Time for payment to be credited ?

Doondie

YorkshireBoy wrote: »

[...]
There is no such law in the UK, otherwise lenders wouldn't be able to openly advertise "up to 46 days interest free".

You mean "up to 56 days interest free", right?

portsmonth, you should really set up direct debits for at least the minimum repayment. This way you can be sure you'll never pay a late payment fee again. Unless you spend like hell, the few days interest surely won't cost you more than the late payment fee + the damaged credit file.
There's a weekend every 5 working days or so - you can't possibly blame the provider for that.
If I were you, I would've changed my billing date by now, thus my payment due date. Halifax, for one, allow that.

Change your statement payment due date
If you want to change the date your monthly credit card payments are due, perhaps to coincide with your pay day, just call 08457 28 38 48 (Mon-Sun, 24 hours) and we'll change the date for you.

And don't forget to set up online alerts notifying you (by email and/or text message) of your new statement and/or your payment due date.

m00m00, for a person with 4 credit cards, I'm surprised you haven't set up direct debits for paying what's owed on them or at least for the minimum monthly repayment. :think:

chattychappy

Doondie wrote: »

m00m00, for a person with 4 credit cards, I'm surprised you haven't set up direct debits for paying what's owed on them or at least for the minimum monthly repayment. :think:

I have several and am currently running balances on five CCs. No DDs here.

Doondie

chattychappy wrote: »

I have several and am currently running balances on five CCs. No DDs here.

Is there a particular reason for that? Isn't it too much of a hassle and risk to default on one of them?

notafan

Doondie wrote: »

Is there a particular reason for that? Isn't it too much of a hassle and risk to default on one of them?

I don't do it for a couple of reasons,

not paid the same date every month

have to transfer money out to a bill account so just as easy paying the card

Plus I like seeing the balance otherwise i'd be tempted to not bother and leave them running.

And i hate direct debits, companies see it as an invitation to raid accounts without notice, on or around, and for differing amounts whenever they feel like it, i don't use them unless im forced too, give me a standing order (or FP) any day :T

YorkshireBoy

Doondie wrote: »

You mean "up to 56 days interest free", right?

Wrong! I meant what I said - 46 days...which was the shortest interest free period on a card I ever had.

I used the example to illustrate that the 21 day "Law" couldn't work in this country.

chattychappy

Doondie wrote: »

Is there a particular reason for that? Isn't it too much of a hassle and risk to default on one of them?

Agree 100% with notafan. It would just make extra work for me. As it stands, each month I pay exactly what I want when I want. This is rarely the same each month, and never just the minimum. So even with DD I would still have to make extra payments and therefore have more transactions to check and have to be careful of the impact of a manual payment on a DD.

Besides, I don't like the principle. When I go into a shop, I don't just open my wallet so they can take what they think is due. Every payment out of my current account has to be authorised by me.

The so-called DD guarantee is a bit of a nonsense because if things do go wrong, you are still left doing the legwork to get it sorted. Tricky if there is a chain reaction and other payments have bounced as a result.

I have never forgotten a payment. I can set up payments in advance via my bank or use standing orders. If/when I do mess up, fine - I'll pay the £12 and take the slight hit on my record. People get into a mess with DDs - forgetting to have sufficient funds at the right time, DDs being cancelled through dormancy, having DD taken anyway when the account's been cleared by other means. If they bounce there are usually double charges.