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Monthly direct debit
BillBurns
Posts: 2 Newbie
in Credit cards
I have two credit cards. Both have monthly direct debits. I am paying off my balances by extra payments monthly. One bank does not take a DD when I pay in a larger monthly sum. The other continues to take my DD regardless how big the larger payment is. What is the legal situation please?
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Comments
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The legal situation is that they must do what they tell you they are going to do. Both are perfectly acceptable legally as long as the terms say its what will happen.
Personally I prefer those that maintain the DD payment as you then know what you pay will be "extra" and have been stung in the past by making a small extra payment which stopped the larger DD and so I got a late payment notice.
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As per the previous reply - different card issuers do it differently, but it will be clearly stated in the T&Cs. As long as they do what their T&Cs say they will do, then it's fine, just make sure you read and understand them.
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All good and thanks. Appreciate the prompt response.
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