Is this is daft way to deal with my debts?

oscar52

I have just set up a new account with A&L (through Quidco).

My employer allows me to use two bank accounts for my salary.

I havnt moved any direct debits yet. Reason for this was I was planning to leave these with the other bank. Plan is to use the A&L account for my every day money - petrol food socialising etc. I htink this way I will find it much easier to budget. Also I was going to leave my quidco and paypal accounts paying into my old account to give the extra money to throw at the debt.

I know A&L have a minimum funding policy, but if im good, I can shift any spare cash across to the evil place my other account is with (begins with B and ends ys:think: ) at the end of each month

loubie_lou

Doesn't sound that silly to me! I've also set a new A&L account and with my old account i'll be using this as my 'house' account and my new account where all my debt direct debits come out of.

I find it easier to budget with. I also what to make a fresh start with a bank i dont have debts with!

frugalpam

oscar52 wrote: »

I have just set up a new account with A&L (through Quidco).

My employer allows me to use two bank accounts for my salary.

I havnt moved any direct debits yet. Reason for this was I was planning to leave these with the other bank. Plan is to use the A&L account for my every day money - petrol food socialising etc. I htink this way I will find it much easier to budget. Also I was going to leave my quidco and paypal accounts paying into my old account to give the extra money to throw at the debt.

I know A&L have a minimum funding policy, but if im good, I can shift any spare cash across to the evil place my other account is with (begins with B and ends ys:think: ) at the end of each month

Funnily enough, I've been thinking about doing something similar. I set up a 2nd bank account with Yorkshire Bank, to have in reserve in case Natwest threaten to close my account following reclaiming charges.
If they don't, I'm thinking of leaving in enough to cover all the direct debits at Natwest plus a bit spare, and transfer the rest across to Yorkshire Bank for my everyday money - food, petrol etc. That way I know I can only use Natwest for bills, and Yorkshire for spends. As a hopefully reforming spendaholic, it might help me keep tabs on my finances and budget better.
Will be interested to see what others think

good luck!
Pam

oscar52

Not just me that had this brainwave then - and the there I was thinking I was unique

lindens

I've just done this too. I have my original N*****t account which my salary goes in and my DD's are, and my overdraft.:mad:
Because of my overdraft I never seemed to be getting anywhere. So I have opened a Nationwide thru Quidco and I will put all my leftover salary in there after DD's have come out. I will use this for shopping and daily expenses.
My paypal and quidco money will still go into my N*****t and any from my change moneyboxes.
Anyway it doesn't matter if it's daft or strange - if it works for you then do it!