To wonder what happens when you don't have enough in your bank account to cover a bill?

[PigFaceForever]

This month has been a bit tough financially. I have a direct debit that's due out on Friday but won't have enough in my account til next week. What will happen? Thanks in advance.

Overdraft, if you have one.

The direct debit will not be paid and the bank will charge you for the privilege of not paying it.

If you don’t, the payment will not be paid, and you’ll be charged a fee. Used to be about £30.

Sorry, that was if you don’t have an overdraft.

If you contact the company that you owe the money to they might help you to stagger the bill or make other arrangements.

Without an overdraft, the payment won't be taken.

Then it depends which bill it is, some will try again a few days later, others will take a double payment the following month, others might expect you to make a manual payment. If you ring and explain they'll be able to tell you which.

If you don't have an overdraft it will bounce, your bank unfortunately can charge you for it. The company the bill is due to can also add charges for late payment/missed payment. If you are struggling with finances and falling into debt you might benefit from contacting someone like Citizenship Advice Bureau or StepChange debt charity.

It will not be paid. If you know this is going to happen can you contact the company to explain and tell them you'll pay manually next week? Then cancel the DD through your bank (or put a hold on it if that's possible, not sure if it is) and reinstate it after.

I haven't had a bank charge for a missed payment for a few years, but not sure if that's common to all banks.

I get about 7 quid emergency overdraft but usually it bounces back, you'll get charged a chunk by your bank, a letter from the company telling you they'll try again. I don't know if it affects your credit score though.

Either they’ll pay it, then charge you an arm and a leg for an unauthorised overdraft, or they’ll bounce it, then charge you an arm and a leg for the privilege.

My bank allow payments to go sometimes and then I get charged for being over drawn until the money goes in.

Check with your account details but many banks offer a free emergency overdraft, a very little amount as a just in case arrangement. If you can contact them and explain, the bot chat thingy is good for this, they respond quite quickly.

Thanks for all your replies. I already have an overdraft and I've used almost all of it.

Call your bank and they'll probably arrange a temporary overdraft for the amount you need until next week, especially if this is the first time this has happened.

I've always had a (small) arranged overdraft that I never use for just this eventuality.

I’d contact your bank today and ask for a small overdraft

Sorry should have said that I have an arranged overdraft.

Oh, ok sorry, we cross posted. Can you call them to temporarily extend it?

You might be able to get a temp extension on the overdraft - might be cheaper / less fees than an unauthorised one. Ask the bank.

Can you ask the bill company to change the date that you pay them to later in the month? That's worked for me before.

Cancel the dd via online banking/app and pay the bill as soon as you can next week. And then phine the company, explain, and ask for the date to be changed if you need to, to make it more convenient for you.

Cancel the dd. Do not get charged bank fees for a bounced dd or one that takes you over your overdraft.

You can arrange to pay the missed dd at another time.

Thanks for your lovely replies. The bill is for broadband. Would they cancel my service if the direct debit isn't paid?

Cancel the ds. Then ring the broadband co, tell them you are having an issue and give them the date that you will be able to pay their bill. And stick to it. If you do that, no fees and no black mark on your credit rating.

Cancel the dd .....