NI Rates Bill- how do you payyour bill?

Chickabee

Normally i just pay my rates by direct debit on a monthly basis. The 4% discount offerred if you pay in one full installment is hardly worth it.
This year however i thought i'd get myself a nice 0% credit card (M&S 15mths 0%) and stick the full lump sum on that saving me £27 odds.

Just had a look at the rates website to enquire about paying online by credit or debit card to be told they charge 2% fee for paying by either debit/credit card- typical!

So hardly seems worthwhile paying in 1 installment due to the very little saving, the fee and the fact that if you lost your job during the year at least you could apply for "help with paying your bill" if you are only paying on a monthly basis.

FUNKYDADDIO

Paid mine yesterday online via debit card, did not realise there was a 2% charge, anyways, where does the 2% come back? I paid the discounted rate for paying early..........Thx.......Paul..

Chickabee

My thoughts were that i would make more than 2% on the lump sum just leaving it in decent instant access saving account.

lol i've been reading too many posts on this forum haven't i?!:D

36square

Chickabee wrote: »

So hardly seems worthwhile paying in 1 installment due to the very little saving, the fee and the fact that if you lost your job during the year at least you could apply for "help with paying your bill" if you are only paying on a monthly basis.

Leaving aside the risk of losing your job, it is rational to pay the bill in full because you couldn't earn a guaranteed 4% after tax on the money if you kept it and paid monthly. The monthly payment scheme is intended for those who can't pay the lump sum.
However, I believe that in England council tax can be paid monthly without any financial penalty.

CIS

However, I believe that in England council tax can be paid monthly without any financial penalty.

There is no financial penalty for paying monthly as that is the standard instalment scheme. Some councils will offer a small reduction if you pay in a lump sum (few and far between though).

tara747

4% is 4%! This is MSE after all.

We rent our house, so our rates are included in our rent , but if I had to pay rates I would do so in full, definitely. I would prefer to have the extra 4% in my pocket than theirs!

dazb75

With gritted teeth ...

wifeforlife

Chickabee wrote: »

they charge 2% fee for paying by either debit/credit card- typical!

QUOTE]


LPS does not charge for debit card payments - also staff inform you during the phonecall if you are paying by credit card how much exactly is going to be added. In addition this charge is applied by Santander who operates the payment system not by LPS

The complaints last year and previous years, was always that LPS didnt take debit or credit cards, now they do take them and people are still complaining

Cate

NAR

As usual Cate has given us the "inside" definitive answer. :T
I pay monthly as it suits my budget - I don't think the savings are significant enough to pay it all upfront.

jeffer

cathy2702 wrote: »

LPS does not charge for debit card payments - also staff inform you during the phonecall if you are paying by credit card how much exactly is going to be added. In addition this charge is applied by Santander who operates the payment system not by LPS

Sorry, but are you saying that I will or will not be charged for paying by debit card, whether it's LPS or Santander who levies the charge?

cheqmate06

The charge is solely incurred by LPS and is not passed on to the customer.