Halifax DDM help please

bouncydog1

DDM due to be taken in about 10 days time. Card has been paid in full and has a small credit balance on it. I have cancelled DDM as terms say that "DD will be collected every month even if you send us an additional payment".

Can anyone advise what might happen as if the DD was collected the account would be even further in credit. The credit balance on there should cover the residual interest for the next month. Thanks.

YorkshireBoy

bouncyd!!! wrote: »

I have cancelled DDM...

With whom?...bank, originator, or both?

Can anyone advise what might happen as if the DD was collected the account would be even further in credit.

Nothing! If you're planning to close the account they'll refund any credit balance. Otherwise, just spend it.

scottishblondie

You need to call them - just cancelling the DD on your bank's end could result in a failed DD or something and perhaps charges at one end or the other. If you call them up in advance of the collection date they will adjust the DD amount according to the state of your account at that time (in this case to £0), they just don't automatically adjust it if you make extra payments.

bouncydog1

DDM was cancelled with Halifax and my own bank. The worry that I have is that on the last statement it stated the amount that was due - then the card was paid in full. As the last statement showed the ddm amount, would Halifax still expect to collect that? What I don't want to happen is there being a non-payment and giving a black mark iyswim.

scottishblondie

In that case you have nothing to worry about. Just make sure that you check your next statement to be sure that you have covered the residual interest and that Halifax are not expecting any additional payments. You may also want to call them up just to check that they are not going to try and collect the DD - I find it's always best to double check just in case something has gone amiss.