Oooops!!

Hay_2

OMG!Panic:eek:
Just sat and gone through the bank statements and to my horror I've realised that somehow I have TOTALLY miscalculated,TOTALLY overspent at xmas:o and we are going to be short on our bill payment date on the 15th.So basically there will not be enough cash in there to clear all DDs...until a week later on the 23rd when the next lot of cash goes in.
DH is having a lie in upstairs and I'm worrying myself silly.NOW what do I do
If anything this is my second but far more "REAL" lightbulb moment.Thought I was doing so well too.....arrghhhh:mad: From here thgis is the start of really getting to grips with our situation....just need to get out of this hole first:o

sandralovescats

There is a way - ask the bank for a temporary overdraft facility. Just explain what you've done -we all make mistakes - and it should be alright.

evie451

This happened to me last year and I know how you feel. I had sent back a direct debit form for a professional subscription and hadn't read the fine print I forgot to tick the monthly box and they took the whole £300 quid on the 2nd of January aargh!!! Try to work out what the best option is can you move any money around? get a temporary overdraft extension? bouncing DD's can be expensive. Most important thing is don't panic!!

Paige

Don't panic. If the bank will not give you a temp overdraft extension and you have internet banking just go online and cancel the DD's you cant pay giving at least 48 hrs notice. Then when your money is available just reinstate the DDs again. I did this last year and it was fine - no charges. Most companies then try to collect the DD again after 7 - 10 days. I got about 2 letters saying the DD had not collected and I just phoned and said that I had cancelled it by mistake. The others just tryed again and collected with no agro. I would not suggest doing this often but it got me out of a sticky patch. Paige X

thesaint

Very good advice from people here,
remember to tell the DH as soon as he wakes up. Don't worry about it on your own. I'm sure he benefited from the overspend as well didn't he?

Hay_2

Thankyou.
Unfortunately we are at our(rather large) OD limit.Could anyone tell me how banks calculate how much of an OD facility an account can have?Is it so many times the monthly £ paid in?
DH is ringing to change the mortgage payment date to the 24th.Can I really cancel DDs without getting into trouble from the suppliers?
Still panicking though.Feel sick for being so stupid.:o

iceicebaby

hiya

Dont panic!

you can either cancel the dd's as has already been suggested or contact all the suppliers and ask then to change the date for this month to the 24th. there is a way round this, so dont worry

xx

Donedoingdebt

I've cancelled my S/Os & D/Ds in a similar situation some time ago. I did not incurr any charges & as stated previously, the suppliers will usually try to take the money again in approx a week or so. You may receive a couple of letters but these usually state that they're going to take the action mentioned above. If you allow the payments to stand you're likely to receive horrendous charges from your Bank.

vivaladiva

Don't worry about cancelling your Direct Debits. I used to often cancel them by er.... mistake.;)
They'll only suss you if you do it two or three times in quick succession.:rolleyes:

I_was_a_fool

I HAVE cancelled dds by mistake, a couple of times! Have also asked bank for temporary OD increase, even for a couple of weeks, they are usually sympathetic.

hbl_2

I managed to not cancel a standing order in time, so I went £58 out of my interest free portion of my available overdraft. So that'll cost me 50p in interest.

Not as bad, I know, but still annoying!