missibg standing orders?

thewinkshow

how bad are missing standing orders?i have a standing order set up with my mum to tranfer my keep across to her each month.sometimes though i just give her the cash and leave nothing in the account,note this is a cardless internet account that has never been used for anything.ive had a few letters from my bank saying ive missed the payment,i was never really bothered as id payed my mum anyway.the bank never pays the standing order it just advises that i contact the recieveing organisation.

tell me how bad are these to miss?ive done it say 4 times.ive cancelled the account now.will it have any lasting effect on my credit file?is it as bad as missing a direct debit?ive never missed any payment on anything else ever

jonesMUFCforever

It depends. If your mum was to report you to the Credit Agencies you would have a history of late/non payments but this is obviously not going to happen.
Beaware that some banks will charge for a non payment of a standing order; and this will not look good in their internal credit scoring system should you ever want to upgrade this account or get a loan or credit card off them.

dexters_mum_2

As before, some banks may charge you as you've not had enough funds to initiate the transfer and hence, they slap on a hefty charge.
It might be worth, if and when you open an another account, doing an internet/phone transfer when you need to transfer money to your mum, if you don't give it to her in person, that way, if you have the money, you can transfer it, if you don't, you're not going to get a charge.
As you control a standing order, it won't have an adverse affect on your credit file aside from the internal records held by the bank you banked with.

thewinkshow

thanks again.

yes i just either give it her cash or transfer it across to her bank via internet banking

AndyR_3

If this is going to be a regular thing, you might want to consider moving banks to whoever your mum banks with (or get her to move to you if your bank is better). This will mean transfers will go through instantly. You might even get a "refer a friend" bonus!