Direct Debit timing

AilsaM

I have recently opened an easycash account with Bank of Scotland as part of a debt management plan. Thought my problems would be solved but I am having trouble with my Direct Debits. Surely if the money is in the account on the day the DD is due it should be paid? Always happened ok with Abbey ... salary goes in 25th, all DDs come out same day. Not so BoS - the DDs come out about half an hour before my salary hits (that's usually around 3am). I have one DD for a secured loan that can not be paid any later than 25th of each month as that would arrive late and I would then be in arrears. Obviously I can't be paid one day earlier than every other employee so what can I do?
Shouldn't the bank wait till the end of the day before deciding the money isn't there?

YorkshireBoy

AilsaM wrote: »

I have one DD for a secured loan that can not be paid any later than 25th of each month as that would arrive late and I would then be in arrears. Obviously I can't be paid one day earlier than every other employee so what can I do?

Earn more, spend less, and build a credit buffer. Alternatively, can you 'borrow' a credit buffer from family...and use it as a kind of overdraft facility?

If you can't do any of the above, have you actually tried to negotiate with the loan provider?

Shouldn't the bank wait till the end of the day before deciding the money isn't there?

Some banks do, although the chances are that facility is only available on their 'prime' accounts...not the 'basic' account you have.

AilsaM

Thanks for replying. I have tried negotiations with both lender and bank, to no avail. I only had a normal current account with Abbey and never encountered this problem.

McKneff

Surely the easiest thing would jut be to move the direct debits 1 or 2 days on.

AilsaM

i can't pay this particular one any later than 25th each month or I'd go into arrears.

coolesticeking

The only way around this would be to contact the company taking the Direct Debit to see if they could alter the Direct Debit Dates - Most will!