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Paying off statement query

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investme
investme Posts: 106 Forumite
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edited 20 March 2013 at 2:29AM in Credit cards
Hello

Probably a daft question but if someone could clarify this for me it would be useful. I'm with capital one, if it's relevant.

Basically I want to know if i make payments, equivalent to the balance of my most recent statement, if the direct debit will still go through / if i'm still liable for a payment.

To put it into context... (all figures approx...)

Let's say my statement balance is £310. It's due on the 8th of April
Since my statement, I've made more purchases, so there is still a balance on my card.

I've since paid £150. And had credits of a total of £120.

If i make a further payment of £40 (the remainder of the statement balance) before it's due date, will i still have a direct debit taken?

I'm guessing not, as my my statement says the following:
Your Direct Debit payment of £311.93 will still be taken unless your balance is cleared in full
^ That's not very clear (at least not to me...) does it mean the statement balance, or does it mean my entire balance, including absolutely everything on there since.

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  • luci
    luci Posts: 5,960 Forumite
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    It depends on the card issuer, some adjust the balance and take what is owing while other take the full amount that is stated on the statement.

    However if you call them at least 5 days before the payment is due, you can ask them to adjust the DD.
  • investme
    investme Posts: 106 Forumite
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    I've already sent a message but they take a while to reply. I've just skimmed over my transactions again. Looks like I actually overpaid when i made payments this month, having paid in well over £310 since my statement.

    My homescreen states this: Minimum payment £0.00
    Surely if I HAD to make a payment, this would have an amount?
    If this is the case, I assume if i cancel my DD for this month (waiting to be paid you see, otherwise i'd just let it do it's thing and DD me anyway) then i'd receive no late fee and nothing would happen?
  • pqrdef
    pqrdef Posts: 4,552 Forumite
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    If the due date is 8th April, the statement must be quite recent?

    Any payments made "early", before the statement was produced and credited on the statement, don't count towards paying off the statement.

    Any payment you've made since the statement cut-off will count towards your minimum payment obligation. Refunds and other credits through the card number may or may not count, depending on the provider.

    Is your DD set up for the minimum payment or the full statement balance?

    You only have to pay the minimum, by one means or another, at some point between the statement cut-off and the due date. So long as you've done that, any DD they try to take is just their computer trying to interpret what it thinks are your wishes. If they attempt a DD and it fails, you aren't late or in arrears. But this won't necessarily stop them from taking a nuisance fee just for having a DD returned unpaid - depends on the provider.

    With most providers, any changes you make to the DD arrangements only take effect from the next statement and don't have any effect on the payment that's pending.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • msallen
    msallen Posts: 1,494 Forumite
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    All I can tell you is that with my Capital One card, if I make an extra payment that is less than the full balance but more than the minimum, then the minimum DD is still taken. I've never made a payment as large as the whole balance on this card so I can't say what happens then.
  • luci
    luci Posts: 5,960 Forumite
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    investme wrote: »
    I've already sent a message but they take a while to reply. I've just skimmed over my transactions again. Looks like I actually overpaid when i made payments this month, having paid in well over £310 since my statement.

    My homescreen states this: Minimum payment £0.00
    Surely if I HAD to make a payment, this would have an amount?
    If this is the case, I assume if i cancel my DD for this month (waiting to be paid you see, otherwise i'd just let it do it's thing and DD me anyway) then i'd receive no late fee and nothing would happen?
    Why send them a message which could take a while to be answered when you could call them and get an immediate answer?

    I assume by "homescreen" that you mean your online account. That will correctly show what is outstanding after any payments are applied.

    However it doesn't matter what your online account says. What you want to know is if they will take the amount on your paper statement.

    My guess is that they will, regardless of any manual payments made. You need to call them to get the DD adjusted.
  • andymd
    andymd Posts: 67 Forumite
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    luci wrote: »
    However it doesn't matter what your online account says. What you want to know is if they will take the amount on your paper statement.

    My guess is that they will, regardless of any manual payments made. You need to call them to get the DD adjusted.

    Sounds like my Barclaycard account. They say they will reduce the DD by any interim payments. I get a statement with a due date 2 or 3 weeks later, I make the minimum payment immediately and the online account shows the DD payment is zero and nothing is taken.
  • investme
    investme Posts: 106 Forumite
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    Thanks for the responses everyone. Probably best to call them, just not had the time.

    For clarrification, my DD is set to pay in full everytime.
    I never rack up interest on my credit card, I don't think it's worth it. All i want to do is ensure I pay the minimum amount I can (i.e, pay off my previous statement balance) before I get charged interest.
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