To expect the mortgage company not to just take the money when they feel like it!!!

[brightlightsandpromise]

WTF!!! We paid our mortgage yesterday, we are finally, after about two years, not in arrears! WE also paid out significant amount to inland revenue and a couple of other bills. Had to pay our suppliers today, but can't pay the whole amount on the account just yet - no problem, thats how it goes. So, DP rings me saying that there is more in the bank than he thought, we were Then we tried to work out why, coudlnt really, he paid the mortgage on the phone yesterday by debit card, so thought that would have gone through. Anyway, give or take about £50 which could have gone here and there it was about the mortgage amount that was still in there - we phone the mortgage company - Oh yes, thats right sir, because your mortgage isn't in arrears we don't take it straight away we sometimes leave it for a bit Well, thanks for that then, good job we checked because had we not, we would have paid the full amount off to suppliers and left with fuck all money for the next two weeks. Surely if you make a debit payment, it should be debited from your account straight away to avoid this sort of confusion

If i make a payment with my debtit card then it always comes out the next working day, i dont think its right that they can hold onto your details unless you have a payment date each month and now that your not in arrears the direct debit will be taken on that day??

we dont do direct debit because my DPs earnings are so erratic so we can't always garuntee the funds will be in the bank on a specific day, just pissed off because we thought we are better of than we were to the tune of £600 and i was booking a holiday in my head

how about paying your suppliers rather than a holiday if you had the extra cash

If you ring up to make a payment by card they have to process it right there and then, they aren't allowed to keep card details floating around the office.

Thats what i thought Hot, i was really cross as it could have buggered us right up as we would have payed that money out to our supplier and would have been left with nothing. I wonder if it is because it is a Sunday - be interesting to see when they do take it, needless to say, i am less than impresssed - oops bubble, crossed posts, that is exactly what we would have done tbh, but it would have just meant that we would have had the money left at the end of the job to maybe just maybe go on holiday,iyswim

Ah, what it might be is that they've processed the payment and applied the funds to your mortgage account so it looks like your not in arrears when you rang up, but your bank hasn't processed the payment yet.

It depends on how their payment system works.

I would also be concerned over how they are storing your bank details if they are planning on processing it later. I'm so sure there's a piece of legislation on it somewhere, but my mummy brain can't think who it is. I'm thinking it's got to be the FSA or PSR. There's some info in the links at the bottom of this page if your interested.

Bright does your mortgage allow you to pay off early? If not they may be waiting so that you're in compliance with your contract. Otherwise I would be really annoyed - I presume you'll be incurring interest on the principal that you would have paid down while they're faffing around with your card details. (Not to mention all the other issues around them holding on to details and generally making it hard for you to work out how much money is in your account).