One day late payment

JustinRC

I have a standing order to pay my credit card that goes out on the 25th of the month. The due date is the 26th of the month. Last month due to Christmas my payment didn't go out till the 27th and so the credit card company has charged me £12 for late payment and removed the 0% promotional rate and put my balance onto a standard rate from the start of this cycle. This seems a bit harsh, do I have any recourse?

Grey_Critic

Talk with your bank and CC supplier, seems unusual as we have eight bank holidays each year with substitute days in some years.

onlyfoolsandparking

Is it definitely standing order and not direct debit? if so that is why you have hit the late payment problem and although it may seem harsh it will most definitely be in their T & C,s, putting that to one side the only recourse you now have is to contact your provider and explain how you foolishly OR accidentally made the mistake of paying late, some reinstate the 0% deal some don't, its a gamble but one you have to take.


You could as a (sort of) sweetener say you accept the late payment fee but if they could as a 'one off' reinstate your 0% deal you will be very grateful if you get my drift.


Personally I would always take a £12 hit over standard rate interest any day BUT setting up a direct debit will avoid all those potential problems.

[Deleted User]

Standing order or direct debit?

Also it’s a true representation of what happened - so you could try calling them and explaining and they might put you back on the promo rate again

YorkshireBoy

Ring the credit card provider and plead your case...politely!

You're looking for:

1. Waiving of the £12 fee
2. Removal of the resultant late payment marker
3. Refund of interest already charged
4. Reinstatement of the 0% introductory rate going forward

You won't get all 4, but you may get one or more.

Going forward:

1. Buy a calendar/diary and use it!
2. Move from standing order to direct debit. The irony here is that had you been on DD they would have collected the payment on the 27th with no late payment recorded.
3. If you'd rather not go the DD route, then cancel the SO and pay by future dated FP instead. So when you get the statement, you'd refer to the aforementioned calendar/diary and schedule the payment to suit any weekends and Bank Holidays that get in the way.
4. If the reason you've scheduled the SO for so near to the payment due by date is to time it with your monthly salary, and you don't have a buffer anywhere, then ask the card provider to set your statement date to deliver a more suitable payment due by date...maybe a few days later?

JustinRC

Thanks, I'll call them tomorrow. Yes it is a SO I'm repaying the balance over a period of time so my payments are substantially more than min payment. I think I'll just ask for the reinstatement of the promo rate and say I'll accept the £12 fee as suggested earlier. I didn't really consider the effect of bank holidays when I set up my standing order, I'll certainly bring it forward a week but I guess if they don't reinstate my zero rate I'll need to move the balance to another card. I'm a bit worried what effect that would have on my credit rating.

safestored4

Don’t forget that on the banks side everything up to now has been done by computer with no human intervention whatsoever. If you politely describe the situation you may well find that they refund all charges. Good luck.

wavelets

JustinRC wrote: »

I have a standing order to pay my credit card that goes out on the 25th of the month. The due date is the 26th of the month. Last month due to Christmas my payment didn't go out till the 27th and so the credit card company has charged me £12 for late payment and removed the 0% promotional rate and put my balance onto a standard rate from the start of this cycle. This seems a bit harsh, do I have any recourse?

What happened with last August's payment? :huh:

:cool:

[Deleted User]

Set your Standing Order for 5 working days before the Due Date, leaving it to go out 24 hours before the Due Date is far too risky and leaves you wide open to this scenario.


I set my Standing Orders to leave 7 working days before their Due Date.


The way we set up our banking/financial accounts now also gives us the option of allowing those institutions to notify us by email and text thus pre-empting this kind of situation.


I'll be surprised if they look on this situation favourably.

redpete

Set up a DD for the minimum payment and a standing order for the balance of your intended payment.

One late payment marker will have a minimal affect on your ability to borrow money.

Alexd52

JustinRC wrote: »

Thanks, I'll call them tomorrow. Yes it is a SO I'm repaying the balance over a period of time so my payments are substantially more than min payment. I think I'll just ask for the reinstatement of the promo rate and say I'll accept the £12 fee as suggested earlier. I didn't really consider the effect of bank holidays when I set up my standing order, I'll certainly bring it forward a week but I guess if they don't reinstate my zero rate I'll need to move the balance to another card. I'm a bit worried what effect that would have on my credit rating.

Just to add, you can set up a direct debit and specify the amount that you want to pay to suit you. You are not limited to the min payment or full balance.