Black Horse Payment Date

scotsgirl_3

Tupperware is spot on, it is an extra interest payment as you are effectively "borrowing" the money for longer. Their system won't allow payment to be made earlier - if the date was changed from the 26th to the 15th it would automatically move the august payent to sept 15th etc etc

However, there is nothing whatsoever to stop you paying early i.e. when you get paid. If you ask them Blackhorse can send you out a standing order mandate which you could use instead - as long as they receive the payment before the due date then they will be happy, and you wouldn;t incur a charge as you wouldn't be changing the due date formally.

tictax

Tupperware is spot on. Blackhorse used to allow people to change their direct debit dates easily but to make up for the interest that they are losing they charge you.

Yo must have borrowed quite a lot for it to be £100. If you make the first payment at the correct date (26th) and then change to standing order as suggested by scotsgirl you will be ok and won't go into arrears.

lufcgirl

I've just left Lloyds TSB and I take it they would have similar rules with regards to the DD arrangement. In the first instance it should have been set up on the date required by the customer.

We were subject to something called the 42 day rule...which meant we could take a DD out up to 42 days after the previous one.
eg: A DD went out on 1st August...the latest we could take the next one would be 12th September. It only really works if your payment date was say 28th, and you wanted to change it to 10th...it would stop two payments being taken out within two weeks of each other.
A DD could be taken in subsequent months with no cost to the customer, so as long as customer was paying every calendar month, they don't care what date it was on. You were only allowed to change the date twice in a year.

The interest was just something that got added onto the end of the loan.