Standing Orders and Direct Debits

By Edwin Mashonganyika

The British public and business community have been called upon to review their monthly standing orders and direct debits vigorously in order are to keep afloat and survive the onslaught of the recession that has caught the world unawares.

In the latest (March) issue of the Andrew Hamilton and Company Chartered Accountants and Tax Advisors newsletter, the Managing Director Mr Andrew Hamilton said there was not much point in ruminating on how and why Britain got into recession now but called on the nation to take the preservation of capital as the number one goal.

“Whether you are a housewife, in business, a student, an employee, jobless, or a pensioner, review your monthly standing orders and direct debts ruthlessly to see how you can reduce your over heads.

“Remember that what comes down usually goes up – thus if you are a borrower, use the current reduction in interests rates to repay debt faster. If you are a saver, make sure that you have an investment advisor who is naturally cautious, and remember that the promise of high income usually comes at a price,” Mr Hamilton said.

Mr Hamilton advised the the nation not to believe all they read in the newspapers and also not to talk the economy down.

“Never pay for anything in advance of getting the goods and services you need and don’t buy anything over the telephone from a cold caller.

“If you run a business, think cash…think cash..and think cash again. There is not much point in ruminating on how and why we got into recession except to say that as sure as night follows day, bust follows boom,” noted Mr Hamilton.

In many ways, he said, if the British cared about the fragile state of the planet, a reduction in global activity would be a welcome relief.