Monthly loan payment window (30 days?)

acpal

I know that when a loan is taken out the first payment cannot be taken for 30 days, so the soonest a first payment can be made is on the 31st day (it was in my case) but is there a certain window of time after those 30 days to make the first payment and therefore each subsequent monthly payment?

Apples2

You mean make a late payment and trash your credit file?
It is late until the next one is due, then it is a missed payment, which trashes your credit file even more

telboyo

I dont think the loan has to wait 30 days before the first repayment.

acpal

Apples2 wrote: »

You mean make a late payment and trash your credit file?
It is late until the next one is due, then it is a missed payment, which trashes your credit file even more

You cannot make a payment on the 30th day (or before) so the first opportunity you have to make your first payment is on the 31st day (their rules) but is there a window in which to make your first payment from the 31st day until the 38th day for example, or is it - can’t make a payment on the 30th day or before and can’t make a payment on the 32nd day or after, so you can only make a payment on the 31st day?

Apples2

Why not just fill out the direct debit form and have done with it?

You're not seriously taking out a loan in the knowledge you cannot make the very first payment are you?

opinions4u

acpal wrote: »

I know that when a loan is taken out the first payment cannot be taken for 30 days

This is baloney. It depends upon the individual loan agreement. An obvious exception to your rule is a Payday Loan.

but is there a certain window of time after those 30 days to make the first payment and therefore each subsequent monthly payment?

Depends upon the agreement. A typical credit card will allow you a window of payment opportunity.

A fixed term loan agreement is unlikely to do so. The due date is the due date and if you pay after this you're late and in great risk of damaging your credit file.

Some lenders may have a "no payments for 3 months" type deal - but this will accrue interest and increase debt, so why would you?

Initial impression is that you don't really take your loan agreement seriously. You should do, or it will bite your backside.

It would be useful if you could tell us who the lender is and what type of loan agreement it is.

acpal

It was a 48 month loan from May 2007 with Santander (Alliance and Leicester at the time)

I have checked my credit profile recently and there are 2 separate late payment marks for this loan during those 48 months.

One is due to them not being able to collect a direct debit. The payment was made 13 days after the normal date. The normal date is in line with the first payment 28th of every month.

The other is apparently due to me changing the date of the direct debit from the end of the month to the beginning of the month (3 days) which I arranged over the phone with them.

From Santander letter: "Your first payment is due 30 days after the completion date on your loan and no payments can be collected during this time". This seemed logical to me so I assumed it was the same for all loans.

As this is the case an early (first payment) can’t be made, so that only leaves (as I’ve previously mentioned) the 31st day as the first opportunity to make the payment, based on this I assumed there would be a window of time in which to make your monthly payments from the first day up to the fourteenth day (2 week window) for example.

It would seem pretty strict, and stupid to only be allowed to pay on one specific day of each month, not a few days before or after.