Not sure this is in the right area.

dizzybuff

I just need a question answered if you please.

My DH does not get payed till the end of the month , and my morgage goes out on the final working day of the month , which turns out to be the same day .

Due to a change of circumstances in Childcare we have had to spend a little more this month.

If both go out on the same day . Will I incure any charges for going over my agreed overdraft limit.

for example if it takes me 100 pounds over for seconds whilst all credits and debits are taken out


My morgage provider says the last working day but as of present they have not been consistant . However i am not one to take risks ..

Thanks for the answers in advance I know its a stupid question.

Jennifer_Jane

Hi - perhaps it's a bit early in the day and someone sensible will come along soon... but check this out (are you registered with Quidco?). It's only a good idea IF you get the Quidco cashback, otherwise the APR on this is horrendous.

http://forums.moneysavingexpert.com/showthread.html?t=1832713

Offer ends midnight on Monday. You cannot guarantee the Quidco cashback, and you cannot guarantee the money will be in your account from PaydayUK overnight (did mine at 13:00 on Friday, and I assume it will show on Monday).

Just ensure that you do let them take the money back from your account when the money is due (PayDay UK automatically have given me till 27th August which I didn't need as I'm doing this for the cashback.

I'm not suggesting you take out a loan, and you have to assume that the Quidco cashback will work. (Don't forget to clear cookies before you go on to Quidco/the Payday UK site, and set your BACS payments to 0.00, although if you are already registered with Quidco, don't forget any change to your payments means everything gets held up for 10 days and it's already 26th of the month.

Just to add that this is really only a good idea IF you have a small amount of loan, otherwise the cashback will be eaten up with the APR - eg I got £80, will repay £100; cashback £65. 'Profit' £45.

Hope this helps
Jen
x

Mrs_Bumble

If both happen on the same day will it take you over your agreed overdraft?

If your mortgage payment goes out on last working day, it means just that and shouldn't deviate but because of this collection date will mean that it will go out on different days each month because of the fact that the last working day will be different each month.

Who is the bank?

Ring them and ask them which order this scenario will happen with them? i.e. for most banks direct debits go out just past midnight on the day of collection, so they are usually the first transaction as just a few minutes into the day. if this happens and the credit isn't going to be credited till later in the day will that cause you a problem. If so will your bank put a temporary increaase to allow the transaction to happen without causing a charge.

dizzybuff

debits go out first .. credits later

Im with abbey . they said they couldnt garentee that I would not be charged ..