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  • FIRST POST
    • Debtor_Charlton
    • By Debtor_Charlton 26th Nov 17, 4:36 PM
    • 5Posts
    • 1Thanks
    Debtor_Charlton
    Satsuma Loans - Bounced CPA
    • #1
    • 26th Nov 17, 4:36 PM
    Satsuma Loans - Bounced CPA 26th Nov 17 at 4:36 PM
    Hello,

    I have a loan with Satsuma Loans for £250 with £123.00 re-payments over 3 months. The first repayment is on 1st December.

    I have the funds to accommodate the re-payment, but not until the afternoon, however the Continuous Payment Authority (CPA) on my debit card comes out at 3am on the day.

    My question is, if the CPA payment request by Satsuma to my bank account is refused, but I make the due payment amount in full on the due date, in the afternoon, by calling them up, will they record it with the Credit Reference Agencies and look bad to them for future lending or will it have no impact to me whatsoever, as I have still technically paid on-time?

    Thanks!


    UPDATE:

    After contacting Satsuma, I was advised that under the law, I will not receive a late payment marker unless it is paid past the date agreed on the agreement.

    However, the card payment being refused may have a negative affect with Satsuma themselves for future lending. They are allowed to use such factors to influence their evaluation of my account. In fairness, they are one of the nicer companies, so I would like to maintain a good relationship.

    As an outcome and to avoid any negative impact, she changed the repayment date to 2nd December, so the CPA can process without fail. She assured me that the 24 hour extension would not be considered a deferral or have any impact on my credit file - I bet Wonga wouldn't do that
    Last edited by Debtor_Charlton; 27-11-2017 at 9:20 PM.
Page 1
    • zx81
    • By zx81 26th Nov 17, 5:15 PM
    • 14,400 Posts
    • 15,196 Thanks
    zx81
    • #2
    • 26th Nov 17, 5:15 PM
    • #2
    • 26th Nov 17, 5:15 PM
    If you pay on time, there will be no late mark. However, there may be a bounced DD fee.
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 26th Nov 17, 5:35 PM
    • 2,934 Posts
    • 1,524 Thanks
    keepcalmandstayoutofdebt
    • #3
    • 26th Nov 17, 5:35 PM
    • #3
    • 26th Nov 17, 5:35 PM
    This happened to me with another short term lender starting with the word S earlier this year.

    Overdue 24 hours but then paid in FULL - lender records as late on their own system (but for all the worry) reported to the credit reference agencies as on time.
    Whether I just got the right time of the month or because there had been at least one previous payment prior to the problem payment helped as they just cancelled CPA straight away who knows.

    I did make a call to let them I'd got payment date wrong - was going to be the 31st as that presented in that particular month as opposed to the 30th that was set - they cancelled the CPA there and then as soon as I said I couldn't meet the expected payment. Another call to manually authorise pay then had to happen which I found is the time you need to be proactive with this.

    Hope you get the same. To be sure always try speaking to the lender in first instance.
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
    • sourcrates
    • By sourcrates 26th Nov 17, 7:08 PM
    • 12,702 Posts
    • 12,042 Thanks
    sourcrates
    • #4
    • 26th Nov 17, 7:08 PM
    • #4
    • 26th Nov 17, 7:08 PM
    They keep trying to debt your account at intervals during the day.

    Shouldn’t be a problem.

    As long as the payment is made in those 24 hours you will of honoured your commitment.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • jonesMUFCforever
    • By jonesMUFCforever 26th Nov 17, 9:31 PM
    • 24,255 Posts
    • 11,537 Thanks
    jonesMUFCforever
    • #5
    • 26th Nov 17, 9:31 PM
    • #5
    • 26th Nov 17, 9:31 PM
    They can't charge a bounced D/D fee for a CPA.
    If this results in an unauthorized overdraft you may be charged that way.

    Which bank are you with?
    What goes around - comes around
    give lots and you will always receive lots
    • Debtor_Charlton
    • By Debtor_Charlton 27th Nov 17, 9:20 PM
    • 5 Posts
    • 1 Thanks
    Debtor_Charlton
    • #6
    • 27th Nov 17, 9:20 PM
    • #6
    • 27th Nov 17, 9:20 PM
    Outcome added to the OP, thanks for the advice.
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