First step to eliminating banks from my life...

Gromitt

Archi_Bald wrote: »

It isn't that black and white these days - - many bills actually work out cheaper with a regular DD than if you pay by some other means. Many are also no more expensive, and some will just not be interested in your custom if you aren't prepared to pay by DD

I'd normally agree with you, but thats not what I have experienced during the last 12 months on my regular bills.

Car and home insurance has always been about 30% more expensive if I went down the direct debit route (after first choosing the cheapest each year) rather than paying by in one lump sum.

My BT Line rental is £14.90 per month by DD, or £142 for the year (saving £44) if paid by credit card. Likewise, Virgin is £13.90 per month or £120 for the year.

NHS PPC and Council is the same regardless of method of payment, but both allow payment by credit card, so thats cheaper for me (cashback).

Gas and Electric bills claim that I save £10 per year by paying by direct debit, but I can also pay online via credit card. I'm thinking that since my average annual bill is £1600, thats £16 - £48 per year in cashback.

jimjames

Archi_Bald wrote: »

There are, of course, still some companies that want to take you for a ride if you pay in instalments. But it is wrong to assume you will always get a better deal if you don't pay by DD. You have to treat each bill on its own merits.

Utilities and some others are cheaper or the same when it is a monthly bill. When is it a yearly bill being split that is often more.

Insurance in the main is much more expensive to pay monthly by DD, as they are effectively loaning you the money and you paying it back. Check the APR as many are well over 20%.

One example for car insurance

Single payment £263.94
OR Instalments
Deposit: £27.48 plus Monthly: 11 x £27.48, Total: £329.76

John1993_2

The OP was on here a few years ago letting everyone know that he was going to be earning £1,000 per week. To be on that yet still blow through an overdraft takes quite some effort.

Hominu

John1993 wrote: »

The OP was on here a few years ago letting everyone know that he was going to be earning £1,000 per week. To be on that yet still blow through an overdraft takes quite some effort.

I was thinking maybe the OP was spending all the money on a huge mortgage and hot chicks, but then I thought, which mortgages can you pay off at the post office with cold hard cash ?

Then again I see that the OP was getting charged constantly in 2007 onwards as well (from his post, over £1000 in charges), some people just don't seem to learn.

So now it's all the banks fault. Of course.

JuicyJesus

You do occasionally get people who come on here to say how we're all sheep who are doing it wrong. I think this guy can get lumped with the bloke on the Loans board who had his house repossessed and as a result is going to go and live in the woods.

Archi_Bald

I am surprised everyone is now suddenly talking about the OP being a guy. I had assumed all along it's a woman, and I think I am right.

Of course the sex of the person doesn't make much difference - trying to 'eliminate banks from ones life' sounds a rather daft idea for anyone living in the western hemisphere.

Gromitt

Archi_Bald wrote: »

I am surprised everyone is now suddenly talking about the OP being a guy. I had assumed all along it's a woman, and I think I am right.

I would agree, considering they have talked in the past about an ex-husband.

However, they are still nuts trying to eliminate banks from their life. Well, unless they want to go and live in the woods with the other bloke. Maybe they'll get along fine.

maninthestreet

The OP would be better off posting their SOA on the DFW board, rather than try to remove banks from their life.

Hooloovoo

Gromitt wrote: »

I would agree, considering they have talked in the past about an ex-husband.

I would have thought the following line in the OP to this very thread was a dead give-away, without needing to look back at previous posts ...

Thursdayschild wrote: »

It's hard to describe how a cycle like this is so difficult to break out of, without sounding like a thick sucker with a ...victim mentality who has brought it all upon herself.

Also, add me the list of people who make profit from the banks. I get a very convenient service that they pay me to use. Thanks!

Goldiegirl

Archi_Bald wrote: »

I am surprised everyone is now suddenly talking about the OP being a guy. I had assumed all along it's a woman, and I think I am right.

Of course the sex of the person doesn't make much difference - trying to 'eliminate banks from ones life' sounds a rather daft idea for anyone living in the western hemisphere.

I was assuming it was a bloke, as a woman wouldn't be quite as daft !