Direct Debit setup between two banks for full payment of credit card bill !!!

grumbler

intalex wrote:

I'm just looking at my latest Credit Card statement which also includes the unpaid balance from last month's statement. Nowhere on the statement does it say that the amount due will be collected automatically by DD. Perhaps even last month's statement would be the same - i.e. nothing confirming that the payment will be collected automatically via DD....

I have my HSBC statement in front of me and it says clearly: "Your nominated bank account will be debited with the minimum payment due on 20th Feb or soon after" (Page 1, Payment Summary)

intalex

HSBC still can't figure out what went wrong. They've now given up on investigating that and have just cancelled the current DD, and sent me a mandate to sign to set it up again. In the meantime, I transferred some money into my HSBC Current A/C and paid off my CC bill. Despite their assurances, I'll still get a copy of my credit reports in a month or so to ensure no damage has been done to my credit rating as a result of the "missed" payments.

I'd appreciate it if someone can tell me my options just in case my credit rating has been negatively affected by the missed payments which were HSBC's fault.

Cheers!

grumbler

intalex wrote:

...I'd appreciate it if someone can tell me my options just in case my credit rating has been negatively affected by the missed payments which were HSBC's fault.

If this happens only HSBC can correct this - contact them.

intalex

Ok, my credit limit with the same HSBC credit card has just been reduced to less than half my original credit limit.

Is that a clear indicator that my credit rating has indeed been negatively affected?

grumbler

Possibly, but I think only some 'internal' HSBC rating. I think it is time to complain: Make a complaint ...

P.S. The funny thing is that HSBC failed to take my first payment by DD yesterday and they cannot explain why this happend :beer: .

intalex

Hmm.. so you're in the same boat as me.

I've just received a new DD mandate to sign and return, but I think I'll just give the DD option a miss altogether, at least until we can establish the reason(s) for this mysterious flaw.

intalex

I sent HSBC an e-message to ask why they reduced my credit limit when they had already accepted that they were at fault for the "missed" DD payments. I also asked them if they had induced a negative impact on my credit rating with any CRAs.

I can see that they have now restored my credit limit, but they have yet to reply back to my message. I hope they can easily reverse any negative impact they induce on people's credit ratings.