PDA

View Full Version : Minimum payment on a credit card.



Fretters
06-07-2014, 08:59 AM
I bought my car insurance on credit card so set up a monthly direct debit to pay it off. My minimum payment due date is always the 6th (today) so the account automatically se the DD to come out on the 6th every month, and it said the first one was due to come out today. Fine and dandy, I thought.

But, I've just noticed that it can take up to ten working days to actually set up the DD and I only set it up seven working days ago. Sure enough, I've checked my account and no payment has been made this month. So, I've just quickly made a debit card payment to cover today's minimum payment requirement, but that won't hit the account until tomorrow.

So, it looks like I've missed my minimum payment by a day - does anybody know the ramifications of this? Will I get a charge and will it affect my credit rating much? I've never missed a payment before in my life and this will only be one day overdue so I'm hoping not.

clarethomer07
06-07-2014, 09:07 AM
It may show as a late payment on your credit file. I am guessing this will depend on how the card company reports and who they report to.

The surest way to find out is to speak to them and see if they will charge or notify the credit reference agencies of this.

ClaretTony2014
06-07-2014, 09:08 AM
You are likely to get a standard charge plus interest. Give them a call if you do, they might just waive it.

teamofthe70s
06-07-2014, 09:09 AM
Phone credit card company, & explain the situation, they will tell you what to do, or just send a payment separately

ClaretsJay
06-07-2014, 09:26 AM
Most direct debits when the due date is on a saturday/sunday leave the bank on the monday. I know even when the date on my credit card statement falls on the weekend, they usually still take the direct debit on the following monday and I have never had problems with charges.

So I would see if it leaves your bank tommorow, but if you ring your credit card company up, you will know for sure.

feej72
06-07-2014, 09:30 AM
Phone them, be extremely pleasant and explain the situation and that it has never happened before etc. if there is a charge and they don't waive it then tell them you will be taking your debts elsewhere.

Fretters
06-07-2014, 09:33 AM
Thanks all, I'll give them a call tomorrow. My bank account shows payments that are going to come out tomorrow and the credit card isn't listed in there. I suspect the direct debit hasn't been set up in time.