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  • FIRST POST
    • neilneilorange
    • By neilneilorange 13th Oct 19, 1:19 PM
    • 6Posts
    • 0Thanks
    neilneilorange
    is there a credit card with simple bills
    • #1
    • 13th Oct 19, 1:19 PM
    is there a credit card with simple bills 13th Oct 19 at 1:19 PM
    I have a lloyds mastercard but i dont understand the bills.(I don't regard myself as stupid either).
    I believe I paid it off last month, I have not used it since, yet I have another £10 or so to pay.
    I dont want to learn how to avoid their wranglings, I just want to get a more honest account, where I can see what i have spent and what is actually owed in full.
    can you recommend an easy to manage account for infrequent lenders?
Page 2
    • Fingerbobs
    • By Fingerbobs 13th Oct 19, 10:06 PM
    • 800 Posts
    • 326 Thanks
    Fingerbobs
    The full amount of the direct debit is taken irrespective of any additional payments made.
    Originally posted by Ben8282
    That's what their terms state, but in practice I have found that manually clearing the full balance in advance of the DD stops the DD being taken that month.
    • Ben8282
    • By Ben8282 14th Oct 19, 1:25 AM
    • 3,923 Posts
    • 2,145 Thanks
    Ben8282
    That's what their terms state, but in practice I have found that manually clearing the full balance in advance of the DD stops the DD being taken that month.
    Originally posted by Fingerbobs
    Is that current experience or before they changed their policy a few minths ago.
    That's how it used to be agreed, but they chanbged it earlier this year.
    • surreysaver
    • By surreysaver 14th Oct 19, 3:39 AM
    • 2,934 Posts
    • 1,625 Thanks
    surreysaver
    Not sure it helps to generalise and it's never a good idea to make assumptions when it comes to matters like this! I don't know to what extent you've reviewed Ts & Cs of card DD regimes but I know that Tesco collect a few days ahead of due date and recall anecdotal reference on here to NatWest (I think) doing so about ten days in advance....

    Edit: not just anecdotal, NatWest do claim early for full balance DDs, according to https://personal.natwest.com/personal/credit-cards/existing-customers.html:
    Originally posted by eskbanker
    Santander collect a few days earlier than the due date too. Post Office credit card seems to always be a few days later than the due date - in the past I've been worried the direct debit hasn't been paid!
    I consider myself to be a male feminist. Is that allowed?
    • Fingerbobs
    • By Fingerbobs 14th Oct 19, 11:02 AM
    • 800 Posts
    • 326 Thanks
    Fingerbobs
    Is that current experience or before they changed their policy a few minths ago.
    That's how it used to be agreed, but they chanbged it earlier this year.
    Originally posted by Ben8282
    Definitely AFTER the changes came in. They wrote to me and included text on the statement explaining the new policy, and they even sent me a text message after I made the manual payment to warn me that the DD wouldn't be reduced, so I was specifically waiting to see if the DD would be taken as per the new policy, and it wasn't.
    • phillw
    • By phillw 14th Oct 19, 1:33 PM
    • 3,080 Posts
    • 2,554 Thanks
    phillw
    Santander collect a few days earlier than the due date too. Post Office credit card seems to always be a few days later than the due date - in the past I've been worried the direct debit hasn't been paid!
    Originally posted by surreysaver
    I have four cards, I asked them all to take on the 1st of the month. Three of them take on the same day, not always the 1st even when it's a weekday, with the payment only showing on the statement the day after it went out.

    The fourth has the same due date and immediately says payment received, but the payment doesn't go out of my bank until five days later. They won't accept that it's confusing. Ideally all my DD would go out on the same day and I wouldn't have to worry about payments not going out for the rest of the month.

    I have never had a payment taken before the due date. Isn't that a DD guarantee no no?

    ok, so if I set up a direct debit then, will that avoid the charges for residual interest?
    Originally posted by neilneilorange
    It will make sure you avoid any late payment charges, if you set the DD to take the full balance then you shouldn't have any interest on purchases.

    Another thing was when I misplaced my debit card, and drew out £50 from an atm.Likewise I paid it off straight away.
    Originally posted by neilneilorange
    Paying it off so you don't incur any interest can be tricky, because some won't let you pay it off until it appears on your statement. If you do it too early your payment could be taken off any purchases you aren't due to pay yet, then they'll start charging you interest from the withdrawal date. You are better off having multiple current accounts and debit cards, so if you can't take money out with one then you can login to online banking transfer and take it out with another. Marks and spencers even have a 0% £100 overdraft, which is useful if you can't transfer money across but need to withdraw in an emergency.

    Which day/ of the month should i set up the dd for?
    Originally posted by neilneilorange
    I always ask for the DD to go out on the earliest day of the month, even if they say it will be the 1st then it will sometimes be a couple of days earlier. Due to the different lengths of months there are less options at the end of a month and the beginning is just easier. It will change your statement period, if currently your payment is due on the 15th and you ask for it on the 1st then they'll extend the next statement to 6 weeks rather than having a 2 week statement.

    Until you get a statement saying they will take a DD you should assume that you still have to pay manually. It's worth calling customer services to check before you make the payment. When making manual payments you have to take into account how long it will take for them to receive the money. Paying by debit card takes a couple of days, worse if there is a bank holiday weekend in the middle. Paying by bank transfer is quicker, it's like a day if you do it before 4pm. I don't like doing bank transfers though, in case it goes to the wrong place.
    Last edited by phillw; 14-10-2019 at 1:52 PM.
    • eskbanker
    • By eskbanker 14th Oct 19, 1:43 PM
    • 11,650 Posts
    • 14,421 Thanks
    eskbanker
    I have never had a payment taken before the due date. Isn't that a DD guarantee no no?
    Originally posted by phillw
    No, not a no no!

    The DD guarantee offers protection if a DD is taken on the wrong date (measured against what they've previously advised) but if a card company tells you they'll take it on a date that doesn't happen to correspond with the statement due date, that doesn't breach any rules or regulations....
    • phillw
    • By phillw 14th Oct 19, 2:32 PM
    • 3,080 Posts
    • 2,554 Thanks
    phillw
    No, not a no no!

    The DD guarantee offers protection if a DD is taken on the wrong date (measured against what they've previously advised) but if a card company tells you they'll take it on a date that doesn't happen to correspond with the statement due date, that doesn't breach any rules or regulations....
    Originally posted by eskbanker
    They put two different dates on the statement? I've never seen that. Even the card that takes the payments late says "on or after" and the same statement date. I don't think it's possible for them to take it on that date as that is the date they present the DD to my bank.
    • eskbanker
    • By eskbanker 14th Oct 19, 2:45 PM
    • 11,650 Posts
    • 14,421 Thanks
    eskbanker
    They put two different dates on the statement? I've never seen that.
    Originally posted by phillw
    Yes, companies who differentiate between statement due date and DD collection date have to show both on statements....
    • Wheres My Cashback
    • By Wheres My Cashback 14th Oct 19, 2:49 PM
    • 3,246 Posts
    • 38,212 Thanks
    Wheres My Cashback
    They put two different dates on the statement? I've never seen that. Even the card that takes the payments late says "on or after" and the same statement date. I don't think it's possible for them to take it on that date as that is the date they present the DD to my bank.
    Originally posted by phillw
    Different remarks on statements for different companies. There isn't a one off industry standard. DDs take up to 5 days to process. some examples...

    We'll collect your Direct Debit payment on 01 Oct 19 or immediately after

    or

    We'll collect your Direct Debit payment within -/+ 3 days of the payment due date

    or

    Payment due date 06/10/2019. We will collect your direct debit of £xx.xx on 01/10/2019 or soon after.

    or

    Your bank account will be debited by £xx.xx on or after 01/10/2019

    or

    Your Direct Debit payment of £xx.xx will be collected from your current account on 01/10/19.

    There will be others.
    • Mrs Arthur Crown
    • By Mrs Arthur Crown 14th Oct 19, 2:56 PM
    • 166 Posts
    • 139 Thanks
    Mrs Arthur Crown
    I have a credit card with Smile (cash back to account) and a credit card with Asda (cash back for shopping).

    The way that the bills are laid out could not be more different. Smile is exceptionally easy to understand, yet I still haven't got the hang of the Asda one.

    As a bank, I would recommend Smile wholeheartedly (we have been with them for almost as long as they have been in existence). Online only, but with the ability to pay in cash or cheques at a Post Office.
    • phillw
    • By phillw 14th Oct 19, 3:34 PM
    • 3,080 Posts
    • 2,554 Thanks
    phillw
    There isn't a one off industry standard.
    Originally posted by Wheres My Cashback
    I understand that, but in my extensive credit card history I've never once had a DD being taken before the statement date. I guess I've been lucky.
    • Ben8282
    • By Ben8282 14th Oct 19, 5:21 PM
    • 3,923 Posts
    • 2,145 Thanks
    Ben8282
    A statement will show the payment due date.
    If a direct debit is set up it will also give information about the direct debit, the amount to be taken by the direct debit and the date when the direct debit is due to be taken.
    The direct debit will NOT be taken prior to the date given for the direct debit to be taken.
    With most lenders the direct debit date is the payment due date. Certsain lenders may take full balance direct debits earlier but whre they do the correct date where the direct debit is to be taken will be shown which would therefore differ from the payment due date..
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