token payments by cheque?

chinawhite_2

Hi
Could somebody advise the best way to make token payments, I was going to send personal cheque but wasnt sure if this was the best way

thanks in advance

DEVONLIFE_2

Hi chinawhite.
I would advise to use postal orders. I never send cheques for token payments. I guess the amounts you intend to send are not large?. DL

happyhaddock_2

Hi, same as DL said, I sent postal orders. There's a small charge for each one, but the only cheques I had would of come out of my overdraft and I didn't think that would go down to well:o

chinawhite_2

Hi yeah not large amounts- probably a £1. So postal order is best then ??

EycplUK

You could pay by Internet Banking , i set up a Nationwide cashcard a/c just for this kind of thing , transfered jut enough into it each month to cover payments due , 1st of each month i go online and make a transfer payment , no charge and its a great way to keep your banking details limited to this one a/c for payments
hope this helps

DarkConvict

Never send cheques as they have your signature one and they can be cashed at any time, potentially when you don't want it to happen.

Go with paying by standing order, or if needed postal orders.

EycplUK

Open a Nationwide Cashcard a/c , you can do it online , make your token payment say at 1st of each month and just have the right amount of money in there to cover payments !
Its free and should take about a week to set up including the Internet banking section , hope this helps

chinawhite_2

Hi thanks for all the advice, I have an alliance and leicester account but this is my main current account , should i set up a SO from here or is it still best to open the nationwide one and make it dedicated to the payments for the DMP ?

thanks again

DarkConvict

How you do it is up to you, just ensure if any of your creditors (debts) are with banks you do not hold any accounts with them otherwise they can take the money as they please - http://www.moneysavingexpert.com/banking/setting-off & http://forums.moneysavingexpert.com/showthread.html?t=2044049&highlight=institution

If you find it easier to have a separate bank do that, just remember the time delay in moving money upto 7 days from 1 account to another, then another 7 days to get to creditors.

huskypup

DarkConvict wrote: »

Never send cheques as they have your signature one and they can be cashed at any time, potentially when you don't want it to happen.

Go with paying by standing order, or if needed postal orders.

We sent cheques - no problems - and yes they had a signature on them but not mine, joint account - I signed cheques for Hb creditors and he signed the cheques for mine - no problem.

EycplUK

chinawhite wrote: »

Hi thanks for all the advice, I have an alliance and leicester account but this is my main current account , should i set up a SO from here or is it still best to open the nationwide one and make it dedicated to the payments for the DMP ?

thanks again

If you have no debts to a Nationwide a/c then by all means open one of thier Internet Banking a/c `s , we found it invaluable to us !
On the Internet Banking you have a choice of Regular Payments which go out on a Specific date or a Single Arrangment , where you set up the details yourself and make the payment manually each month !
One extra thing you may wish to condider is that Nationwide is making the CashCard a/c ATM card a Debit card from June onwards .

DarkConvict wrote: »

How you do it is up to you, just ensure if any of your creditors (debts) are with banks you do not hold any accounts with them otherwise they can take the money as they please - http://www.moneysavingexpert.com/banking/setting-off & http://forums.moneysavingexpert.com/showthread.html?t=2044049&highlight=institution

If you find it easier to have a separate bank do that, just remember the time delay in moving money upto 7 days from 1 account to another, then another 7 days to get to creditors.

Nationwide are part of the Fast Track payment scheme , all our payments go within 3 days and transfers to the a/c are same day !