Moving to your parachute account? Direct debit tip!

[heppy23]

I have nearly finished moving all my direct debits to my parachute account.

 

As far as I can see there are two ways to do this - get the new bank to sort it out for you if they will OR go through all your papers and dig out phone numbers/reference numbers etc.

 

I have worked out a 3rd way which seems to work well and is very cheap.

 

With my monthly direct debits what I did was this. The day after the direct debit went through I cancelled it via online banking. The bank tells the company the direct debit has been cancelled and the company writes to you asking you for correct details. You normally get a form and a prepaid letter.

 

I have done most of my direct debits this way and it seems to have worked fine.

 

The only thing I would say is DON'T do it with any direct debits where you might get in bother if it gets missed (i.e. your life insurance lapses or your mortgage goes wrong).

[Tinkerbelle]

Another tip as well... if you are having your wages paid into your new parachute account, move your direct debit dates to a couple of days after your wages are due to go in, just in case there is a cock up with your wages and you end up no dosh to cover your direct debits!

 

You can always move them back once you know that your wages are going through ok!

[heppy23]

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