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Dates for Direct Debits and Standing Orders??

  • 29-01-2009 9:39am
    #1
    Realtine
    Registered Users, Registered Users 2 Posts: 391 ✭✭


    Does anyone know if I can decide the date on which my mortgage is taken from my bank account? Or mortgage company says it can only be withdrawn on the first of every month but it causes us slight hardship and the 5th of the month would be so much better for us but they tell us it can't be done. However our bank said that if they (mortgage company) refuse do to it on our instructions then we can complain to the financial regulator. Anyone know? Please and thank you.


Comments

  • #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    You should be able to choose, if they say it can't be done its because it suits them that its done on the 1st.

    It seems ridiculous that they can't facilitate this. You are using a mortgage company rather than a bank? A smaller setup might find it more difficult to facilitate this kind of request as they prob want to run all the DD's on the same day, but still, they should do it regardless.


  • #3
    TarfHead
    Registered Users, Registered Users 2 Posts: 1,192 ✭✭✭TarfHead


    There is nothing to prevent a direct debit being processed on any working day.

    The problem is with your mortgage provider, and could be covered in the mortgage terms & conditions.


  • #4
    Nermal
    Registered Users, Registered Users 2 Posts: 2,733 ✭✭✭Nermal


    They're not obliged to do it on any particular day.


  • #5
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,805 ✭✭✭GerardKeating


    Realtine wrote: »
    Does anyone know if I can decide the date on which my mortgage is taken from my bank account? Or mortgage company says it can only be withdrawn on the first of every month but it causes us slight hardship and the 5th of the month would be so much better for us but they tell us it can't be done. However our bank said that if they (mortgage company) refuse do to it on our instructions then we can complain to the financial regulator. Anyone know? Please and thank you.

    All depends on with Bank you are with, some of them only do DD runs once a month, other let you pick the day or week.

    Complaining to the regulator will get you no where in this case...


  • #6
    XJR
    Users Awaiting Email Confirmation Posts: 294 ✭✭XJR


    DD for our mortgage was set up by the provider (KBC) to be debited from our account on a day that didn't suit us. After speaking to them we cancelled the DD and set up a standing order for a day that suited us. Not a problem and everyone is happy.


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