Egg - end of stoozing period query

purplepatch

DH's egg card reaches the end of 0% BT period on 1 October. The September statement produced on the 17th and the DD will get taken on 3 October. I was planning to switch from only taking the minimum payment, to taking the whole amount outstanding.

My question is - are we ok to let them take the whole outstanding amount on the statement on 3/10, or do I need to make arrangements to pay it earlier on 1/10?

Hope someone can help.

YorkshireBoy

purplepatch wrote:

DH's egg card reaches the end of 0% BT period on 1 October. The September statement produced on the 17th and the DD will get taken on 3 October. I was planning to switch from only taking the minimum payment, to taking the whole amount outstanding.

My question is - are we ok to let them take the whole outstanding amount on the statement on 3/10, or do I need to make arrangements to pay it earlier on 1/10?

Hope someone can help.

Egg will charge interest from the 1st October. If you're happy with this, then just change the DD to full payment.

Personally, I'd rather settle in full with a debit card (allow 4 days) before the 0% end date and leave the min payment DD set up just in case.

realaledrinker

This quote from the egg website suggests you need to allow a bit longer to avoid the minimum payment advised on your September statement from being collected:

For a change to take effect by your next payment date, it needs to be made at least five working days beforehand, excluding the payment date. Any changes made within five working days of your payment date will not take effect until the following month.

I read this to mean that your payment in full needs to have cleared into your account at least six working days before the normal payment date to stop the min DD from being collected.

mary

purplepatch wrote:

DH's egg card reaches the end of 0% BT period on 1 October. The September statement produced on the 17th and the DD will get taken on 3 October. I was planning to switch from only taking the minimum payment, to taking the whole amount outstanding.

My question is - are we ok to let them take the whole outstanding amount on the statement on 3/10, or do I need to make arrangements to pay it earlier on 1/10?

Hope someone can help.

My circumstances are identical. So I rang and was on the phone to them for quite some time while they checked it out. Realaledrinker is 100% correct.

I had changed from the minimum repayment to the full repayment but because the "All about your Egg card" said the 1st and the "statement" said the 3rd, I wasn't sure which one took precedence. If the payment is collected by direct debit on the 3rd as suggested on your statement, you will be charged interest for the fact that the anniversary deal was not paid off by the 1st. So you have to make sure that the full repayment has hit your account by this Friday i.e. the 23rd, allowing the five additional days for the computer to realise that it is all paid off and not to take any more money from your account. I hope that is clearer than mud!