Please help

myaaaxx

This is my first credit card, so I don’t fully understand how everything works, it’s a 18 month 0 interest Sainsbury’s card. I set up my card for direct debit, I assumed they would take my minimum amount which is £12.90 31/08/20, they have taken the full balance leaving me overdrawn by a lot, I’ve transferred all my savings over but I’m still overdrawn. I have  the direct debit on the Sainsbury’s app and my NatWest banking app. WillI get my money back or have I lost it all. Please help, I’m stressing out a lot as I don’t get paid for another week and it’s taken all of my money. 

[Deleted User]

You  set the DD up for full payment, rather than minimum.

You'll have to apologise and ask if they could reverse the transaction, but it's probably unlikely. It certainly won't be quick.

In the meantime, use your card for everything you can (but not withdrawing cash), until you get paid again.

Darkslider

If it's not put you into an unplanned overdraft and you've had savings to cover it then no need to stress, it's a frustrating mistake but by no means the end of the world. You've just paid back your CC a lot quicker than you planned is all, hopefully without incurring too many overdraft charges! 

When you set up your DD you're given the option of:
Minimum amount: the bare minimum that is required, normally a bad move as it will take you ages to clear at this rate as it's quite often only 1% of the balance, so will end up costing you a fortune in interest once the 0% deal has run out.

Other amount: you can set a fixed amount yourself (must be more than the minimum) which is taken every month and will clear the balance quicker. 

 statement balance (the whole amount to bring it back to zero each month, useful if it's only used for shopping or fuel etc) which is what you chose in this instance.

Can't help on reversing the payment at all I'm afraid but as it was a direct debit authorized by you I'd say it's unlikely. Sorry you've had to 'lose' your savings, but some people would argue if you had the cash sitting in a savings account it was a better plan to use that for your purchase rather than borrowing anyway. 

Another positive is borrowing on a credit card and repaying the balance in full is behaviour lenders like to see, so your credit history may look more attractive for future credit applications now than if you never had the credit card at all.

It might be worth explaining what's happened to your current account bank, I've had unplanned overdraft charges waived in the past when I've been able to demonstrate it was an error that put me there, you might have the same luck with your planned overdraft charges especially if it's the first time you've utilised it. (If you're dipping into it every month you've got no chance unfortunately)

Geordiegal

I made exactly the same error a couple of years back. I just rang the credit card company and they reversed the psyment.  Give them call you might be surprised.  
I would then change to collect minimum.payment and then you can make adhoc payments going forward.

Good luck

myaaaxx

myaaaxx said:

This is my first credit card, so I don’t fully understand how everything works, it’s a 18 month 0 interest Sainsbury’s card. I set up my card for direct debit, I assumed they would take my minimum amount which is £12.90 31/08/20, they have taken the full balance leaving me overdrawn by a lot, I’ve transferred all my savings over but I’m still overdrawn. I have  the direct debit on the Sainsbury’s app and my NatWest banking app. WillI get my money back or have I lost it all. Please help, I’m stressing out a lot as I don’t get paid for another week and it’s taken all of my money. 

Thankful I got some help and I’m no longer in overdraft. I’ve checked my bank today and I’ve still have the original full amount they took on bank holiday Monday, there’s no record on my statement of a refund but it still says the money has been paid off on my credit card statement. Does anyone know why this has happened? I don’t want to get into any trouble for being given the money back.

D3xt3r5L4b

myaaaxx said:

myaaaxx said:

This is my first credit card, so I don’t fully understand how everything works, it’s a 18 month 0 interest Sainsbury’s card. I set up my card for direct debit, I assumed they would take my minimum amount which is £12.90 31/08/20, they have taken the full balance leaving me overdrawn by a lot, I’ve transferred all my savings over but I’m still overdrawn. I have  the direct debit on the Sainsbury’s app and my NatWest banking app. WillI get my money back or have I lost it all. Please help, I’m stressing out a lot as I don’t get paid for another week and it’s taken all of my money. 

Thankful I got some help and I’m no longer in overdraft. I’ve checked my bank today and I’ve still have the original full amount they took on bank holiday Monday, there’s no record on my statement of a refund but it still says the money has been paid off on my credit card statement. Does anyone know why this has happened? I don’t want to get into any trouble for being given the money back.

Because you set the DD up for the full amount.
Have you contacted the CC company yet?

myaaaxx

D3xt3r5L4b said:

myaaaxx said:

myaaaxx said:

This is my first credit card, so I don’t fully understand how everything works, it’s a 18 month 0 interest Sainsbury’s card. I set up my card for direct debit, I assumed they would take my minimum amount which is £12.90 31/08/20, they have taken the full balance leaving me overdrawn by a lot, I’ve transferred all my savings over but I’m still overdrawn. I have  the direct debit on the Sainsbury’s app and my NatWest banking app. WillI get my money back or have I lost it all. Please help, I’m stressing out a lot as I don’t get paid for another week and it’s taken all of my money. 

Thankful I got some help and I’m no longer in overdraft. I’ve checked my bank today and I’ve still have the original full amount they took on bank holiday Monday, there’s no record on my statement of a refund but it still says the money has been paid off on my credit card statement. Does anyone know why this has happened? I don’t want to get into any trouble for being given the money back.

Because you set the DD up for the full amount.
Have you contacted the CC company yet?

No i hadn’t contacted the cc company because I had money to last me and I knew it was a error on my end. They have given my my £570 back into my current account as well as my cc saying it’s being paid off. I guess cancelling the the direct debit to them worked because I now have the money back but where has the money come from because my credit card balance is now £0

[Deleted User]

Speak to the card company ASAP.  If no money has gone out of your bank account then you've missed making the minimum payment. 

There's obviously a timing issue somewhere but you need to be proactive to resolve it.