Dates of Direct Debits/Standing Order Affecting Mortgage Payments

shed35

Hi

Like many Halifax customers, I received my letter from Halifax on last week regarding changes to standard variable rate.

I am on Halifax Fixed Rate Mortgage so was not expecting any changes to my payments.

However they when they reviewed my mortgage, they recalculated my mortgage and now I have to pay more than I have to pay more than before. It wasn't large amount but I still wanted to know the reasons.

On their leaflet they sent with letter, my mortgage should not have been affected, I was on

* Fixed term mortgage
* Had no product fee
* Had no service charge or rent payment
* Had no Halifax insurance
* Had not taken mortgage holiday.

When I query this with customer advice agent, the agent said to me that I made made mortgage payment on the 5th each month which I do on standing order. However on the days when the 5th of each month fell a bank holiday or the weekend, the payment was late, they charged me interest.

I bit surprised when I was told this. I have never heard about this ever and I never sure when to believe Halifax. I have never the best dealing with them. None of paperwork says this.

The customer service agent said that it will affect all payments on direct debits and standing order as invariably dates will fall into bank holiday and weekends.

I have asked for this explanation to put in a letter.

My work colleague said I should write on this forum to see if this is true.

The_J

It's true.

shop-to-drop

If I have understood correctly that your payment was more last month due to late payment over the bank holiday weekend. Won't that mean that your payment next month will be less?

Thrugelmir

shed35 wrote: »

I bit surprised when I was told this. I have never heard about this ever and I never sure when to believe Halifax. I have never the best dealing with them. None of paperwork says this.

If the bank hasn't got your money in its own account. Then what would you expect to happen?

shed35

Hi

Thank you for your replies.

I have always paid my mortgage on time. The customer service agent is blaming the fact that my payment date had fallen on a weekend or bank holiday and hence the reason they could not collect it.

The money is in my account well ahead of time and they could collect it earlier if they want to especially if the collection date falls on a weekend or bank holiday.

I spoke to numerous people about this from customer service agent, a halifax branch manager to mortgage brokers. I have been told that this is incorrect.

An internal query is being raised about why this has been changed.

In the meantime I have told Halifax that I will continue to make payment of my old payment until an adequate reason can be given.

I have fixed term mortgage for 5 years and my payment has never changed during that time and Halifax has changed its standard variable rate numerous of times.

I will tell you when I hear more.

moatmeister

Bank holidays. Waste of time. All they do is !!!! everything up.

On one hand they say all the sytems are automated and beyond human reach and there is nothing they can do to confirm whether or not a payment gets made on time or adjust your credit file. But mention the words bank holiday and the world suddenly stops.

Then we get the blame when it all goes wrong!

Thrugelmir

shed35 wrote: »

I have always paid my mortgage on time.

You pay by standing order not direct debit. So there will be a delay in the funds being received.

stubaru999

Hi
Came home from holiday to find a letter much the same to be told my Fixed Rate 5 Year mortgage monthly payments would increase from May 2012.
I immediately contacted Halifax to be told some babble about being down to the fact that I added the fee at start of mortgage now being collected and variable rate applying here (fixed rate till 2013), asked where this was detailed in my mortgage contract/agreement (adviser couldn't answer). Not convinced I spoke to another adviser to be told they couldn't explain it so spoke with team leader who also told she couldn't explain it and that they would contact me back Monday with an answer?? I commenced a complaint process regarding this and I am awaiting a response. I can not understand how a fixed rate mortgage (fixed for 5 years) can suddenly change the amount of monthly payments, it makes no sense, I have never missed a payment nor taken any sort of payment holiday. What is more funny is they sent me a letter about 2 weeks before stating the variable rate was changing but it wouldn't affect me due to fixed rate mortgage.

Thrugelmir

stubaru999 wrote: »

Hi
Came home from holiday to find a letter much the same to be told my Fixed Rate 5 Year mortgage monthly payments would increase from May 2012.
I immediately contacted Halifax to be told some babble about being down to the fact that I added the fee at start of mortgage now being collected and variable rate applying here (fixed rate till 2013), asked where this was detailed in my mortgage contract/agreement (adviser couldn't answer). Not convinced I spoke to another adviser to be told they couldn't explain it so spoke with team leader who also told she couldn't explain it and that they would contact me back Monday with an answer?? I commenced a complaint process regarding this and I am awaiting a response. I can not understand how a fixed rate mortgage (fixed for 5 years) can suddenly change the amount of monthly payments, it makes no sense, I have never missed a payment nor taken any sort of payment holiday. What is more funny is they sent me a letter about 2 weeks before stating the variable rate was changing but it wouldn't affect me due to fixed rate mortgage.

Hi .

Welcome to the board.

Start a new thread and the board will comment. Tagging onto existing thread merely confuses matters.

Thanks