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£1 per month payments
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gordyb_3
Posts: 2 Newbie
Hello i have been paying £1 per month for a debt for approx 10 years i normally pay it in at the bank,would it be fine to set up a standing order and would the debt company be able to take any more out of the account cheers
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Hello i have been paying £1 per month for a debt for approx 10 years i normally pay it in at the bank,would it be fine to set up a standing order and would the debt company be able to take any more out of the account cheers
Standing order is fine. The creditor cannot 'take' money from your bank with a standing order arrangement. You are in control of the amount paid, the frequency of payments and the date of the payments.
I pay all my creditors through monthly standing order.DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
What type of account is it that you have been paying the £1 a month to for 10 years ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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I just payed it over the counter with a Pound coin.0
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I just payed it over the counter with a Pound coin.
I think what Sourcrates meant was, what type of debt are you repaying with your £1 each month. For example, a bank overdraft, loan, credit card, catalogue debt, council tax debt, solicitors bill .... there are lots of different types of debt and different regulations will apply so it will help to identify what sort of debt you are repaying ??DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
Hi gordyb
Yes, a standing order is perfectly fine and safe, not to mention it saves you a monthly trip to the bank. The amount paid is determined by you, and you alone.
It is worth all the same looking at other ways you might be able to deal with the matter. Granted, paying £1 a month may not bother you all that much, but a debt of that age may not even be legally enforceable any more. Of course, if you're happy carrying on with £1 a month then there is nothing wrong with that.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Agreed. Standing orders are perfect.
Set them up, forget it and never miss a payment.
It's also you who set it up so the only one who can adjust the amount is you.Mortgage: £60,744.22 Student Loans:£16,726.59
Joining Debt (08/04/2018) : £90,283.01 Current Debt: £77,470.81
Goal: Debt free by 20330
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