A Payment A Day - The Lucky 13th Chapter!

Igamogam

twiglet98 wrote: »

Not able to report a successful PAD (actually haven't done any PADding since Oct 12) but confused today... all my past PADs have been to Barclaycard as that's my highest balance and highest interest rate. All PADs made at any time during any month have been added to the fixed monthly direct debit when the statement is done on the 1st of next month. Noticed today my (new) Nationwide CC statement reads "Your Direct Debit of £xx, less any interim payments, will be collected on April xx, 2013". I rang them, and also rang my other card issuer (Santander) and they both confirmed interim payments will only be credited IN ADDITION to the usual monthly direct debit if they are made during the window of 5 days between the direct debit being generated to my bank, and the payment due date. Spoke to Barclaycard and they don't have this restriction. Anyone else been caught out thinking they were paying more than a usual month, only to find the total paid was the same when the card issuer deducted the interim payments from the regular direct debit?

I have read on other threads people being caught out with this...............its in the tiny miniscule small print I guess I know T*sco CC is another one that that has this restriction

twiglet98

Igamogam wrote: »

I have read on other threads people being caught out with this...............its in the tiny miniscule small print I guess I know T*sco CC is another one that that has this restriction

I'm quite impressed that Nationwide do at least state it on the front page of the statement (paper copy or downloaded PDF). Santander state this on the BACK of the Payment Slip of a paper statement, page 3/5, don't know whether it's clearly visible with either company's online billing, will find out next month as I've now switched off paper billing:

"Important information if you pay by Direct Debit and make additional payments to your account:

If you make an additional payment and this is credited to your account more than 5 days before your payment due date, the amount collected by Direct Debit will be adjusted to take account of this payment.

The original Direct Debit amount will still be taken if an additonal payment is credited to your account less than 5 days before the payment due date".

My Barclaycard's online billing section states this under Direct Debits:

"You pay a fixed amount via Direct Debit each month. If you make extra payments, your Direct Debit will still collect your fixed amount - or the remaining balance if this is lower."

Worth knowing, and it would not have occurred to me that not all card issuers have the same approach.

I'll be PADding again from May, very well done to all who keep it up!

Time_to_face_the_music

Good morning fellow PADders

Rounding down PAD of £7.51 PAD to Opus :T

Have a super Sunday everyone

JayJay14

Great total for yesterday

£1652.32

cutestkids

I have Padded £51.00 today :j

Igamogam

£6 to the nominated CC - I think at this rate this CC will be almost dead at the end of the month

Igamogam

twiglet98 wrote: »

I



"You pay a fixed amount via Direct Debit each month. If you make extra payments, your Direct Debit will still collect your fixed amount - or the remaining balance if this is lower."

Worth knowing, and it would not have occurred to me that not all card issuers have the same approach.

I'll be PADding again from May, very well done to all who keep it up!

I pay all my CC by DD but a fixed rate (above the minimum) then any extra payments dont affect the DD:D

never_too_old

Evening all
£1 for me today please

LunaLady

£1.36 for me today please Jay.

twiglet98

Igamogam wrote: »

I pay all my CC by DD but a fixed rate (above the minimum) then any extra payments dont affect the DD:D

So do I, and this is why I was surprised. The Nationwide card is very new, on the first statement they took the minimum payment and I rang to alter it to a fixed amount from the second statement. There's nothing on the online statement about interim payments but there is an option to view a PDF of the paper statement and on the top right of the page it reads: "Your fixed payment of £50.00, less any interim
payments, will be collected by Direct Debit on April xxxxxx"

My daughter recently made an interim payment on her card, I think it's Capital One (but may not be), and was shocked that the following direct debit was reduced by that amount. I said it would be because she has it set to minimum payments, and suggested she makes fixed payments instead - but hey, I'm the parent so I know nothing. According to Nationwide it makes absolutely no difference whether you pay a fixed amount, neither does it with Santander (to whom I also pay a fixed amount), the extra payments must fall within the window of five days before the payment due date, and of my three credit cards, only Barclaycard keep the regular direct debit unchanged irrespective of any interim payments and when they are made.

I'll stick to PADing the Barclaycard anyway as the others are 0% and that's the balance I'm most keen to reduce. Sorry to have hijacked the thread, well done everyone.