Credit card full balance DD

bagpussofsussex

Hi all,

I have a tesco credit card which I’ve been trying to pay back for a long time. On last months statement the balance was £1000. I changed the DD instruction to ‘pay full balance’ earlier this month. I have since made payments to bring the balance down to £300. Will the DD take £300 or £1000?  I did try to revert the payment to ‘minimum’ as it hadn’t occurred to me that this might happen but it came up with ‘your full payment is already being processed’. I know there’ll be interest on the statement etc, I am just panicking because I don’t want to end up with an unpaid Dd fee on my bank account! 

Thanks for any help x 

bradders1983

When does the Direct Debit come out? If it is in more than two working days, just cancel it and pay the balance manually. And then reset it up at a later date if you so wish.

[Deleted User]

bagpussofsussex said:

I am just panicking because I don’t want to end up with an unpaid Dd fee on my bank account! 

 

If the DD is set for full payment (and actually in place) then that won't happen.  It'll either take the remaining balance, or the full balance at the time of the statement, depending on timings. In fact if any DD is set up, you won't get an unpaid fee unless you have no money in your bank account and it fails.

However, if you haven't had a statement telling you that full payment will be taken since changing the DD, the DD will still take minimum.

bradders1983

Deleted_User said:

bagpussofsussex said:

I am just panicking because I don’t want to end up with an unpaid Dd fee on my bank account! 

 

If your DD is set for full payment (and actually in place) then that won't happen.  It'll either take the remaining balance, or the full balance at the time of the statement, depending on timings. However, if you haven't had a statement telling you that full payment will be taken since changing the DD, the DD will still take minimum.

when he said "unpaid" I think he is worried about them taking £1000 when he doesnt have £1000 in his bank account, rather than them taking nothing at all.

bagpussofsussex

Yes I’m worried that it’ll try to take £1000 from my bank account that I don’t have in there because I’ve already paid it to the credit card! My tesco DD comes out just before payday - I know, bad planning, but I’ve always been able to budget for that as I had it set at a fixed amount - but I’d set myself the target of saving to pay it all off by the end of the year 

I tried this morning to change the DD to ‘minimum payment’ on the tesco website but it says my payment (due on the 25th) is already in progress. I just wondered whether that would be the statement figure of £1000 or the actual balance of the card. 

I thought I’d done so well too 

Is my best option to cancel the Dd from the bank’s end maybe? The CC had already had more than the minimum payment made...

bradders1983

If it comes out on the 25th then you should be able to cancel it with your bank today, but dont leave it any longer. Pay them the balance manually today or early next week.

bagpussofsussex

Brilliant thank you for your help!

I’ve cancelled it with the bank and put a manual payment through. My plan is then to use this card for my day to day expenses (I love my tesco points) but pay it in full by Dd each month so I’m not paying interest on it. So I’ll go back in and create a new DD to this effect after my statement date.