One bill - Bill Management

louisvuittonrules

Can anyone help or advise..... a friend gets paid weekly and is struggling to meet his bills on time as they all go out at different times of the month.

Can anyone recomment a One Bill Management Servise whereby you pay a fixed amount each week/month and they pay all your bills.

Not sure this is the right way to go but they are getting bank charges every week now :mad:

Thanks!!

Tixy

If he cannot afford his debt repayments then he needs to seek advice from one of the debt charities IMPORTANT - Where to seek professional impartial advice about your debts.
If its just a case of timing and being organised then he needs to work out a budget and a schedule to make sure all are paid on time (or use direct debit so its the creditors responsibility to ensure the payment is made).

He would certainly be very ill advised to use a company who will charge him fees to manage his debts.

Cat2011

If it's purely due to timing and not because he doesn't have the money - Could he open another bank account and get paid into that. Then every week on payday transfer x amount into the "bills" account (his old bank account) to pay off all the bills, then he can spend the rest of his weeks pay however he likes. That's what I do - otherwise all the money would be gone before i paid any bills!

Or else he could just ring the bill companies up and ask to change the direct debit dates, these days you can usually choose your own date, or at least have them reasonably clustered together.

DarnIt_3

This is what I do!
I would strongly recommend three things....first a second bank account which he transfers the money into to cover bills.
Second, a spreadsheet...document every incoming and outgoing with a running total to make sure that there is always enough money in the account.
Third, ring all his bills and get them to take it out on the same day.

Get online banking to keep an eye on the accounts, works great that way.

Your friend needs to learn to manage his money, because if not this will only get him in trouble down the line.