We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Lloyds Standing Order missed
boco803
Posts: 67 Forumite
Apologies for what might seem a silly question, but does a missed standing order affect anything such as your credit profile?
This is with Lloyds - it says wouldn't be charged for this and that they'll deem the SO invalid after X consecutive missed SO payments.
This was to another Lloyds account if it makes a difference.
0
Comments
-
Are you referring to a standing order into a Regular Saver? If so missing a standing order won't affect your credit rating.
With some banks missing a payment into a regular saver can mean your account gets closed, though I don't believe that's the case with Lloyds. You probably can't make an overpayment the following month though.
Best to check the Ts and Cs of the account you are paying into.1 -
If it's a standing order from one personal bank account to another (both yours or to/from someone else) then that would have no effect on your credit record.
If it's a SO that you are using to pay a bill monthly, i.e. utilities, council tax, then that business will log missed payments when they happen no different than if you had arranged to pay by DD.
A personal bank account won't generate a "not paid fee" and don't report to the credit report agencies. A SO to a business will also not generate a fee from the account itself but the business might impose one or add something to its books for you like a late payment fee or interest.
Does that answer your query sufficiently?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅3 -
What do you mean by ‘missed’?boco803 said:Apologies for what might seem a silly question, but does a missed standing order affect anything such as your credit profile?This is with Lloyds - it says wouldn't be charged for this and that they'll deem the SO invalid after X consecutive missed SO payments.This was to another Lloyds account if it makes a difference.
1 -
Usually insufficient funds in the account it was supposed to come out of?badger09 said:
What do you mean by ‘missed’?boco803 said:Apologies for what might seem a silly question, but does a missed standing order affect anything such as your credit profile?This is with Lloyds - it says wouldn't be charged for this and that they'll deem the SO invalid after X consecutive missed SO payments.This was to another Lloyds account if it makes a difference.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.9K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.1K Spending & Discounts
- 244.9K Work, Benefits & Business
- 600.5K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards