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Charged for changing a DD payment date!
Garethc001
Posts: 2 Newbie
My company has been taken over, and the new parent company has a different payday. Therefore I need to move my DD [payment date a few days back, or there will be no money there to collect!
Santander are going to charge me £150 to move it back by a week!
Does this sound fair? Now I realise as I am on an variable rate mortgage, that it is calculated daily (interest). But Once o have changed the date from the 3rd to the 10th, it will stay there - cn they not just give me some leeway!
Or am I being unreasonable?
help!
G
Santander are going to charge me £150 to move it back by a week!
Does this sound fair? Now I realise as I am on an variable rate mortgage, that it is calculated daily (interest). But Once o have changed the date from the 3rd to the 10th, it will stay there - cn they not just give me some leeway!
Or am I being unreasonable?
help!
G
0
Comments
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They aren't charging you a fee. To move the date, you'll need to make up the differential interest for those seven days.
This payment represents the interest due from 3rd to 10th. From 10th, you'll start to make normal monthly payments again.
It's normal. Yes, you are being unreasonable.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Fair enough! Thanks for the response.
G0 -
If you word it correctly, you might just get your employer to pay for this as an additional cost due to change of pay date.Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp0
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it's not an extra cost in that scenario though..it is interest due.0
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Ask your employer for a loan to tide you over. Least they can do until you adjust to the new payment cycle.0
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