halifax mortgage cheek !

emilyx78

On Martins reconmendation on monday we paid £5000 off our mortage, the money went from our account straight away, five working days before the end of February and the balance of our mortgage changed straight away, however when the mortgage came out today it was not at the reduced rate we were told it would be, my husband phoned the Halifax this morning to be told "it takes 7 days !!!! yes the moneys been taken from your account and the mortgage has gone down, but your monthly payments will not reduced until next month." at which point my husband said but the moneys gone and isnt intrest calculated daily ?! she replied "yes it is calculated daily, but we require 7 days to sort out your payment reductions" however, did you know we now have a 0% intrest credit card !"
useless, were trying to get rid of our mortgage, not get a credit card !!!!!
It drives me nuts that they can take our money instantly and yet we see no benefits for another month and every other bank takes five days to do everything .....

ok rant finished, but doesnt it just drive you mad ?!

PBA

I'm assuming you mean the direct debit came out today (yesterday?). Direct debits are requested by the bank several days before they actually come out of your account, so it sounds like it went through based on the previous balance. It should be correct next month.

MarkyMarkD

No institution can change the amount of a variable direct debit without notifying you, in advance, of the amount. They didn't have time to do this between you making the lump sum payment and them collecting the next DD.

I don't think it deserved a rant - you haven't lost anything by this payment being taken.

emilyx78

sorry I stand corrected, when we checked our account sat morning the payment that was taken out friday had not changed, despite us being led to believe this was going to happen, with regards to the time span, I appriciate that they didnt have enough time to change things, however if this had been explained to us, and they hadnt tried to sell us a credit card when we had phoned up because we were unhappy, then no it wouldnt have warrented a rant.

brightonman123

PBA wrote: »

I'm assuming you mean the direct debit came out today (yesterday?). Direct debits are requested by the bank several days before they actually come out of your account, so it sounds like it went through based on the previous balance. It should be correct next month.

d/d requests go to the bank 2 or 3 days before the due date, so money is 'cleared' on the day. any changes to amounts need to be done before this lockout period..

make sure they back date the changes for next month payment!!

Noz

Quite an overreaction there

MarkyMarkD

I think that honestly you (the OP) have got confused between the interest bearing balance changing immediately and the monthly payments changing immediately.

If Halifax told you that the monthly payment due in a handful of days would be lower, because of the capital payment, then they would be numpties and your rant would be well-founded. But I find it incredibly hard to believe that would be the case.