This discussion is now closed.
Check out other Related discussions
- Opening a new bank account for house bills?
- Joint bank account
- Evidence proving an adult dependent
- Mum wont let me get the money out of a bank account i have
- Proof of address for NatWest student bank account?
- Unihomes utilities
- Time out during course alongside with travel abroad during this period of time.
- URGENT HELP I went on gap year for 8 months can I apply for uni loans?
- Student visa concerns help
- How To Set Up A Student Bank Account
- Paperwork for uni
- Can I open a student bank account with my UCAS code when not going to university?
- Residency Evidence - How and what to provide?
- Student finance
- Adult nursing blended
- Student Finance - PGCE
- Broke student - bank denying overdraft help
- Cancelling and re-applying for SFE due to major errors
- UK resident - two gap years
- Does economics at a specific university matter? e,g. southampton
Joint Bank Accounts for Bills
Anyone done it? Thinking a 5 person bank account for next academic year, everyone has a standing order paying in £20 a month or whatever, then out comes electric, gas and internet by DD once a month or every 3 months.
Sounds good in theory, anyone got any experiance with it?
Sounds good in theory, anyone got any experiance with it?
That sounds like...a really bad idea. For a start, you don't know how much your bills will be yet, so you might end up paying too much/too little in and the have to quickly put more in or recalculate.
And what happens if one person moves out but they still have the account in their name and access to it? Or someone doesn't always have enough in their own account for the standing order to go through?
Maybe it works out best that way for some people, but it seems totally unnecessary to me.
And what happens if one person moves out but they still have the account in their name and access to it? Or someone doesn't always have enough in their own account for the standing order to go through?
Maybe it works out best that way for some people, but it seems totally unnecessary to me.
Talya
Just get an acct. in the name of one person and everyone can pay their SO in every month for the bills.
But surely then if someone in the group dosnt pay in their SO that month, the person whos name the account is in will be shafted in terms of credit score? At least if everybody is linked there may be some incentive to bully and/or pursuade the 5th person to pay up.
I had one with 3 others. Our landlord insisted that we pay our rent through a standing order, which was £260pppm, so the plan was to set up a standing order for £300pppm into the account which would then be used to pay rent and bills.
This would have been fine if all of us had kept to this. One person insisted on paying in odd amounts, such as when he got his loan through he would pay in 2-3 months rent but no money for bills.
If one of us had actually kept detailed financial records through out the year it would have worked well. However, as nobody did, I had to sit down at the end of the tennancy and work out who had what in there. It was complete hell and took me 5 hours to go through, get the old bills etc. I wouldnt recommend it again.
Just have 1 person responsible for each bill and they pay it and collect money off of the others. Its far easier and is what happens now in my new house of 6.
This would have been fine if all of us had kept to this. One person insisted on paying in odd amounts, such as when he got his loan through he would pay in 2-3 months rent but no money for bills.
If one of us had actually kept detailed financial records through out the year it would have worked well. However, as nobody did, I had to sit down at the end of the tennancy and work out who had what in there. It was complete hell and took me 5 hours to go through, get the old bills etc. I wouldnt recommend it again.
Just have 1 person responsible for each bill and they pay it and collect money off of the others. Its far easier and is what happens now in my new house of 6.
Cj-Tj
But surely then if someone in the group dosnt pay in their SO that month, the person whos name the account is in will be shafted in terms of credit score? At least if everybody is linked there may be some incentive to bully and/or pursuade the 5th person to pay up.
OK if everyone is linked you will then need to file notices of disassociation at the credit reference agencies once uni is finished and you move out.
PS An SO is automated so the only way it wouldn't get paid is if one of you ran out of money.
I have a joint account with one of my flatmates. All 4 of us pay in a monthly standing order to this account, rent + some amount which should approximately cover bills with a little bit of extra room to make sure. All of our bills go out as monthly direct debits (which are normally cheaper anyway), and rent goes out as one big chunk standing order from that account.
I have a big spreadsheet which just means downloading statements from online banking (approximately monthly) and typing in the proportion of each transaction is each person is responsible for (mostly it's just equally split), and it goes through and calculates how much of the total in the account "belongs" to each person. Works great, and there's no need for everyone to run around trying to get money off each other after the fact.
I have a big spreadsheet which just means downloading statements from online banking (approximately monthly) and typing in the proportion of each transaction is each person is responsible for (mostly it's just equally split), and it goes through and calculates how much of the total in the account "belongs" to each person. Works great, and there's no need for everyone to run around trying to get money off each other after the fact.
all the bills are in my name and i've open an account in my name, and then everyone has paid in £100 and we're gonna se ehow long that lasts us, its £700 but its a huge house and so i've set up direct debits so it should last 3 months, i' hoping that the credit we build up with the gas and leccy over the summer will balance out when everyone is there in the winter. and to be fair i've got everything coming out of there so its easier, gasy, leccy, water, sky, bt, tv, broadband. if only the stupid water wasn't so expensive.
I think joint accounts are a great idea!
I had a joint account with my 3 house mates last year and although it takes some chasing to make sure everyone knows when and how much to pay it's much better idea than having each person to one set of bills.
My boyfriend's house decided to look after one set of bills per person and by the end of the year they had no idea who was owed what because people were paying back in stupid amounts.
All I would say is to make sure everyone knows when money is owed! And finally, get everyone to put in £50 - £100 each at the beginning of the year and use this as a float. So if someone is late at putting the money in, or if a bill comes out which you weren't expecting, you will not get overdrawn and be made to pay ridiculous bank charges.
This year, my new house mates are opening a new joint account to do the same (: It's not as crazy as the people on here make out (:
I had a joint account with my 3 house mates last year and although it takes some chasing to make sure everyone knows when and how much to pay it's much better idea than having each person to one set of bills.
My boyfriend's house decided to look after one set of bills per person and by the end of the year they had no idea who was owed what because people were paying back in stupid amounts.
All I would say is to make sure everyone knows when money is owed! And finally, get everyone to put in £50 - £100 each at the beginning of the year and use this as a float. So if someone is late at putting the money in, or if a bill comes out which you weren't expecting, you will not get overdrawn and be made to pay ridiculous bank charges.
This year, my new house mates are opening a new joint account to do the same (: It's not as crazy as the people on here make out (:
Original post by mtbab
all the bills are in my name and i've open an account in my name, and then everyone has paid in £100 and we're gonna se ehow long that lasts us, its £700 but its a huge house and so i've set up direct debits so it should last 3 months, i' hoping that the credit we build up with the gas and leccy over the summer will balance out when everyone is there in the winter. and to be fair i've got everything coming out of there so its easier, gasy, leccy, water, sky, bt, tv, broadband. if only the stupid water wasn't so expensive.
Good luck if your housemates decide not to pay you. The bills are all in your name making you, and only you, responsible if they're not paid. That's a whole lot of debt entirely in your name.
Obviously, your lovely housemates won't do this to you! Or so I thought....I ended up being owed a fairly small amount (under £100) by a housemate after we'd moved out....endless phone messages, emails and fb messages later, I never got it.
I would strongly advise you do meter readings etc very regularly. Obv you "hope" the credit you're building up over the summer will get you through the winter, but you may be surprised, and get a nasty shock with your final bill when you move out next summer. Tbh, the discount you get for paying by DD is fairly minimal. I actually found it far easier to do a meter reading every 3 months and send it off, get a quarterly bill, then get 1/5 or 1/4 or whatever of the money off each person, and pay it once I had it all. Then they could all see the red bills coming in when it wasn't paid, rather than the previous year where it would go out my account anyway, then I'd have to chase up for money which had already come out my account.
Ugh, bills in a shared house are a nightmare.
Hi,
Myself and my three other house mates have been told by our landlord that we have to have a joint bank account for paying our rent out each month as they are not willing to accept separate standing orders from the four of us.
Can I ask which bank you would advise to use for the joint bank account as I have been looking online and they all tend to be just current accounts for one person?
Many thanks
Kelly
Myself and my three other house mates have been told by our landlord that we have to have a joint bank account for paying our rent out each month as they are not willing to accept separate standing orders from the four of us.
Can I ask which bank you would advise to use for the joint bank account as I have been looking online and they all tend to be just current accounts for one person?
Many thanks
Kelly
Original post by amywood123
I think joint accounts are a great idea!
I had a joint account with my 3 house mates last year and although it takes some chasing to make sure everyone knows when and how much to pay it's much better idea than having each person to one set of bills.
My boyfriend's house decided to look after one set of bills per person and by the end of the year they had no idea who was owed what because people were paying back in stupid amounts.
All I would say is to make sure everyone knows when money is owed! And finally, get everyone to put in £50 - £100 each at the beginning of the year and use this as a float. So if someone is late at putting the money in, or if a bill comes out which you weren't expecting, you will not get overdrawn and be made to pay ridiculous bank charges.
This year, my new house mates are opening a new joint account to do the same (: It's not as crazy as the people on here make out (:
I had a joint account with my 3 house mates last year and although it takes some chasing to make sure everyone knows when and how much to pay it's much better idea than having each person to one set of bills.
My boyfriend's house decided to look after one set of bills per person and by the end of the year they had no idea who was owed what because people were paying back in stupid amounts.
All I would say is to make sure everyone knows when money is owed! And finally, get everyone to put in £50 - £100 each at the beginning of the year and use this as a float. So if someone is late at putting the money in, or if a bill comes out which you weren't expecting, you will not get overdrawn and be made to pay ridiculous bank charges.
This year, my new house mates are opening a new joint account to do the same (: It's not as crazy as the people on here make out (:
Original post by kellylouisereed
Hi,
Myself and my three other house mates have been told by our landlord that we have to have a joint bank account for paying our rent out each month as they are not willing to accept separate standing orders from the four of us.
Myself and my three other house mates have been told by our landlord that we have to have a joint bank account for paying our rent out each month as they are not willing to accept separate standing orders from the four of us.
There is no need to have a joint account for this. You could just as easily all transfer to 1 person and then they send it on each month. Just make sure they are actually sending it on.
Also, please don't bump super old threads. You're better of creating a new one instead.
Original post by Reue
There is no need to have a joint account for this. You could just as easily all transfer to 1 person and then they send it on each month. Just make sure they are actually sending it on.
Also, please don't bump super old threads. You're better of creating a new one instead.
Also, please don't bump super old threads. You're better of creating a new one instead.
Am I right in thinking that her landlord has absolutely no right to make it so they can only pay rent if they get a joint account? As that is basically forcing them to join with each other financially and can seriously effect their credit rating if anything goes wrong. That does not sound like something a landlord can legally impose.
Unless it specifically says it in the tenancy agreements (but even then..still unsure he can) I fail to see how he can force them to get a joint account. And if they aren't breaking the tenancy agreements it's not like he can break the contract because of it, and he would be stupid to. I'm sure he'd prefer money from 4 different accounts that no money at all.
Original post by kellylouisereed
Hi,
Myself and my three other house mates have been told by our landlord that we have to have a joint bank account for paying our rent out each month as they are not willing to accept separate standing orders from the four of us.
Can I ask which bank you would advise to use for the joint bank account as I have been looking online and they all tend to be just current accounts for one person?
Many thanks
Kelly
Myself and my three other house mates have been told by our landlord that we have to have a joint bank account for paying our rent out each month as they are not willing to accept separate standing orders from the four of us.
Can I ask which bank you would advise to use for the joint bank account as I have been looking online and they all tend to be just current accounts for one person?
Many thanks
Kelly
Don't get a joint account very bad idea. Can affect your credit rating (which can have serious consequences for you) for a very long time. Your landlord is being a complete spanner.
Original post by SophieSmall
Am I right in thinking that her landlord has absolutely no right to make it so they can only pay rent if they get a joint account? As that is basically forcing them to join with each other financially and can seriously effect their credit rating if anything goes wrong. That does not sound like something a landlord can legally impose.
It could be specifically requested in the tenancy agreement, although I'd doubt a judge would consider it legally enforceable and almost certain it wouldnt be grounds for eviction.
Original post by Reue
It could be specifically requested in the tenancy agreement, although I'd doubt a judge would consider it legally enforceable and almost certain it wouldnt be grounds for eviction.
Great, it's settled then. No one should get joint accounts just because their landlord is being a bell end
Related discussions
- Opening a new bank account for house bills?
- Joint bank account
- Evidence proving an adult dependent
- Mum wont let me get the money out of a bank account i have
- Proof of address for NatWest student bank account?
- Unihomes utilities
- Time out during course alongside with travel abroad during this period of time.
- URGENT HELP I went on gap year for 8 months can I apply for uni loans?
- Student visa concerns help
- How To Set Up A Student Bank Account
- Paperwork for uni
- Can I open a student bank account with my UCAS code when not going to university?
- Residency Evidence - How and what to provide?
- Student finance
- Adult nursing blended
- Student Finance - PGCE
- Broke student - bank denying overdraft help
- Cancelling and re-applying for SFE due to major errors
- UK resident - two gap years
- Does economics at a specific university matter? e,g. southampton
Latest
Trending
Last reply 2 weeks ago
Halifax is closing my account, I am a victim of fraud. please what can i doLast reply 1 month ago
I think I have a Cifas Marker on my name , can I still open any banks ?Last reply 4 months ago
Has anyone had their student finance paid into their partners or parents bank?
