Grrrrr @ morgages

dizzybuff

Right , my morgage is due to go out this week on the same day hubby gets paid . I usually have a buffer zone to cover the morgage payment . However due to unforseen circs this has been depleated a little .

Have contacted morgages and they say they request it to go out on the last day of the month.. Usually it doesnt , but has done a few times and they can not control the day it goes out of my account as they request it for the last day . My hubby gets paid on the last day .. so we have money going in and out on the same day . Can the bank charge me for going over my agreed od limit as moiney goes in and out the same day .. Im in such a pickle , as i dont even know if the morgage is due to go out on the day its supposed to ..

It gets so confusing

Wutang_2

dizzybuff wrote: »

Right , my morgage is due to go out this week on the same day hubby gets paid . I usually have a buffer zone to cover the morgage payment . However due to unforseen circs this has been depleated a little .

Have contacted morgages and they say they request it to go out on the last day of the month.. Usually it doesnt , but has done a few times and they can not control the day it goes out of my account as they request it for the last day . My hubby gets paid on the last day .. so we have money going in and out on the same day . Can the bank charge me for going over my agreed od limit as moiney goes in and out the same day .. Im in such a pickle , as i dont even know if the morgage is due to go out on the day its supposed to ..

It gets so confusing

Firstly, are you saying you have only just found out the date the mortgage payment goes out?

Next, if you tell the mortgage company what is happening they will cancel this months DD and you can pay by card the next day (it has to be a month before its a missed payment) or if not viable they will try again a week or two later via DD.

Whether your bank charge you is something for you and your bank - but if you sort it out with the mortgage company then this will not happen anyway (but maybe its worth knowing this stuff anyway).

If you are an ardent MSEr then it might be time to open excel and get down some dates/incoming/outgoings so this doesnt happen...

And in your signature its 'lose' not 'loose'.

dizzybuff

Wutang wrote: »

Firstly, are you saying you have only just found out the date the mortgage payment goes out?

Next, if you tell the mortgage company what is happening they will cancel this months DD and you can pay by card the next day (it has to be a month before its a missed payment) or if not viable they will try again a week or two later via DD.

Whether your bank charge you is something for you and your bank - but if you sort it out with the mortgage company then this will not happen anyway (but maybe its worth knowing this stuff anyway).

If you are an ardent MSEr then it might be time to open excel and get down some dates/incoming/outgoings so this doesnt happen...

And in your signature its 'lose' not 'loose'.

Thanks for that .. I am an ardent MSer and as you see I have never been told the day , just it was to be requested for the last working day . I have tried to change the payment to the first but this would mean according to the morgage comapny two payments going out in consession with each other .

The payment is requested to go out on the last working day , like a bank transfer , not a DD .. I never know if its going to go out on the right day. I have contacted them before and they have been no help at all , just said i ahould not have any problems due to money going in and oput on the same day . I have this problem every month . Abbey have stated they cant guarentee i wont go over my OD limit due to debits been taken from my account before credits are added...

I'll try again later ..

regarding my siggy .. sorry i get fat fingers because of my dyslexia.

natman

Hi, I had a similar issue. Mortgage going out on the last day and being paid on the last day. What normally happens for me is this -

If the last day is a weekend, my mortgage normally comes out the NEXT working day - i.e on a monday normally in the following month.
If the last working day is a weekend my SALARY gets paid in my account the working day BEFORE - i.e the friday...................... so no problems at all.

I was advised by my bank also that if the dates and days are the same - i.e both on a thursday - Both outgoings and incomings will appear on that date.

so for arguments sake - just say your mortgage comes out first and that leaves you with a minus amount in your account, your salary will then be added leaving you(hopefully) with a plus amount -

so long as by the end of the day your mortgage and salary have been made - you should incur no charges etc.

As advice above, work out when the best time to pay your direct debit is, and try and have a buffer like you suggest.

I always have 1 months mortgage payment extra in my bank account just in case there is an issue or i move jobs etc.

ccygirl

It should be fine. The credits and debits all show at the same time. The balance for overdraft reasons is calculated at the close of business that day. Really shouldn't be a problem. You could call your bank and check on the day if your worried.

dizzybuff

thanks for the replys . the bank have said there should be np problem but they are covering their backs by saying they cant guarentee anything.. Irony of it is I ama waiting on 2 ppi refund checks grrrr