Payday being moved to after direct debit dates
Discussion
I've just been informed that my payday is going to be pushed back from the 25th of the month, to the 6th of the following month. The justification for this is that two companies have merged and that they are aligning, which I sort of expected when the companies merged.
However, pretty much all of my direct debits go out between the 27th and 1st of the following month. So can see the potential for a cash flow issue at the changeover point, where I basically will not be paid in April next year... Fortunately, there is a bit of time to prepare, but other than trying to build up a bit of a buffer, I am not sure exactly what I need to do. Am I best changing direct debits/standing orders now? Or gradually changing them over the coming months?
However, pretty much all of my direct debits go out between the 27th and 1st of the following month. So can see the potential for a cash flow issue at the changeover point, where I basically will not be paid in April next year... Fortunately, there is a bit of time to prepare, but other than trying to build up a bit of a buffer, I am not sure exactly what I need to do. Am I best changing direct debits/standing orders now? Or gradually changing them over the coming months?
Craikeybaby said:
I've just been informed that my payday is going to be pushed back from the 25th of the month, to the 6th of the following month. The justification for this is that two companies have merged and that they are aligning, which I sort of expected when the companies merged.
However, pretty much all of my direct debits go out between the 27th and 1st of the following month. So can see the potential for a cash flow issue at the changeover point, where I basically will not be paid in April next year... Fortunately, there is a bit of time to prepare, but other than trying to build up a bit of a buffer, I am not sure exactly what I need to do. Am I best changing direct debits/standing orders now? Or gradually changing them over the coming months?
Use your online banking portal to get a list of DDs, contact them one by one and move the date back to the 10th or whatever. Job done.However, pretty much all of my direct debits go out between the 27th and 1st of the following month. So can see the potential for a cash flow issue at the changeover point, where I basically will not be paid in April next year... Fortunately, there is a bit of time to prepare, but other than trying to build up a bit of a buffer, I am not sure exactly what I need to do. Am I best changing direct debits/standing orders now? Or gradually changing them over the coming months?
Presumably this merger was part of a TUPE process? There should have been some consultation and chance to make representations on how this would affect you and other employees. If it is going to cause difficulties maybe they will offer short term loans to cover the ~2-week change over period.
deggles said:
Presumably this merger was part of a TUPE process?
Just going through the TUPE process and our payday is moving from the 25th to the last Friday of the month. The other major change is the fact that they are getting rid of the company cars and they will not be getting renewed once the three year lease is over.What is interesting is the people who are moaning about the moving of the pay day are the same people moaning about the company cars. I just found it interesting that the people who are obsessed about having the company car are the very people who sail so close to the wind they cannot cope with payday moving by a few days.
deggles said:
Presumably this merger was part of a TUPE process? There should have been some consultation and chance to make representations on how this would affect you and other employees. If it is going to cause difficulties maybe they will offer short term loans to cover the ~2-week change over period.
During the TUPE process we were told that it would not change 
With Monzo bank you can set up your direct debits to come out of a "pot" automatically. So when you get paid you move the month's DD amount into there and then forget about it. It sorts everything out beyond that. But if you're going to change banks you might as well just contact the companies and move the date as above. Much easier!
Craikeybaby said:
deggles said:
Presumably this merger was part of a TUPE process? There should have been some consultation and chance to make representations on how this would affect you and other employees. If it is going to cause difficulties maybe they will offer short term loans to cover the ~2-week change over period.
During the TUPE process we were told that it would not change 
_Yeti said:
With Monzo bank you can set up your direct debits to come out of a "pot" automatically. So when you get paid you move the month's DD amount into there and then forget about it. It sorts everything out beyond that. But if you're going to change banks you might as well just contact the companies and move the date as above. Much easier!
This doesn't really solve the problem of now having to pay two months worth of direct debits from one month's pay though?I have a similar solution in that I have 2 current accounts - one that my pay goes into and used for general spending, and another that I pay a fixed amount in to pay all my dd's. I'd recommend this approach to anyone who struggles with money (obviously they won't be on here
).The company I work for also did this - moved from 15th to 22nd, and offered an interest free pay advance for that month to people if they needed it. We also ended up getting paid a bit more on the first new month due to getting paid later.
Craikeybaby said:
Fortunately, there is a bit of time to prepare, but other than trying to build up a bit of a buffer, I am not sure exactly what I need to do.
If you do this, then at least if you ever move jobs / are made redundant in the future you'll get one month "free" after your last pay cheque...This is the perfect reason why everybody should have at least one month's slack in their current accounts. Preferably 6 or 12 in case they lose their job.
I just got involved in a joint birthday jolly with about 10 others. The cost each was £5.55. The organiser asked everybody to pay their share by the end of the month. Why? Because that's when she gets paid. The concept of someone single with no children aged 35 with a decent job who doesn't have £55 slack staggers me.
I just got involved in a joint birthday jolly with about 10 others. The cost each was £5.55. The organiser asked everybody to pay their share by the end of the month. Why? Because that's when she gets paid. The concept of someone single with no children aged 35 with a decent job who doesn't have £55 slack staggers me.
Thanks all, looking into it I don't think it will be as bad as I initially feared.
Do you have that in writing? Probably, but I expect that there are going to be other battles more worth fighting...
I have a similar solution in that I have 2 current accounts - one that my pay goes into and used for general spending, and another that I pay a fixed amount in to pay all my dd's. I'd recommend this approach to anyone who struggles with money (obviously they won't be on here ).
The company I work for also did this - moved from 15th to 22nd, and offered an interest free pay advance for that month to people if they needed it. We also ended up getting paid a bit more on the first new month due to getting paid later.I have a Monzo account, but rarely use it these days. I do similar get paid into my account, then a set amount goes into a joint account for bills etc. Within a few days of payday all my regular payments have gone out of my account and I am just left with my spending (petrol) money for the month. I just need to shift that back!
CarCrazyDad said:
Craikeybaby said:
deggles said:
Presumably this merger was part of a TUPE process? There should have been some consultation and chance to make representations on how this would affect you and other employees. If it is going to cause difficulties maybe they will offer short term loans to cover the ~2-week change over period.
During the TUPE process we were told that it would not change Gin and Ultrasonic said:
_Yeti said:
With Monzo bank you can set up your direct debits to come out of a "pot" automatically. So when you get paid you move the month's DD amount into there and then forget about it. It sorts everything out beyond that. But if you're going to change banks you might as well just contact the companies and move the date as above. Much easier!
This doesn't really solve the problem of now having to pay two months worth of direct debits from one month's pay though?I have a similar solution in that I have 2 current accounts - one that my pay goes into and used for general spending, and another that I pay a fixed amount in to pay all my dd's. I'd recommend this approach to anyone who struggles with money (obviously they won't be on here
).The company I work for also did this - moved from 15th to 22nd, and offered an interest free pay advance for that month to people if they needed it. We also ended up getting paid a bit more on the first new month due to getting paid later.
Simpo Two said:
This is the perfect reason why everybody should have at least one month's slack in their current accounts. Preferably 6 or 12 in case they lose their job.
I just got involved in a joint birthday jolly with about 10 others. The cost each was £5.55. The organiser asked everybody to pay their share by the end of the month. Why? Because that's when she gets paid. The concept of someone single with no children aged 35 with a decent job who doesn't have £55 slack staggers me.
If I have money in my current account I'll spend it. I have a "rainy day fund" in a S&S ISA, but would rather not dip into it unless needed.I just got involved in a joint birthday jolly with about 10 others. The cost each was £5.55. The organiser asked everybody to pay their share by the end of the month. Why? Because that's when she gets paid. The concept of someone single with no children aged 35 with a decent job who doesn't have £55 slack staggers me.
To tie up the thread - it was all about nothing...
The goal posts have moved too many times with the merger (and associated office move) and "WFH with occasional trips to the office" became, "you need to be in the office at least once a week", with the office a 90 minute drive away that is too much. So I have declined the offer of a role in the merged organisation and am being made redundant.
I've got a new job lined up, no idea what the pay date is there...
The goal posts have moved too many times with the merger (and associated office move) and "WFH with occasional trips to the office" became, "you need to be in the office at least once a week", with the office a 90 minute drive away that is too much. So I have declined the offer of a role in the merged organisation and am being made redundant.
I've got a new job lined up, no idea what the pay date is there...
Craikeybaby said:
The goal posts have moved too many times with the merger (and associated office move) and "WFH with occasional trips to the office" became, "you need to be in the office at least once a week", with the office a 90 minute drive away that is too much. So I have declined the offer of a role in the merged organisation and am being made redundant.
Sorry to hear that, enjoy the payoff (if there is one) and good luck with the job hunt.Gassing Station | Finance | Top of Page | What's New | My Stuff