And yet ANOTHER payday loan question..

missmuffet2008

Apologies in advance if this has already been asked:

I have two payday loans (perfect payday and uncle buck) both due end of May. Both are for £100 and I am looking forward to having them both cleared.

I am due to pay back on my payday (25th of the month) - but am wondering if they will attempt to take the funds before my salary hits my account? Usually my salary lands around 3/4am. Which will mean they will make the assumption I have defaulted on the agreement? And then I assume they will add on charges?

Enfieldian

If the money is not in your account when they try and take the payment give them a call when it is.

As you are repaying on the day agreed there will be no charges.

BekahC

I was told that most places try to take money from cards at 6.30am so it allows moneys to clear into account first. You shouldnt have a problem, but if it doesn't go through call them up

BLT_2

missmuffet2008 wrote: »

Apologies in advance if this has already been asked:

I have two payday loans (perfect payday and uncle buck) both due end of May. Both are for £100 and I am looking forward to having them both cleared.

I am due to pay back on my payday (25th of the month) - but am wondering if they will attempt to take the funds before my salary hits my account? Usually my salary lands around 3/4am. Which will mean they will make the assumption I have defaulted on the agreement? And then I assume they will add on charges?

I am not sure what bank you are with however usually transactions are done on a daily basis.

Pay due in on the 25th, debits due on the 25th, perfect match. You pay is actually at your bank before 4am, this is merely the time that the system synchronises all the credits and debits. The transaction cycle works on a 24 hour basis, not down to specific hours

the_insider

BLT - debits tend to be applied to the account before credits, which may result in the payment bouncing. But the OP should be able to call later in the day and make the payment.

missmuffet2008

BLT wrote: »

I am not sure what bank you are with however usually transactions are done on a daily basis.

Pay due in on the 25th, debits due on the 25th, perfect match. You pay is actually at your bank before 4am, this is merely the time that the system synchronises all the credits and debits. The transaction cycle works on a 24 hour basis, not down to specific hours

I'm with Halifax.

Really hoping there is no issues with this - am worried the lenders will use this an excuse to say I missed my payment and then add on a charge. But as others have been saying if this happens they will just apply for the money later in the day...I am hoping this is the case.

Thanks for your response btw.

missmuffet2008

BekahC wrote: »

I was told that most places try to take money from cards at 6.30am so it allows moneys to clear into account first. You shouldnt have a problem, but if it doesn't go through call them up

Thank you!

missmuffet2008

the_insider wrote: »

BLT - debits tend to be applied to the account before credits, which may result in the payment bouncing. But the OP should be able to call later in the day and make the payment.

And they won't make the assumption I have defaulted? Am I being overly paranoid about this? I am guessing if they ask you when your next payday is...they know the funds won't hit till the middle of the night etc..hm..

Thanks for your response!

missmuffet2008

Enfieldian wrote: »

If the money is not in your account when they try and take the payment give them a call when it is.

As you are repaying on the day agreed there will be no charges.

*fingers crossed* :j:j:j

londonboy2010

Ok, I have personal experience with both of these companies I actually phoned these 2 companies when i was due to pay back to check this, Perfect Payday takes there money back at their computer set time of 2.30am. Uncle buck Loans said there payments were taken out at 1.30am.
:j

ILW

You need to bear in mind that when your employer makes the payment into your bank, unless it is cash the bank may not consider it to be cleared funds for up to 4 days.