A Payment A Day - Chapter 14

Scritti

Igamogam wrote: »

Kicking off June with£814 to the nominated CC

Last month I reduce one outstanding debt by 44% just through make PADs - I just round down the bank account each day and pay on line a nominated card - works wonders I rarely notice the 'extra' going out - only the fab reduction on the monthly bill

Hi all.

Have just discovered this thread and the idea of PADding.

Am very keen to do this but have a question...

I love the idea of (as above) using online banking to transfer small amounts (a pound or less even) from my current account over to the credit card every day (on top of my monthly overpayment).

Sounds like a great idea to get the CC paid off quicker without a noticable hit to the current account.

I'm just wondering if anyone else does this and, if so, will my bank or CC company (Barclaycard) get fed up with me??

Maybe it's a stupid question but I really am new to this. I don't pay for my current account (been with HSBC for 30 years) so technically get all my banking for free and the Barclaycard is under a no interest period for 21 months so neither company gets a penny from me at the moment.

So if I start transferring tiny amounts between them every day, won't they get annoyed?

I guess I'm just worried that I'll p*ss them off and HSBC might try to force me into using an account where I have to pay monthly or something, thereby negating the entire idea.

Sorry if I'm being a bit of a div. I LOVE the idea of this, I guess I just want some reassurance that neither company will mind me transferring 87p (or whatever) every day rather than a lump sum of £30 or so each month.

Any advice would be much appreciated!! Loving this site - you guys are just fantastic!

Thanks in advance!!!

Time_to_face_the_music

Good morning fellow PADders

No bank ins or outs so just another little round £1 PAD today to endowment shortfall today please :T

Hi and welcome Scritti :hello:

Lots of us do exactly what you are talking about and the banks don't seem to mind. It's all done electronically anyway and the only difference seems to be that I have been known to get CC statements which are several pages long due to all the little payments! :rotfl:


Have a super Sunday everyone

Eyes_wide_open

I haven't been doing it for very long but not had any problems. No mention of any issues.

Can't see how it could be a problem as all you are doing is making supplementary payments in addition to the regular minimum payment.

I have a loan that I am also PADing but this would be in an issue to pay daily, so I have set up a separate account and transfer the funds into that account ( which I don't touch as its no longer disposable money) and I will pay the loan over payment once a month.

X

LittleMissDetermined

Morning everyone!

Into September already... counting down to Christmas

£5 PAD to PO account this morning

-Welcome to Scritti, I have been doing this daily for one cc provider and they don't seem at all bothered as long as the min payment is made by the due date (I pay this and PAD's are extra) As was said above, the statements are just longer!

Have a lovely Sunday!

Igamogam

Scritti - I can assure you no humans look at your account activity;)

mandz1

Last few days totals

27/8- £130.55
28/8- £115.96
29/8- £2936.35
30/8- £2287.27
31/8- £125.86

mandz1

August total


£13,523.96

Well done everyone, it's amazing how all the little payments add up. Welcome to all newbies, now you've joined, you can never leave:p
Timetofacethemusic is going to count up for September, thank you for offering to do it.

Just a quick note, please put in bold, big or colour your DAILY PAD so it is clear to see, it gets quite confusing for the counter upper if you don't. Also if you are totalling your total PADs can you make sure that you don't colour or bold these as they may look like a daily PAD.

scotdebs

Morning all just more rounding down from me -

£0.40 and £0.47 to the horrid rbs and barclaycard ccs

Scritti

Time_to_face_the_music wrote: »

Hi and welcome Scritti :hello:

Lots of us do exactly what you are talking about and the banks don't seem to mind. It's all done electronically anyway and the only difference seems to be that I have been known to get CC statements which are several pages long due to all the little payments! :rotfl:


Have a super Sunday everyone

That's great. Many thanks and thanks also to everyone else who commented, it's much appreciated.

Time_to_face_the_music

mandz1 wrote: »

August total


£13,523.96

Well done everyone, it's amazing how all the little payments add up. Welcome to all newbies, now you've joined, you can never leave:p
Timetofacethemusic is going to count up for September, thank you for offering to do it.

Just a quick note, please put in bold, big or colour your DAILY PAD so it is clear to see, it gets quite confusing for the counter upper if you don't. Also if you are totalling your total PADs can you make sure that you don't colour or bold these as they may look like a daily PAD.

Great total for the month of August :j

Thanks so much Mandz for doing the totals :T

I hope LunaLady is ok, if anyone hears from her, please let us know.