other day I was looking through my DDs online and noticed one that i remember being set up when I started my mortgage. I would swear BLIND :think: that this was for buildings insurance on my house. However I couldn't find any paperwork on it so I rang them up and eventually got through to the right dept. and found out it was for mortgage protection cover incase of redundancy. I was quite mift to say the least and so cancelled it, saving myself £15pm (even though they've got £700 since I started it). I suppose it pays to know what we're signing up for...

WestonDave

Good post - just lopped off £55 per year and am considering another £8 per month one to see whether it is worth keeping. OK so not going to pay off the mortgage or anything but a useful exercise.

linniestorm

Wyndham wrote:

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!

Well my spreadsheets don't have spreadsheets but I'm the same with my DD's! In fact, in my effort to 'life laundry' my belongings and my finances, I've now got my DD's/SOs down to 4 per month (Rent/Phone/CC/Loan) although it'll go up to 6 now I've got a 0% and LOB card! I'm becoming minimalist and trying to get all my account transactions on 1 page every month instead of 4!!

anniecave

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...

lex

I don't do the budget bit very often, but I do the reconciliation, it saved me from going overdrawn last month as I realised I'd forgotten a couple of standing orders so rapidly had to transfer money from my savings account!

On the subject of direct debits, it's a matter of rethinking lifestyle too. I'm pretty good at money saving (I think) but I've been paying £25 for a swimming membership, just realised I can buy an excercise gym ball for £9 one off and do my own keep fit exercises at home instead. £600 per year saved!

AndyR_3

Just some useful info - if you signed up for somthing by DD, and now can't remember what it was or have mis-placed the paperwork, your bank can provide an address and contact telephone number for the company. Using this and the reference number from the DD, you can track down what you're paying for.

Working in banking, it's amazing how many people have DDs for odd insurance policies (especially mobile phones) that they've forgotten about or don't need. Often only a few pounds a month but it all adds up.

katyk_2

cazzie wrote:

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.

As AndyR says, phone your bank and ask them for the phone number and reference number (policy number) on the mandate.:D
I recently had to go through all my incomings and outgoings when I applied for an extension to my mortgage which I thought would be a breeze - and it was apart from one small amount of £15.75 per month which I discovered I could not identify. Upon enquiring, I discovered to my horror :eek: that it was an insurance policy against redundancy etc tied to the mortgage on our LAST flat, which we sold 4 years ago. Still cannot believe I have not noticed it - I just thought I knew what it was until I started crossing things off an actual list.

On a brighter note, I contacted Norwich Union who acknowledged it had ceased to be any use the minute we no longer had a mortgage o/s on that particular property and, in return for a letter from the building society confirming the date we sold, quickly refunded all £750 we had overpaid!! Just as well really as we now have to have the garage roof fixed and that should just about cover it.
:T