Lewis Posted August 18, 2011 Share Posted August 18, 2011 Can I have a bit of help please? Basically am moving into a house of 8 people at Uni next year, have lived with 5 of them before and the other 2 are a flatmates friend. We are splitting bills (water, gas, electricity, internet) between us so the plan was to open a joint bank account which we all pay equal amounts into and bills come out of that.... One flatmate is being a pain saying all 8 need to be there to set up a joint account. Can't happen 'cos we're all busy and one lives in Bulgaria - I thought people could be added later on? Spoken to some people who've said don't set up joint accounts because of overdraft charges, everyone being accountable if 1 person goes wrong etc and to just split the bills by 8 and each write a cheque. Any ideas whether we should just set up the account or just write cheques? Ta Quote Link to comment Share on other sites More sharing options...
Egluntyne Posted August 18, 2011 Share Posted August 18, 2011 Gosh ... that sounds as if it could have the potential to go badly wrong. I would just write cheques if I were you. Quote Link to comment Share on other sites More sharing options...
snowberry Posted August 18, 2011 Share Posted August 18, 2011 Yup, you would all be liable for any charges; though I suppose you could insist on no overdraft at all on the account. I agree with Eglutyne, it could all go horribly wrong though Quote Link to comment Share on other sites More sharing options...
chuckmum6 Posted August 18, 2011 Share Posted August 18, 2011 Sounds potentially like a mine field, especially with 8 people involved. I wouldn't do it myself. Quote Link to comment Share on other sites More sharing options...
Chucky Mama Posted August 18, 2011 Share Posted August 18, 2011 I wouldn't touch it myself either, there must be a better way of doing it - quite what it is I don't know though. What do other students do? Quote Link to comment Share on other sites More sharing options...
Lesley Posted August 18, 2011 Share Posted August 18, 2011 No. I wouldn't take that route either - I've never had a joint account after starting my working life in a Bank (40 years ago now) and seeing what can happen when joint accounts go badly wrong. Quote Link to comment Share on other sites More sharing options...
WitchHazel Posted August 18, 2011 Share Posted August 18, 2011 I think with 8 people involved, the chances of it all going smoothly are about nil. Even when all 8 people are decent honest individuals, with a sound approach to money - all it takes is one person to have a problem one month with the bank account they are funding the joint account from, to result in their share not going in to the joint account, to charges being incurred. And then the fun will start with who is responsible for paying the charges, especially if more charges are then incurred as a result of the first charge. Either all 8 write cheques, or you have a shared account (shared between 3* of you) which has a minimal amount of money in as a float, then everyone transfers money into the shared account for each bill as soon as each bill comes in. Don't wait until the bill is due to be paid, get the money in as soon as the bill arrives, and then pay it as soon as the money is in the account. *It needs to be 3 of you to make sure that it is hard for anyone to defraud the others. Of the 3, 1 person should be responsible for actually making the payments, otherwise payments will get missed. Monthly statements can be pinned on a notice board so everyone can see what is going on. Interested to hear how you eventually decide to organise it Quote Link to comment Share on other sites More sharing options...
Patricia W Posted August 18, 2011 Share Posted August 18, 2011 I agree you need to be careful. I rent out a house to sharers and one group of 4 got into a muddle when they argued and the one who held the account stomped off. She closed the account before I'd received the rent and I had to take the rent from their deposits which wasn't fair for three of them. I advised them to take her to the small claims court but they never did. Quote Link to comment Share on other sites More sharing options...
Ain't Nobody Here Posted August 18, 2011 Share Posted August 18, 2011 I agree, it's not a good idea. Would a bank even would allow an account for 8 people .? Individual cheques, although a pain, are probably the best way to ensure everyone pays their way. That's what I did in a flat I shared with 7 others at Uni. Money can be the quickest route to a falling out, even amongst good friends so I'd be very careful. I do seem to remember having a problem with one flatmate who failed her exams and then couldn't pay her rent (can't remember why she was still in the flat ) and I ended up paying her rent for her. Never got it back. (It was only £14 a week though, imagine that .) ES is moving into a Uni flat with 6 others so will have to share food costs and any extra gas & electricity costs. Quote Link to comment Share on other sites More sharing options...
squiffs Posted August 18, 2011 Share Posted August 18, 2011 I recommend 'Glide' as a provider - they bill you all individually but divide the costings up so you only pay your portion. They do gas, electricity, internet, telephone etc. I used them when I was at uni and it made it so much easier than one person footing the bill and collecting money off others. http://www.glide.uk.com/ Quote Link to comment Share on other sites More sharing options...
clootie Posted August 18, 2011 Share Posted August 18, 2011 Good idea Squiffs, didn't know such a thing existed. Will bear that in mind for future for my DS. Lewis, steer well clear. What starts off as a good idea and everyone is happy has the potential to go horribly wrong, especially where money is concerned. You don't need the stress of it should it all go pear-shaped during important exams. Quote Link to comment Share on other sites More sharing options...
craftyhunnypie Posted August 18, 2011 Share Posted August 18, 2011 No - don't do a joint account with that many people! They may be your friends etc, but it only takes for one awful bit of sillyness & you would be liable. It's very nice the street where you are going to be living Lewis. Good Indian just round the corner. Oh & you couldn't get more central! Keep your money safe & be sensible, I'm sure you will. Emma.x Quote Link to comment Share on other sites More sharing options...
ChrisP Posted August 18, 2011 Share Posted August 18, 2011 We thought about doing that last year Lewis, and there were 4 of us in the house, but in the end decided against it, knowing we could always set it up later on in the year if it was easier. However, one of the housemates (not me!) completely ran out of money (too much drinking/fast food/fines/petrol etc) and could not pay the rent. Because we all paid separately to our landlord we were able to give him three cheques and explain the situation, not that it did our housemate any good, but if we had been in a joint bank account then we'd have ended up paying £333 each out of the joint account, rather than £300, and in situations like that it gets tricky sometimes to make sure the other person eventually transfers money into the account etc. For water bills, we got the bill and then split it into 4, and then we all transferred the money into ones person's account and they paid over the phone there and then. Quote Link to comment Share on other sites More sharing options...
Olly Posted August 18, 2011 Share Posted August 18, 2011 Just to add - we've been trying to set up an account for a new choir that started in February, and the logistical minefield of getting ID checks, signatures etc for just TWO people has meant it took nearly four months to get the account set up. I reckon the term would be over before you got it up and running anyway! I'd endorse the views above. The Glide thing sounds interesting though. Quote Link to comment Share on other sites More sharing options...
squiffs Posted August 18, 2011 Share Posted August 18, 2011 they've expanded their services a huge amount since I used them - must be gaining popularity I reckon! Glide Gas & Electricity Fixed electricity tariff beats future rises in energy costs Based on usage so use less and you'll save more money See your usage online Add meter readings online Glide Water Spread the cost of your payments Water & Sewerage Unlimited usage for unmetered properties Based on usage for metered properties Glide Broadband Up to 24Meg Broadband Unlimited usage Great for sharing with your housemates Ideal for downloading music and videos FREE Wireless Router preconfigured to make installation easy FREE Support Glide Telephone Standard BT telephone line Start calling your mates and you'll save money* Extremely cheap calls, click here for details Installation date convenient for you FREE itemised billing Glide TV Licence Get licensed with Glide and stay legal If you have a TV, you need a licence Don't get fined up to £1,000 View your TV Licence number online Quote Link to comment Share on other sites More sharing options...
sparkysmum Posted August 18, 2011 Share Posted August 18, 2011 Just echoing all the brill advice above. No, no, no, to joint accounts. Remember that you would be jointly and severally liable for all debts too. Glide sounds good although it's not something I know anything about. Probably not Scottish. Good luck with this. Alli Quote Link to comment Share on other sites More sharing options...
Lewis Posted August 18, 2011 Author Share Posted August 18, 2011 I'd never heard of Glide, thanks! Assume they add a % of the bill charge to get their money? Not sure what everyone does tbh, seems half set up accounts and the other half pay cheque's by the sounds of it. NatWest you can have 4 names on a joint account. I was going to go + ask the bank what's best but haven't been in yet. We've already been billed £400 a year for water which the landlord has paid and we just pay him back. Its further complicated 'cos the house is split over 4 floors, we have the top 3 and each floor has a different electricity bill which is split between those rooms, so each floor pays a different amount. 1 (the pushy pain one), maybe 2, of us will be "away on duty" with something to do with the army too. Its not that I don't trust everyone, just last year we had 2 flatmates leave Uni because of health reasons, one just walked out the kitchen and didn't come back or explain for a few weeks but will now be back in September, and had another 'rogue' flatmate but who's living with other people now. Quote Link to comment Share on other sites More sharing options...
squiffs Posted August 18, 2011 Share Posted August 18, 2011 I'd never heard of Glide, thanks! Assume they add a % of the bill charge to get their money? Yes they do - and you can select which parts of your utilities you transfer to them to bill (so if as in your case you have the water bill covered, you just exclude that from your package. They charge you in a rollover way, so at the end of the year any excess you paid you get refunded too A bit like a tax rebate! Quote Link to comment Share on other sites More sharing options...
ClaireG Posted August 18, 2011 Share Posted August 18, 2011 I wouldn't go for any sort of joint account at all. I like the look and sound of Glide though. Quote Link to comment Share on other sites More sharing options...
Sageandonion Posted August 18, 2011 Share Posted August 18, 2011 No to a joint account from me too. The only joint account I 've ever had is with him indoors which his salary goes into. I've always had a separate bank account for mine. Remember in life Lewis -' what's mine is mine and what's his/hers is mine as well' Quote Link to comment Share on other sites More sharing options...
Egluntyne Posted August 18, 2011 Share Posted August 18, 2011 No to a joint account from me too. The only joint account I 've ever had is with him indoors which his salary goes into. I've always had a separate bank account for mine. Remember in life Lewis -' what's mine is mine and what's his/hers is mine as well' Same here!! My motto is similar, 'what's his is mine ...and what's mine is my own.' Quote Link to comment Share on other sites More sharing options...
Lewis Posted August 18, 2011 Author Share Posted August 18, 2011 Wonder if joint accounts work like that with flatmates? We've always said we'll pay £10 a week into the account and Glide has come back with £10.41 a week for Gas, Electricity, Telephone Line, Broadband and TV Licence! I think it sounds good, will see what everyone thinks! Quote Link to comment Share on other sites More sharing options...
Valkyrie Posted August 18, 2011 Share Posted August 18, 2011 Echoing everyone else - no to joint bank account. I've only had a joint one with OH, would never dream of sharing with anyone else (ex banker here too). The Glide system does indeed sound interesting. Quote Link to comment Share on other sites More sharing options...
Space Chick Posted August 19, 2011 Share Posted August 19, 2011 That Glide sounds ideal I echo what people have said about money being a really easy way to fall out!!! At least with that system, you will each have your own share to pay and if someone doesn't its not your problem. I have a joint account with OH for bills, we each transfer money into it when we get paid to cover the bills, however our salaries go into personal bank accounts, and anything that is left in our own bank accounts is ours to do with as we wish - mine goes on chicken things and football... his goes on techy things and ebay Quote Link to comment Share on other sites More sharing options...
squiffs Posted August 19, 2011 Share Posted August 19, 2011 Wonder if joint accounts work like that with flatmates? We've always said we'll pay £10 a week into the account and Glide has come back with £10.41 a week for Gas, Electricity, Telephone Line, Broadband and TV Licence! I think it sounds good, will see what everyone thinks! That's really good! 41p commission for handling the hassle is a bargain! Quote Link to comment Share on other sites More sharing options...
