please solve a row

  mitch46 18:27 07 Jul 10
Locked

Dear Members.
I'll cut this short,But, My mortgage is due out on the 20th of this month, i will be skint until i get my direct wage from my job on the 20th.
What will go out or go in first, My wage or my direct debit for my mortgage.
My partner says that if my wage comes in second to the direct debit for the mortgage then it will show as if their is no funds in the bank and we will have it returned.
I thought it was all read by computer, and that the systems can read incoming monies.
But i am not confident and would love some knowledge on this.
Turns out i did'nt cut this short.
Mitch

  canarieslover 18:33 07 Jul 10

Quite often outgoings disappear from your account at start of business and often incoming payments are logged afterwards. My son had this argument a couple of years ago with his bank with debits and credits on the same date still resulting in an overdraft charge. He managed to get them to drop the charge after some arguing with the manager.

  octal 18:33 07 Jul 10

Normally your debits are cleared first, why don't you speak to the bank? I had a similar problem a few years ago and the guy on the phone gave me a telling off for not telling them, I couldn't argue with that.

  lotvic 18:42 07 Jul 10

My bank always takes OUT debits before credits are put in.

  Mike D 18:47 07 Jul 10

I am sure that if you speak to your mortgage lender they will move the payment date. I had to do this a few years ago and the building society just moved the payment date back by three days so that my paycheque will always be cleared before the payment goes out.

  tullie 19:24 07 Jul 10

You shouldent have a problem moving the mortgage back a day or two.

  Grey Goo 19:32 07 Jul 10

You can get an agreed overdraft to cover such problems. Don't know if it will be enough to cover larger outgoings.

  morddwyd 19:47 07 Jul 10

Perhaps it depends on the bank.

My mortgage, and lots of other payments, go out on the day my salary, or now my pension, goes in.

There is rarely enough left from the previous month to cover the outgoings, but I have never been shown overdrawn, or charged interest.

  Chegs ®™ 20:07 07 Jul 10

I tried changing my bank after repeatedly being charged for unauthorized overdrafts when my (cash) payments went in on a monday as soon as they opened,yet their electronic debiting had tried to pay out all the finance on my cars.I asked the finance company to change their debit day,they agreed yet still the electronic debits were attempted every monday before the cash was paid in(one massive disadvantage to having 5 cars on 5 finance agreements)

  Paddylad 20:32 07 Jul 10

Firstly, I think BACs are paid in soon after midnight. In your case midnight of the 19th. As another member said DDs and SOs are paid out at start of business. I truly hope that I'm right.
Secondly, get in touch with your bank, and tell them your problem and ask their advise.
I hope it all works out for you.

  STREETWORK 20:41 07 Jul 10

Call the morgage company and change the DD date to say, 22nd of the month. They will do it as mine did some months ago when my pay date changed...

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