Banking Fail :(

[HK]

Goddamn. I'm a little hazy on how the minimum payment for paying off my credit card works - today I got a crash course. I got my statement at the start of November and it said the minimum payment was about £100. So I thought 'fuck it, I've just been paid' and transferred £110 straight over.

Taken care of!

Except no, today another £100 came out my account and went to my credit card :surrenderit turns out that anything I manually pay in is just counted as extra - the direct debit will still come out regardless.

Gave me a fucking shock, and now I'm right up to the limit on my overdraft when I should have been a good £100 away from it

 

[AUFred]

I never like for payments to come out of my account automatically. I am a control freak like that. We also zero balance the credit card every month. Interest rate on credit cards is way too high.

 

[HK]

I never like for payments to come out of my account automatically. I am a control freak like that. We also zero balance the credit card every month. Interest rate on credit cards is way too high.

I used to be very good with my credit card, but since we got the car together that fucking thing has been more trouble than it's worth. The last thing I paid out was £450 to replace the suspension pads or something.

That and the fact that we've both been made redundant, him more than once, in the last year

 

[Francis]

Sorry but yes that is how it works if you have auto debit.. Hence why I had my credit cards stopped from automatically taking money out of my accounts..

The only things that come out of my account are my Mortgage / Credit Line and if I have one my Car payments.

Any overage payment is calculated as excess payment and not a double payment..

On the bright side it will be taken right off the principal of what you owe and not include any of the interest for this month. It's the fastest way to get rid of a credit card..

 

[Dana]

Thus why I don't own any credit cards. I pay my bills with my debit card.

 

[Natasha]

I guess I'm not understanding why you would schedule a payment when it's already scheduled to automatically come out. *shrugs* I usually go in the first of the month and schedule my credit card payments to coincide w/ the payday closest to the due date. That way I know it's taken care of and I don't have to worry about it.

I'm guessing this was a valuable lesson, though. Sorry you had to learn it like THAT, though.

 

[Francis]

I guess I'm not understanding why you would schedule a payment when it's already scheduled to automatically come out. *shrugs* I usually go in the first of the month and schedule my credit card payments to coincide w/ the payday closest to the due date. That way I know it's taken care of and I don't have to worry about it.

I'm guessing this was a valuable lesson, though. Sorry you had to learn it like THAT, though.

In my case I had two Mastercards and two Visas due to changing banks and trying to cancel them is like trying to get rid of the impossible..

Anyway I would always forget which was which.. One was on Auto and the other was on Manual and I would always pick the wrong one to pay off and do a double payment. In good times that's not a problem, but as HK has stated in tough times its a big issue..

Anyway I finally told One of my Visas to take a hike but legally the contract stays open for a year and you can receive bills for that long.. All my cards are at Zero now so it's not a problem, but for a while it was..

Which reminds me, I need to tell my highest Mastercard to become priceless and flock off.. :24:

 

[Darrell]

No disrespect, HK, but you should consider some financial management classes. I've read your threads related to your finances, and I'm not sure if overall these things happen to you due to redundancy or just poor financial management, however a financial management course will teach you all of the relevant information you need in order to better manage your money. I used to be terrible with money when I was young, I'd be broke as soon as I got paid (it seemed that way at least) and I took a couple of classes at community college for $60, and it taught me a wealth of information. Everything from how interest rates and late payments work to something as simple as balancing a checkbook.

If you can't afford to take a class for $60, the internet has a wealth of knowledge to offer in this field, just ensure that the source you're reading is scholarly.

 

[Mystic]

i'm a control freak too, i never let automated payments occur just except for the mortgage payment. Automation allows us to get lazy and not really understand where and how much money is coming out of our accounts.

 

[HK]

Thanks for the advice guys, my financial management is fine. The problem is too many bills vs. not enough money coming in, and that's due to redundancies and unexpected things cropping up - like the repair work to our car, for example.

This is the only time I've had money come out that I wasn't really expecting - and to clear up some confusion, I didn't schedule the payment, I just wasn't thinking how the payments worked properly. I was under the impression that it didn't matter how I made the minimum payment, once it was made then that would be it. In actuality, my card just requests the amount no matter what I've paid in previously that month.

Never noticed it before because I usually let it take the minimum and then add any extra I can afford later in the month. I did it out of order this time!

 

[AUFred]

i'm a control freak too, i never let automated payments occur just except for the mortgage payment. Automation allows us to get lazy and not really understand where and how much money is coming out of our accounts.

I set up automatic payments one time for some life insurance. It was suppose to be about $116 per month. The first month they deducted payments from my account 5 or 6 times for amounts varying from +/-$35 to over $60. After the first month they had deducted close to $300. I cancelled the insurance. Never have set up another withdrawal that was over 25 years ago.

 

[Peter Parka]

How the fuck does someone who pays a couple of quid or less per day for two peoples food get into debt?

 

[darkcgi]

get rid of the cards
got one for emergencies
but the debit/credit card is all I need
credit limited to 100 a month
keeps me safe and inline
i keep an on my accounts online even if I dont use them just so I know
someone else isnt using them
we have a lot of illegal immagrants in the us and there are alot here
so I watch my credit and money

 

[HK]

How the fuck does someone who pays a couple of quid or less per day for two peoples food get into debt?

LOL food is like... the last thing I worry about

 

[Tuffdisc]

I never like for payments to come out of my account automatically. I am a control freak like that. We also zero balance the credit card every month. Interest rate on credit cards is way too high.

What about mobile phone and internet connection bills?

 

[Zorak]

You should write to your bank and try to get the funds back.

They'll say no. But write back again, and again, and again. Threaten to go to the financial ombudsman. I got 70% of my bank charges repayed last year; amounted to several hundred £.

It's perfectly possible and lots of people have done it, but you have to have the stomach for a fight.

 

[pjbleek]

You should write to your bank and try to get the funds back.

They'll say no. But write back again, and again, and again. Threaten to go to the financial ombudsman. I got 70% of my bank charges repayed last year; amounted to several hundred £.

It's perfectly possible and lots of people have done it, but you have to have the stomach for a fight.

I remember hearing people do this too (while working at the bank) and one boss got a telephone call and a letter from a customer who demanded that the fees get back into their account. they also arranged a meeting with the regional manager and have him in the discussion. I left before a resolution could be reached, but I know that the manager always said to note the time in which the person called and the day it was. the manager left the bank as well and I do not know the new staff at the bank and have to wonder what ever happened in the situation, but best of luck in whatever route you choose to go down!!!!

 

[HK]

I phoned them about it and they're not charging me for it, which is good

 

[Mystic]

I set up automatic payments one time for some life insurance. It was suppose to be about $116 per month. The first month they deducted payments from my account 5 or 6 times for amounts varying from +/-$35 to over $60. After the first month they had deducted close to $300. I cancelled the insurance. Never have set up another withdrawal that was over 25 years ago.

Wow Fred, yes exactly a reason i wouldn't tempt fate and do it. LOL

What about mobile phone and internet connection bills?

I get a bill in the mail, like everything else. If a company does not offer it, then i find another company.:thumbup

 

[Guyzerr]

How the fuck does someone who pays a couple of quid or less per day for two peoples food get into debt?

Buy luxuries I suppose.