DD to pay CC
radoslaff
Posts: 168 Forumite
in Credit cards
Hi there,
The story first. I have a Choice Rewards CC with £2500 credit limit and 0% for the next 8 months. Once I reach £2250 I pay £500 in. At the same time I've set up a DD for the minimum payment from my Club Lloyds. It never goes out because I always pay at least £1000 during a statement period and respectively the minimum payment has already been taken.
So here is my new question:
If I set up the minimum payment direct debit from my Halifax current account will it then go out in case I go on paying £1000 on average directly from my Lloyds account? I need the bloody DD there.
The story first. I have a Choice Rewards CC with £2500 credit limit and 0% for the next 8 months. Once I reach £2250 I pay £500 in. At the same time I've set up a DD for the minimum payment from my Club Lloyds. It never goes out because I always pay at least £1000 during a statement period and respectively the minimum payment has already been taken.
So here is my new question:
If I set up the minimum payment direct debit from my Halifax current account will it then go out in case I go on paying £1000 on average directly from my Lloyds account? I need the bloody DD there.
The journey of a thousand miles begins with one step.
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Comments
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No. Choice are clearly not calling for a DD if the minimum is paid, from whatever source.0
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You can only setup a DD with one account0
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You can set up the DD to pay a fixed amount which it will pay irrespective of your manual payment, and will take the minimum if more than the fixed when/if you haven't made a direct payment.
I've assumed you mean to switch the DD from Lloyds to Halifax? AFAIK you won't be able to do 2 different DDs.0 -
You can set up the DD to pay a fixed amount which it will pay irrespective of your manual payment, and will take the minimum if more than the fixed when/if you haven't made a direct payment.
I've assumed you mean to switch the DD from Lloyds to Halifax? AFAIK you won't be able to do 2 different DDs.
Yes, that's what I intend to do, switch the DD. So let we say I set up a DD in Halifax for £10. The tenner will go out irrespectively of my manual payments for £1000? If so, that's a great option. The journey of a thousand miles begins with one step.0 -
You seem to be over-complicating this - why are you so fixated as to whether or not the DD is called for ? You say you're currently on a 0% promotion - if so, then as long as you pay at least the minimum each month ( whether manually or by DD ), then I can't understand what the problem is. Certainly it's very wise to have the DD in place in case you ever forget to pay manually. But as long as you're paying the minimum then what's the problem ? You just need to remember to either clear or transfer any remaining balance when the promotional period ends.0
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Ebe_Scrooge wrote: »You seem to be over-complicating this - why are you so fixated as to whether or not the DD is called for ? You say you're currently on a 0% promotion - if so, then as long as you pay at least the minimum each month ( whether manually or by DD ), then I can't understand what the problem is. Certainly it's very wise to have the DD in place in case you ever forget to pay manually. But as long as you're paying the minimum then what's the problem ? You just need to remember to either clear or transfer any remaining balance when the promotional period ends.
Think the OP needs the dd to generate interest or other benefits on the associated current account so wants to make sure it's taken.0 -
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OP - it looks to be a timing issue for you.
On your statement it should say'One-off payments received 2 clear working days before the day your payment is due will reduce or stop the Direct Debit from leaving your account for that month'
If you send a manual payment the day before/of/after your DD it won't impact it and the DD will still be taken.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy 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.
If you can't be the best -
Just be better than you were yesterday.0 -
OP - it looks to be a timing issue for you.
On your statement it should say
If you send a manual payment the day before/of/after your DD it won't impact it and the DD will still be taken.
It does say so. You are right. Still something makes me think that this might be in force only for the minimum payment DD. I'll give it a try with a fixed DD. Thank you Dobbibill.Think the OP needs the dd to generate interest or other benefits on the associated current account so wants to make sure it's taken.
That's exactly what I'm after, bigadaj. Thank you. :rotfl:You can set up the DD to pay a fixed amount which it will pay irrespective of your manual payment, and will take the minimum if more than the fixed when/if you haven't made a direct payment.
I've assumed you mean to switch the DD from Lloyds to Halifax? AFAIK you won't be able to do 2 different DDs.
I'm going to do it, soulsaver, and once I have the actual outcome, I will post an update. I'm not after 2 DDs, just 1 in Halifax. Thanks.The journey of a thousand miles begins with one step.0
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