Bounced DD with Nationwide

piemmepi

Hi,

I am a bit panicking atm. My DD (due on the 1st of the month) for a Nationwide Mortgage has been bounced because for some reason Halifax did not process a standing order. I have realised this and quickly made a manual payment tonight before sorting out things properly. I still haven't spoken with Nationwide mortgages as they open the phone lines at 8 am tomorrow

Is this going to go on my credit file?

Thrugelmir

Ring and pay the mortgage by debit card.

piemmepi

Thrugelmir wrote: »

Ring and pay the mortgage by debit card.

Already made the payment via internet banking. I guess the question is: will the missed DD show up as a missed payment? Will the payment 4 days later show up as a late payment?

lonestarfan

You'll need to ask Nationwide but I expect it will.
What's the explanation from the halifax about not paying the SO on time.
Are you needing to get new credit or a new mortgage in the short term so a late payment on your credit record will cause you problems or can you ride it out?

piemmepi

Still haven't spoken to Halifax. I will need to remortgage in 1.5 years

lonestarfan

That one occasion might not be too bad if you can find a lender who can exercise discretion and have some evidence to support the error from the Halifax. If you've got a few late payments for any of your commitments then that would be different I guess.
The brokers on here can advise I'm sure and may be along soon or early in the morning lol as I've noticed they tend to reply about 8.15 am!!

piemmepi

My credit file is otherwise spotless. I will speak to NW first thing tomorrow and see what they say. I suspect the SO did not go through cause it was on a Saturday but nationwide still takes payments on Saturdays apparently. Probably also my fault anyway for not taking a couple of days of margin...

Armorica

Speak to Halifax. Standing Orders are only processed Monday to Friday. Most banks would move them out to the Monday if they fell on the weekend.

Some banks, however, may call something a Standing Order, but process it as different payment type that can be made at the weekend. It's something that can vary by bank.

(Direct Debits can only be Monday to Friday as well)

piemmepi

Armorica wrote: »

Speak to Halifax. Standing Orders are only processed Monday to Friday. Most banks would move them out to the Monday if they fell on the weekend.

Some banks, however, may call something a Standing Order, but process it as different payment type that can be made at the weekend. It's something that can vary by bank.

(Direct Debits can only be Monday to Friday as well)

So if I go with what you say, Halifax did the "right" thing by my not processing my SO on Sat, and Nationwide did the "wrong" one by trying to take my DD on Sat

anselld

piemmepi wrote: »

So if I go with what you say, Halifax did the "right" thing by my not processing my SO on Sat, and Nationwide did the "wrong" one by trying to take my DD on Sat

They both did the right thing, ie within the T&Cs of their own products. You did the wrong thing by depending on the SO with out allowing for the possibility of the weekend.

If you rely on a SO timing you need to allow worst case over Cristmas and Easter of a weekend plus two bank holidays delay.

PS funds should ideally be cleared the day before DD is taken so aim for SO to arrive as cleared funds 5 days prior to DD date.

amnblog

I suspect Nationwide will tell you that as you sorted the problem quickly and within the month you wont have a missed mortgage payment on your credit file.