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  • FIRST POST
    • gordyb
    • By gordyb 9th Apr 18, 12:14 AM
    • 2Posts
    • 0Thanks
    gordyb
    1 per month payments
    • #1
    • 9th Apr 18, 12:14 AM
    1 per month payments 9th Apr 18 at 12:14 AM
    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
Page 1
    • January2015
    • By January2015 9th Apr 18, 12:56 AM
    • 2,054 Posts
    • 5,125 Thanks
    January2015
    • #2
    • 9th Apr 18, 12:56 AM
    • #2
    • 9th Apr 18, 12:56 AM
    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
    Originally posted by gordyb
    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 I'm driving it down
    1k emergency fund (member #84) 1k/1k
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    • sourcrates
    • By sourcrates 9th Apr 18, 10:07 AM
    • 13,727 Posts
    • 13,063 Thanks
    sourcrates
    • #3
    • 9th Apr 18, 10:07 AM
    • #3
    • 9th Apr 18, 10:07 AM
    What type of account is it that you have been paying the 1 a month to for 10 years ?
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    • gordyb
    • By gordyb 9th Apr 18, 4:33 PM
    • 2 Posts
    • 0 Thanks
    gordyb
    • #4
    • 9th Apr 18, 4:33 PM
    Bank
    • #4
    • 9th Apr 18, 4:33 PM
    I just payed it over the counter with a Pound coin.
    • January2015
    • By January2015 9th Apr 18, 5:30 PM
    • 2,054 Posts
    • 5,125 Thanks
    January2015
    • #5
    • 9th Apr 18, 5:30 PM
    • #5
    • 9th Apr 18, 5:30 PM
    I just payed it over the counter with a Pound coin.
    Originally posted by gordyb
    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 I'm driving it down
    1k emergency fund (member #84) 1k/1k
    [COLOR=Blue][SIZE=2]
  • National Debtline
    • #6
    • 10th Apr 18, 12:19 PM
    • #6
    • 10th Apr 18, 12:19 PM
    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
    @natdebtline
    We 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 Steps
    • bytheseas
    • By bytheseas 10th Apr 18, 1:27 PM
    • 22 Posts
    • 18 Thanks
    bytheseas
    • #7
    • 10th Apr 18, 1:27 PM
    • #7
    • 10th Apr 18, 1:27 PM
    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.
    Starting Debt (08/04/2018):
    Mortgage: 68,455.13.
    Student Loans: 18,954.88.
    Tax/accounting: 2873
    Total: 90283.01
    Goal: Debt free in 15 years.
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