Cancelling mortgage DD & changing to standing order?

Mozz

Hi, quick question...I have a Barclays mortgage and the direct debit comes out on the 16th of every month. I've read that some people have cancelled their DD and set up a standing order for a different date eg. the 1st of every month. Can I just change this myself via online banking or do I have to ask 'permission' first? This months has already gone out and I was going to set the standing order up for the 1st March.
Thanks in advance.

trynsave

I was told that I could cancel my d/d, which was due out on the last working day of the month, and set up a s/o for the 1st of the month instead. My reasons for asking was that I was worried that if the last working day of the month fell on a bank hol my wages might not go in as planned.

My b/soc only have d/d's on the 31mthly.

They said that I would have to effectively pay 2 months payments in the 1st month. The d/d due on the 31st AND a s/o the following day to compensate for the next d/d that wouldn't be claimed at the end of the month.

As your payment is due mid-month you might not fall into the same trap, but just ensure that you know what you are doing, as you don't want to miss a payment!

dunstonh

ASk the lender if they can change the date on the direct debit.

Whatever you do, dont cancel the direct debit and switch to S/O (not that you can as you dont know the sort cade and account number to send it to) without getting permission first. They may not allow it. It is up to the lender if they do.

S/O payments can take longer to administer and chanigng the dates without the lender being aware can lead to you showing as arrears if you are not careful.

getmore4less

dunstonh wrote: »

ASk the lender if they can change the date on the direct debit.

Whatever you do, dont cancel the direct debit and switch to S/O (not that you can as you dont know the sort cade and account number to send it to) without getting permission first. They may not allow it. It is up to the lender if they do.

S/O payments can take longer to administer and chanigng the dates without the lender being aware can lead to you showing as arrears if you are not careful.

Barclays do DD on the 16th and will not change from what has been posted by others, It makes very little difference moving it and if offset no point at all.

There have been people posting here that they have changed as long as you bring if forward it should be OK, but do check, phone the mortgage line for existing customers 0800 022 4022.

Mozz

Hi, thanks very much for the replies, I've just called Barclays and they've said it's no problem, as long as a payment is made once a month they don't mind what day it is. I've set the standing order to start from the 1st March.

Robert_Sterling_3

trynsave wrote: »

My b/soc only have d/d's on the 31mthly.

Nothing to pay in Feb, Apr, Jun, Sep and Nov then.

Some building societies will not take DDs later than the 28th of the month.

I think Nationwide monthly payments are due on the first day of the month but payable letter in the month.

trynsave

Robert_Sterling wrote: »

Nothing to pay in Feb, Apr, Jun, Sep and Nov then.

I'm sure you were only trying to be funny, ha ha.

Surely we all know that when companies set 31st mthly d/d's. or we set s/o payments for the 31st, the are in fact collected on the last working day of the month.

Would be nice though - no mortgage payments for half of the year, :rotfl: