Cheque Clearing 31 January 2011 at 12:15AM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts 1 reply 603 views

recovering_spendaholic

I am self-employed and have just had to pay my tax bill, which has meant that I am quite near the limit of my overdraft. I have several payments from clients which are outstanding, and one payment was made on Friday, but they paid me by cheque. The cheque is for £500 and would sort out my bank account, but it takes 5 working days to clear and my bank (Co-op) won't give an inch on allowing funds to be paid out before it has cleared. I have standing orders due out on Tuesday and am frantically trying to think how I can get the cheque cashed tomorrow and then I can pay the cash into my account. I then only have to worry about the rest of my clients paying up! Anyway I thought of going to one of those cheque cashing places but I have heard that they rip you off - does anyone know the cheapest place to cash the cheque for me?

Mikeyorks

recovering_spendaholic wrote: »

- does anyone know the cheapest place to cash the cheque for me?

There are none. If the outgoing are SOs then kill them for a few days?

You would have been better leaving the HMRC payment a few days and paying the 3% interest charge ....... which would have been much cheaper than your other options.