Pay date change panic

redstiletto

Got a cash flow problem that I can't see a fix for... can anyone help please?!
I used to get paid on the 25th of the month and had all my payments set for the 28th onwards just after payday. 
Changed jobs and I now get paid right at the end of the month. So all my payments have hit my account before salary and I'm massively overdrawn. I can change payment date to the first or second of the month but they will all become due again in a few days so I will end up paying twice! I can't carry on using unarranged overdraft every month,  so is there a solution the my pay date changing by a few days that isn't going to cost me ££££??

Already spoken to the mortgage company and they say no way. I can change the date but have to pay twice or will be defaulting on my next month's payment

Thanks in advance for any advice.  

PRAISETHESUN

Whilst not ideal, could you wait until say the 2nd Sep and then change your bill due dates to around the start of the month (so effective start of Oct), to avoid double paying in Sep? You'd be OD for a day or two more at most which will hopefully be only a few quid in fees. Otherwise, if you have access to a low fee money transfer credit card that might also be a viable option. Anything else will require you to apply for something, which isn't always a quick thing to do. Long-term you'll probably want to start looking at building up an emergency fund, so unexpected things like this don’t cause you issues again in the future.

Nebulous2

Have you any savings you can bung in to resolve it? 

Many years ago I had a mortgage payment which came out at the very end of the month, and depending on pay day it was quite problematic. It involved taking cash out of the bank and paying it into the building society. After months of annoyance I made two payments and moved the payment to the beginning of the month. It saved a lot of ongoing hassle, but was costly at the time. 

born_again

Wait till the date you want to DD's to go out and then change them. I would suggest a week after the payday given quite a few bank holidays are at the end of the month. 
Just gives you a bit more breathing space if any issues.

sheramber

No matter when you change you will have two payments in one month.

August due 28/8  paid 31/8

September due 28/9.  Whatever date you change to the September will fall due on that date, whether it is 1st/2nd or 15th. if you change to 1st after the first of the month then the September payment will immediately be overdue.

If you change it 15th  , it will become due on 15th.

So , will still be payable from your August pay.

Can you borrow some money from anybody to cover the payment until you can pay them back?.

redstiletto

Thanks! I can use my savings to "pay twice" and shift everything up to the beginning of the month, just a bit sad to have most of my savings wiped out on nothing but an administration change

kuratowski

Sorry to hear that OP.  However the interest you lose on your savings will definitely be less than the interest you are currently paying on an unauthorised overdraft.

Hopefully the new job is worth it and you can rebuild your savings soon 🤞

Nebulous2

redstiletto said:

Thanks! I can use my savings to "pay twice" and shift everything up to the beginning of the month, just a bit sad to have most of my savings wiped out on nothing but an administration change

Best option I'd say. Remember you will also save on interest on the mortgage, as it is charged on a daily basis. 

born_again

redstiletto said:

Got a cash flow problem that I can't see a fix for... can anyone help please?!
I used to get paid on the 25th of the month and had all my payments set for the 28th onwards just after payday. 
Changed jobs and I now get paid right at the end of the month. So all my payments have hit my account before salary and I'm massively overdrawn. I can change payment date to the first or second of the month but they will all become due again in a few days so I will end up paying twice! I can't carry on using unarranged overdraft every month,  so is there a solution the my pay date changing by a few days that isn't going to cost me ££££??

Already spoken to the mortgage company and they say no way. I can change the date but have to pay twice or will be defaulting on my next month's payment

Thanks in advance for any advice.  

No they won't. Wait till after the date you want them to go out and then call the companies to change the date.
Given it will take up to 10 days for the change to take effect it should not be a issue.

If they get funny say cancel the DD and say you will make a manual payment when it's due. Then ring back a week later and set up a new one.

So the mortgage would have gone out on say 28 Aug. Wait till 5 Sept, call and say you need to change DD date to 2nd. You will not miss a months payment, just simply have moved it on 5 days.
I think the rep you spoke to had bank holiday blues & had lost the plot. 

Nebulous2

born_again said:

redstiletto said:

Got a cash flow problem that I can't see a fix for... can anyone help please?!
I used to get paid on the 25th of the month and had all my payments set for the 28th onwards just after payday. 
Changed jobs and I now get paid right at the end of the month. So all my payments have hit my account before salary and I'm massively overdrawn. I can change payment date to the first or second of the month but they will all become due again in a few days so I will end up paying twice! I can't carry on using unarranged overdraft every month,  so is there a solution the my pay date changing by a few days that isn't going to cost me ££££??

Already spoken to the mortgage company and they say no way. I can change the date but have to pay twice or will be defaulting on my next month's payment

Thanks in advance for any advice.  

No they won't. Wait till after the date you want them to go out and then call the companies to change the date.
Given it will take up to 10 days for the change to take effect it should not be a issue.

If they get funny say cancel the DD and say you will make a manual payment when it's due. Then ring back a week later and set up a new one.

So the mortgage would have gone out on say 28 Aug. Wait till 5 Sept, call and say you need to change DD date to 2nd. You will not miss a months payment, just simply have moved it on 5 days.
I think the rep you spoke to had bank holiday blues & had lost the plot. 

Some lenders insist on a mortgage payment every month. You have a lot of flexibility to move it within the month, but if you push it into the next one and miss a month they will report it as a missed payment. 

sheramber

born_again said:

redstiletto said:

Got a cash flow problem that I can't see a fix for... can anyone help please?!
I used to get paid on the 25th of the month and had all my payments set for the 28th onwards just after payday. 
Changed jobs and I now get paid right at the end of the month. So all my payments have hit my account before salary and I'm massively overdrawn. I can change payment date to the first or second of the month but they will all become due again in a few days so I will end up paying twice! I can't carry on using unarranged overdraft every month,  so is there a solution the my pay date changing by a few days that isn't going to cost me ££££??

Already spoken to the mortgage company and they say no way. I can change the date but have to pay twice or will be defaulting on my next month's payment

Thanks in advance for any advice.  

No they won't. Wait till after the date you want them to go out and then call the companies to change the date.
Given it will take up to 10 days for the change to take effect it should not be a issue.

If they get funny say cancel the DD and say you will make a manual payment when it's due. Then ring back a week later and set up a new one.

So the mortgage would have gone out on say 28 Aug. Wait till 5 Sept, call and say you need to change DD date to 2nd. You will not miss a months payment, just simply have moved it on 5 days.
I think the rep you spoke to had bank holiday blues & had lost the plot. 

 with your suggestion

August payment 28/8

October payment 2/10

When does September payment get paid?