Payment date changing, costing us £1000

Lucifa42

Hi, I hope someone can help.

My partner's paydate at work is changing in October from the 28th to the 9th.
I've rang 2 companies we make payments to about changing the direct debit date and both have said (RBS - mortgage and GMAC - car finance) that they can't just put back the payment date, they will take a payment as normal on the 28th, followed by another payment on the 9th and then monthly on the 9th after that meaning we will have made 2 payments in one 30 day period!
Her work have said they are paying her as normal on the 28th Aug, followed by a weeks payment on the 9th Sep, and then 3 weeks pay on the 9th Oct followed by a normal monthly after that.

Here's a quick spreadsheet I knocked up to show you our finances with a running total of our account balance at the end, note that we've already changing the dates for our payments, hence the payments coming out on the 9th Aug.

Oh, except I'm not allowed to post a link...so if you put this into your browser, you'll get my picture
i25.tinypic.com/aloj9g.jpg

So I guess my question is: is there anything I do and does this look correct? It certainly doesn't seem fair that her company can put her payment date back but RBS are perfectly fine in bringing their payment dates forward.

Lucifa42

Oops just checked with my partner, she is getting a full months pay on 9th Oct not 3 weeks, but that still means we'll be £750 down.

Googlewhacker

you have nearly 3 months to save that £750, is that not achievable? If not could she ask for a bridging loan to help a smooth transition (ie £750 upfront and then deducted over 3 months from wages?)

I would guess this is a change of contract which you can object to but it seems a relatively minor point to cause trouble over IMO.

It's not actually costing you £750 as you would have had to pay that anyway, it is just bringing the repayment term early.

getmore4less

If you had left the payments at the 28th you would not have had to find so much money and for a shorter period each month to juggle the cash flow.

You would have only been short some of the money for about 10-12 days by moving the payment means you are short the full amount for 3 weeks till you catch up.

This short term shortfall could have been filled with a short term OD, CC some normal expences(paying off in full after getting paid)) or even delaying some other payment/savings.

haydonwynter

Are you sure they don’t mean to take a full payment for car & morgage on the 28th, a partial payment on the 9th and a full payment on the 9th a month later?

This is what most business’s do. The partial payment will be 12 days worth of payments (roughly a 3rd of what you would normally pay. As it will keep you up to date and payments, and then resume as normal on the 9th of October.

Ring them back just to confirm this. I am sure that is what they will do.

Plus if you get paid £1000 on the 28th August your work will owe you 12 days’ pay on the 9th (or approx. £428.57) of September (or approx. £428.57) then pay you another 31 days’ pay on the 9th October (£1107.01).
Hope this helps

P.S I based my maths on you getting £250 a week. (£250 \ 7 = £35.71) then (£35.71 * 12 = £428.52)

Lucifa42

I will be checking with them tomorrow what payments they intend to take, it was my partner that phoned the companies earlier.
Googling around I can see that's what others have done: made a partial payment to pay off the interest for 12 days then full payments after that.

Whilst we can afford the extra £750, it's really come at a very bad time, September is when our car insurance for 2 cars comes out!

haydonwynter

Lucifa42 wrote: »

I will be checking with them tomorrow what payments they intend to take, it was my partner that phoned the companies earlier.
Googling around I can see that's what others have done: made a partial payment to pay off the interest for 12 days then full payments after that.

Whilst we can afford the extra £750, it's really come at a very bad time, September is when our car insurance for 2 cars comes out!

Also mate make sure your boss pays you your 12 days not 1 weeks pay

P.S
If you are paid £1000 per calender month, your work with owe you £32.25 per day or £387 for the 12 days between the 28/08/2010 and the 09/09/2010, you should then get full pay on the 9th of october.

Hope this helps