Not enough money in account to pay DD - what to do?

SandyShores

I always keep my CC DD payments as minimum payments, then I used to do a manual payment for full amount as soon as I got paid.  Not helpful in your current situation I know, but maybe for future reference.  It means that I never forget the minimum payment, but that there isn't an issue if for any reason I can't pay the full balance. 

I agree with the other responders that you should make the minimum payment manually and cancel the DD via your bank and via the CC company.

Hoenir

Direct debit cannot be cancelled. Far too late. Will bounce automatically if there's insufficient funds. 

friolento

Hoenir said:

Direct debit cannot be cancelled. Far too late. Will bounce automatically if there's insufficient funds. 

I can cancel my DDs on my bank account with immediate effect. Which bank does not allow this?

Brie

Call your bank and ask if they will cover it as a one off.  Ask that they don't charge a fee for messing up.

Call your credit card and say they are unlikely to get the funds but to please not charge extra for this.

Talking to anyone in advance looks better to them as they can see that you are trying to manage the situation rather than jus going "oops" afterwards.

Yorkie006

friolento said:

Hoenir said:

Direct debit cannot be cancelled. Far too late. Will bounce automatically if there's insufficient funds. 

I can cancel my DDs on my bank account with immediate effect. Which bank does not allow this?

I can cancel DD leaving the current account, but I can't cancel the DD being requested by the credit card company.

Yorkie006

Hoenir said:

Direct debit cannot be cancelled. Far too late. Will bounce automatically if there's insufficient funds. 

Will it bounce or get paid anyway and make the current account go into unarranged overdraft?

lr1277

I suspect you have answered your question though I don't know for sure.

The credit card company can request the funds.

If you have cancelled the direct debit, the funds will not leave the account for that request.

This may cause the card company some worry.

However if you have already made a faster payment or a payment by debit card, then the card company won't worry.

Once I made a faster payment to my credit card on the day the DD was collected (I had some extra cash) and the next day they both showed as applied to my account. This card is different to the one I talked about earlier.

Emmia

Cancel the DD but pay immediately (manually) what you can afford. Move money from savings account and pay off the rest of the balance as soon as you are able. 

You'll probably get charged some interest, but you might want to see that as a "fine" for being forgetful.

Sea_Shell

I hope you get it sorted.

For the future, maybe set a calendar reminder on your phone to remind you say 10 days before the DD is due to check your balances and move money to cover, if required.

I do this with my current account every month in preparation for the 1st of each month, as I don't carry much balance in my main account, day to day.   

I think many of us on MSE, who have our money earning interest elsewhere, would have a DD "bounce" if we didn't keep on top of things like this and move our money around accordingly.

  

Rob5342

I'd pbone the credit card company and explain the situation and make a payment by debit card which they should see straight away. If it's a one off and you habr discussed it with them that should minimise the risk and any nad effects.

I'd also consider moving my savings to somewhere else, in 2024 there's no excuse for transfers not being instant.