Direct Debits

pandapaws

I pay absoltuely everything by Standing Order or Direct Debit and wouldn't change it as I've got so bloomin many of them! I much prefer SOs as you're completely in control of them - most companies don't publicise the fact that they accept them, and we've maintained a few DDs for the companies that try to charge for non-DD payment methods, but any company that can accept a bill payment over the internet can take a SO.

What we did was ring every single company and request that they change the due date for our payment so that DDs are guaranteed never to come out before we get paid - we're paid on the 16th, so most of ours are set up for the 18th or later. This means that everything comes out our account within a week of payday and we can see exactly what is left.

I'm cynical too about motives for companies wanting DDs and for super-organised people who either don't have too many bills to pay or are great at remembering to make payments, then doing it manually must be great. But I think I'd end up paying far more in charges for late/missed payments simply because I'd forget than from our controlled SO/DD system!

iamstacie

When I set up all my DD's, I asked each company to take it on the 1st of each month, if it meant the first payment was going to be late I'd pay a bit over the phone and then carry on as normal a month later. With all my DD's coming out on one day (expect BT which they won't me change) I can make sure I have enough in to cover everything then I know exactly what is left in there to last the month. Works so much better for me than having 12-15 DD's coming out at various time and not always remembering them and taking money out of the bank which should be left in to cover them. Maybe you could speak to your creditors to ask them to change the date to something like this or have 1/2 come out say on the 1st, then another 1/2 on the 15th?