Newbie Stoozing Question w/Cahoot

purplepatch

Reaper wrote:

Initially they will set you a date without asking. However I think most, if not all, companies will change the payment date for you on request.

That's good to know. Thanks Reaper.

Milarky

purplepatch,

The cahoot account allows 'standing order' type payments also - either to your current account or the the credit card directly in lieu of DD min payments. They are techically one-off payments - so for a 'standing order' you have to manually create one separate payment request per month to the same account - but it can be done with a bit of time and effort. [It takes 3 working days - eg Mon to Thu - from sending of payment for it to arrive I have found]

DDs are preferable because they avoid slip ups and payment will be taken automatically. I see what you are getting at if you have three cards on the go at once - with collection dates spread through the month however. I assume that you will request a DD payment each month from cahoot at least four working days [eg Mon - Fri] before the first of these three credit card min payment DDs is due to be called from you own bank. Thus you will end up with more in your bank more of the time than you would like to see.

I was going to suggest that you could just set up three different dated requests to pay via DD from cahoot to your bank each month but there could a problem. When once I tried to transfer into cahoot from my bank two separate amounts on the same day only the second requested amount was transferred. The initial request got overwritten. So I'm not sure if you could have more than one future dated DD request at any one point. The only way to find out is to set them up and then go back and see if they are both displayed as 'pending'

BTW it should be easy enough to get a cahoot current account - which will allow DDs to credit cards and immediate internal transfer from/to the the cahoot savings account of course!

purplepatch

Thanks milarky.

You understand exactly. I need to try to avoid having to do 3 separate manual payments a month as it leaves room for human error. Like you say, far safer to do it by dd. From reaper's post, it seems I am ok to change the min payment due dates so they all fall on the same day, then I only have to make one manual payment from cahoot to cover it. I will bear in mind the turnaround times and allow 3-4 days for the money to get there, although possibly like you mention the cahoot current account might make life a little easier.

jan_ley17

Re interest on your a/c .This is taxable income and therefore has to be taken into account when you are looking at your total income and personal allowances.