paying c/c by direct debit

tracy24582_2

Hi folks
i know this may sound like a silly question but i just need a bit of clarification, i have some debts on a couple if credit card and i actually have 6 in total.
i was just wondering because the payment due dates are all different i always get a bit stressed about what time i should pay to make sure it clears in time and it takes over my brain because i am a big worrier!!
so basically i was wondering can i set up direct debits for the minimum repayment amount to come out whenever that date is due and then depending on what funds i have left over can i make additional payments (aswell as the direct debit) through online payment with my debit card (that is connected with the bank account i set the direct debit with)? and do you chose the date for the direct debit or is it the payment date?
p.s. can this have a negative impact on your credit rating if its only set up to pay the minimum or does it take into account the extra you pay
p.p.s when you set the direct debit up is it automatically set up on the due date or can you ask them to do it the day just to be on the safe side (read a lot of stories about returned direct debits even when you have the funds)

one more thing i just checked on my capital one (i dont have a big debt on that i just occasionally use it when grocery shopping) and it said you can set up a fixed payment. if my balance on it got lower than the fixed payment would they still take the fixed payment or just what was left?

sorry i've made this a bit long winded but i just need someone to explain it to me a bit more clearly as one thing i never want on my credit report is a late payment

Thanks in advance
:o:o:o:o:o:o

Robert_Sterling

You set up a DD and let the credit card company take the appropriate minimum payment on the date it is due as stated on your monthly credit card bill.

If they do not take the right amount at the right time that is their problenm rather than yours.

You may make any additional payment as and when you like.

PNPSUKNET

Its very good idea to set a dd up, I always do then pay overpayments.

tracy24582_2

can you make more than one overpayment in a month?

bigbum_2

tracy24582 wrote: »

can you make more than one overpayment in a month?

Hi Tracy.

I have dd in place to take the minimum payment on my c/c and then i make additional payments throughout the month. I try and pay something every day if i can. I want to clear the debts as quickly as poss . It's not a problem with the card companies :beer:
To be on the safe side i always make sure the money to cover the d/d payments is in my accout 1 week before the d/d is due.

Making extra payments has no negative affect on your credit file. So it's all gravy :T.

Moggles_2

tracy24582 wrote: »

Can you make more than one overpayment in a month?

Yes, BUT the effect of a manual payment, when a direct debit is active on your account, varies between lenders, so we all need to make sure we understand what happens to the DD if we make additional payments.

The variations I have encountered are:
1) The direct debit is recalculated if a payment is made at least x days before the DD is due [eg. Capital One, Egg]
2) If a manual payment is made, regardless of the amount, no money is taken by DD that month. [eg. Barclaycard]
3) No account is taken of any payment made. The amount specified on the statement is automatically collected by DD unless instructed otherwise [eg. Co-Op, MBNA, RBS].

tracy24582_2

hi moggles
the main cards i really need to set a d/d up with is 2 natwest and 2 rbs and maybe 1 cap one.
so the cap one if i made a payment and that decreased the balance would the min payment then be lower if they recalculate it?
""No account is taken of any payment made""
what is it you mean by this (i assume this would be the same for natwest)
cheers

Moggles_2

So the Cap One, if I made a payment and that decreased the balance, would the minimum payment then be lower if they recalculate it?

Provided that you allow enough time for your additional payment to kick in, yes.

"No account is taken of any payment made" What is it you mean by this? (I assume this would be the same for NatWest)

Regardless of any additional payment(s) made, the amount specified on your monthly statement is automatically collected by DD, unless instructed otherwise.

Alex_LS

Moggles wrote: »

The variations I have encountered are:
1) The direct debit is recalculated if a payment is made at least x days before the DD is due [eg. Capital One, Egg]

This is also the case for Tesco - which is strange since it is/was administered by RBS who don't take any account of payments according to your #3.

Moggles_2

Alex_LS wrote: »

This is also the case for Tesco, which is strange since it is/was administered by RBS who don't take any account of payments according to your #3.

How interesting? I have the Tesco card, but pay it online via the Tesco site at the mo.

It's still operated (though no longer owned) by RBS, so wouldn't have anticipated that.

This serves to underline my point that lenders vary, in this respect, as with everything else. You cannot assume anything