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Changing payment date reduced direct debit amount

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LilyBouquet
LilyBouquet Posts: 7 Forumite
First Post
edited 18 June 2024 at 7:20AM in Mortgages & endowments
I put my direct debit date 3 days back yesterday, resulting in a slightly lower payment.

I’m now wondering if there is a day with a lowest payment, and how do I find it without making the adviser test out 31 options!

In any case, I will be remortgaging soon. But my question is, is there a ‘magic’ day for direct debits?

Comments

  • booneruk
    booneruk Posts: 719 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    edited 18 June 2024 at 8:48AM
    This is just my guess, but presumably you're paying interest from a certain day of the month and that bringing the DD date closer to that results a one-off smaller amount being due on the first revised payment date. I would imagine you'd get a corresponding bigger payment amount the next month, followed by payments then falling to the same amount on months following that.
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