Mortgage paid...yet unpaid!?

nikp75

My wife and I have recently moved house with a new mortgage. We were informed that the mortgage payment would be taken on the 25th of each month. So I ensured the correct funds were in the bank account happy in the knowledge that the money would be paid succesfully. A few days later I go online to check my account and notice the money has not come out so i leave it a bit more. Today, I was a bit concerned that I would be charged for non payment so I phoned the mortgage company up. I was told that the money had been paid, and was paid on the 25th March. I checked to make sure that they had the correct bank account details, and they had. Ok, I thought, i must have not checked my account correctly - so i log back onto the banks online banking and the money has definately NOT come out.

So, the mortgage company are happy the money has been paid, and I have a bank account with more money in it than I expected. Where do i lie now? I have made a note of what time and day I phoned the mortgage company and have also made sure the money is saved away to not get spent.

I presume they will catch up some day - but I wonder is there a minimum amount of time before they're not allowered to ask for the money from me? I have no idea. This has never happened to me before!!

NoAngel

I've found that internet banking can sometimes be a bit unreliable with some banks and payments don't always show straight away. I imagine that the payment will show shortly on your statement. Does seem rather odd though!

A similar thing happened with my friend's rent money. She called and tried to tell them it hadn't gone through but they insisted it had. She never did pay it but she tried and they seemed happy!

TEDDYRUKSPIN

Erm. I would check again. Very unlikely will have been paid if it has not shown on your statement.

I believe the money will not come out until the next 25th of the month.

i.e. if you move in on the 1st March 2010, your next payment will not be the 25th March 2010. It will actually be the 25th April 2010 and then back to normal. The first mortgage payment is actually more and covers the amount from the 1st March 2010 to the 25th April 2010.

This should have been explained to you by the mortgage adviser.

nikp75

We moved in in Feb (26th) and got a letter to say first payment would be 25th March. I have had the online banking account for a long time, and know what to expect from it. There is another payment showing as having come out on the 25th March.

Admittedly this is a new mortgage, so perhaps it's taking it's time in showing up - but 5 days is usually a long period in which to show a payment as coming out.

getmore4less

Have you checked that the DD is showing for the account you expect the money to out from.

If not it might need a call to the bank, it could be on someone elses account.

nikp75

Yup, i checked and the DD details are not present. But when i spoke to the advisor, the bank details were correct. Maybe another phone call is in order!

getmore4less

nikp75 wrote: »

Yup, i checked and the DD details are not present. But when i spoke to the advisor, the bank details were correct. Maybe another phone call is in order!

I would talk to the bank.

joolley

If you moved on 26 Feb, perhaps first payment on 25 April. tbh, I'd rather pay twice than not pay. Go into bank to sort ASAP.

nikp75

Right, turns out a c*ck-up occurred. I had recently used a bank switching service to setup a new bank account (By pure coincidence, the bank account is the same bank as the mortgage account!) and they failed somehow to transfer the mortgage direct debit to my new account but requested my old bank to delete the direct debit. So no direct debit was setup. It takes a few days for the failure of a payment to go through - and they only just got that today. Had this run over to the next month, we would have had a charge for not paying the mortgage, but fortunately i got there in time and was able to make a payment over the phone. So all sorted now, direct debit setup again, and probably only a few days extra of interest.

But I may contact the banking side of things to complain about the not setting up of the direct debit. Is this worth doing?