Changing DD date?

graemewh

Im with Northern Rock and want to change the DD date that the mortgage gets taken fromt he bank what is the quickest and best way to do this? thankyou

kingstreet

Direct debits are taken on the day they are requested by the lender, so you'll have to contact them.

They may insist on you making a payment to cover the interest from your old payment date to the new one.

If they have a fixed date approach, you may not be able to change.

graemewh

thanks

Its not practical and is causing problems as we do not get paid till last day of the month and they take the money before our funds have cleared therefore the money isnt ready for them!

graemewh

Just need toi get it sorted as its causing problems every month

harvey115

Call your lender and discuss this with them.

beedeedee

When we had a mortgage, I remember we were able to change the date the DD came out of our account, but we had to pay the extra repayment and interest in advance. It was only a week or two, as I think the scheduled payment was on about 20th of a month and we wanted it changed to the 1st....Just contact your mortgage provider. We never had a problem.

Stephen_Leak

I have the same potential problem with my council tax, which is taken on the 1st of the month. The council can't or won't change, so I just have to keep a "float" in the account, just in case my pension isn't paid in for some reason one month.

getmore4less

The problem is not the date of the DD it is your cash flow and budget management.

You have not been keeping enough back from the previous pay day to pay the DD.

If you are living on the edge then the problem will return since moving the DD does not fix the underlying issue.

Thrugelmir

graemewh wrote: »

thanks

Its not practical and is causing problems as we do not get paid till last day of the month and they take the money before our funds have cleared therefore the money isnt ready for them!

When does the mortgage payment get made?

graemewh

getmore4less wrote: »

The problem is not the date of the DD it is your cash flow and budget management.

You have not been keeping enough back from the previous pay day to pay the DD.

If you are living on the edge then the problem will return since moving the DD does not fix the underlying issue.

thats not the problem at all!!

I am married and we get paid at the end of the month and have a standing order set up to transfer X amount into our joint account to pay for the mortgage this goes in immeadiatley but they take the money out before the transfer is made (they took it out the 7th of the month for the fiorst instalment which was fine)

graemewh

Thrugelmir wrote: »

When does the mortgage payment get made?

They take it out via Bacs payment (which takes a few days) but they must process it end of the month before the transdfer of funds takes place ideally we would like it a few days later when the funds have been transferred over