Comments on: Avoid late payment fees on credit cards with direct debits http://www.themoneystop.co.uk/112009/avoid-late-payment-fees-on-credit-cards-with-direct-debits.html Loans, Mortgages, Credit Cards, Car Insurance and Bank Accounts Fri, 16 Dec 2011 15:02:04 +0000 http://wordpress.org/?v=2.8.5 hourly 1 By: Janet http://www.themoneystop.co.uk/112009/avoid-late-payment-fees-on-credit-cards-with-direct-debits.html/comment-page-1#comment-4904 Janet Mon, 15 Mar 2010 18:51:46 +0000 http://www.themoneystop.co.uk/?p=3718#comment-4904 MBNA charged me £12 for a DD payment not collected. What i had done is paid in full the outstanding balance and cancelled my DD. I had the £12 reversed after I called and explained i had paid in full. The next month i paid the remainding interest in full. I then was charged £12 for an unpaid DD! I rang and explained i had paid in full and my conversation I had had last month in respect of my cancelled DD and the subsequent reversal of the £12 charge. The guy on the phone said the £12 charge was due and he couldn't reverse it 'as this was would be the 2nd time the charge would be reversed and he couldn't do that'. I explained I had paid in full and cancelled my DD 2 months ago but he insisted he couldn't reverse the charge. Only after i asked to be put through to the complaints department and after I said i would raise to the FSA did he reverse the charge!! MBNA charged me £12 for a DD payment not collected.
What i had done is paid in full the outstanding balance and cancelled my DD. I had the £12 reversed after I called and explained i had paid in full.
The next month i paid the remainding interest in full.
I then was charged £12 for an unpaid DD! I rang and explained i had paid in full and my conversation I had had last month in respect of my cancelled DD and the subsequent reversal of the £12 charge. The guy on the phone said the £12 charge was due and he couldn’t reverse it ‘as this was would be the 2nd time the charge would be reversed and he couldn’t do that’. I explained I had paid in full and cancelled my DD 2 months ago but he insisted he couldn’t reverse the charge. Only after i asked to be put through to the complaints department and after I said i would raise to the FSA did he reverse the charge!!

]]> By: alan hearne http://www.themoneystop.co.uk/112009/avoid-late-payment-fees-on-credit-cards-with-direct-debits.html/comment-page-1#comment-4890 alan hearne Fri, 26 Feb 2010 15:26:04 +0000 http://www.themoneystop.co.uk/?p=3718#comment-4890 Dear Money Stop I have used the direct debit system to protect my credit card accounts against late payment penalties for many years despite the fact that I normally clear card payments on time. Recently, however, I have discovered that two credit card companies have changed the way in which they operate their direct debit system - without notification. Normally the direct debit took a minimum payment and a manual payment was made of the outstanding balance but suddenly I was paying interest because my account had not been paid in full. So, what had happened? The card companies had changed the way in which the direct debit was triggered - any payment made to the account in a month negated the direct debit! A payment made near the payment due date might or might not result in the direct debit being taken. Too near the due might result in a late payment and interest charges or a full payment and a direct debit being taken. The only safe way was to pay early in full and not rely on the direct debit at all. So that's OK then? No, not really. The most recent credit card company to adopt this change did explain the way in which they operated but added that "If you don't use a direct debit arrangement for twelve months your bank might just cancel". Sure as little eggs it will be the thirteenth month when you forget to pay on time and get hit with a penalty and interest charges. I would appreciate your comments on this and your experience of how wide spread it is in view of the number of people likely to end up paying unnecessarily. Yours sincerely AH Dear Money Stop

I have used the direct debit system to protect my credit card accounts against late payment penalties for many years despite the fact that I normally clear card payments on time.
Recently, however, I have discovered that two credit card companies have changed the way in which they operate their direct debit system – without notification.
Normally the direct debit took a minimum payment and a manual payment was made of the outstanding balance but suddenly I was paying interest because my account had not been paid in full.
So, what had happened?
The card companies had changed the way in which the direct debit was triggered – any payment made to the account in a month negated the direct debit!
A payment made near the payment due date might or might not result in the direct debit being taken. Too near the due might result in a late payment and interest charges or a full payment and a direct debit being taken. The only safe way was to pay early in full and not rely on the direct debit at all.
So that’s OK then? No, not really.
The most recent credit card company to adopt this change did explain the way in which they operated but added that “If you don’t use a direct debit arrangement for twelve months your bank might just cancel”.
Sure as little eggs it will be the thirteenth month when you forget to pay on time and get hit with a penalty and interest charges.
I would appreciate your comments on this and your experience of how wide spread it is in view of the number of people likely to end up paying unnecessarily.
Yours sincerely
AH

]]> By: interest free credit cards http://www.themoneystop.co.uk/112009/avoid-late-payment-fees-on-credit-cards-with-direct-debits.html/comment-page-1#comment-4547 interest free credit cards Sun, 22 Nov 2009 09:55:58 +0000 http://www.themoneystop.co.uk/?p=3718#comment-4547 A balance transfer can work to your advantage when you have an unpaid balance on your existing credit card. You may ask what reason is there to transfer my outstanding balance from one card to another. For starters most of the cards that offer balance transfers have lower interest rates than your existing credit card. This makes you save lots of money when making payments not to mention the convenience of only having to deal with one card to make your payments. A balance transfer can work to your advantage when you have an unpaid balance on your existing credit card. You may ask what reason is there to transfer my outstanding balance from one card to another. For starters most of the cards that offer balance transfers have lower interest rates than your existing credit card. This makes you save lots of money when making payments not to mention the convenience of only having to deal with one card to make your payments.

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