Time is getting closer now to the closing of the current accounts. Would I be in any breach if I just pay the mortgage repayment directly into the account and not bother with a direct debit set up
Defo dont want to jeopardize my tracker and have asked dansk if I can go that route but surprise surprise they said no its not an option
Time is getting closer now to the closing of the current accounts. Would I be in any breach if I just pay the mortgage repayment directly into the account and not bother with a direct debit set up
Defo dont want to jeopardize my tracker and have asked dansk if I can go that route but surprise surprise they said no its not an option
2) If the SO arrives too early, it will be treated as an extra lump sum repayment, not a regular repayment
4) They will hold onto TRS, and you will have to request transfers of TRS amounts to a designated account
I had a nice call back from Danske today, basically saying that a standing order is OK, but with a few provisos attached;
1) You are responsible for changing the SO amount if the rate changes
2) If the SO arrives too early, it will be treated as an extra lump sum repayment, not a regular repayment
3) If the SO arrives too late, even 1 day late, they will be firing out arrears letters
4) They will hold onto TRS, and you will have to request transfers of TRS amounts to a designated account
I'll go for that, though the TRS bit is a bit messy.
One day is too early, afaik.Do you know what they consider "too early"?
It means just that - they hold onto the money until you ask them to transfer. She mentioned something about transferring it every month, if you request it every month.What does "hold onto TRS" mean? How often will they do a transfer?
Yes, it was definitely along those lines. I didn't have to haggle or push for this outcome. She rang me with this 'agreed position' straight off the bat.Hello Rainyday,
That looks like some good progress. You clearly got someone on the phone who was willing to take a reasonable attitude, rather than someone trying to dictate that you do what your told (i.e. sign a direct debit) end of story ....
She definitely gave the impression that you had to request each transfer, so I don't think a 'standing instruction' is an option. Seems a bit silly, but there you go.Can someone simply give them a standing instruction to transfer all future TRS credits to a nominated account (dare I suggest, my current account at another Bank or possibly their Danske Homeloan, as they require) - personally, I cannot see why not ? Another option is to instruct them once or twice a year to transfer the total TRS credits to the Mortgage, the total TRS credits for the period could potentially equate to a mortgage payment each year and effectively give some people a payment holiday (for that month) of sorts.
Yes indeed - seems like a pile of unnecessary paperwork, but that's how the systems work, expecting the direct debit to be sucked in on the exact day.As for them issuing arrears letters if your payment is as much as 1 day late, I can't see how that will do anything other than waiste money and kill a few more trees - I don't think they can charge for issuing an arrears letter, while the payment will most likely cross over with the arrears letter, so it will have zero impact on the ICB etc given we're only talking about a day or two in many instances. Is that how you and others also see it ?
One day is too early, afaik.
I don't understand what people have against DD.
Still, the SO route seems like more hassle that it's worth.
Did they tell you what interest rates would be applicable and what impact these alternative facilities would have on your ICB record etc ?
Thank you.
2) If the SO arrives too early, it will be treated as an extra lump sum repayment, not a regular repaymentPersonally, I don't think so - whats putting you off, if you don't mind me asking ?
Hi. Apologies for not replying sooner. I haven't logged in for a while. Interest rate is same as currently on the card (11.5%) and there is no impact on ICB rating, as long as I make agreed payments each month. In addition, I can make lump sum payments when I want without penalty. It is simply a continuation of the current agreement under the same terms and conditions but with a withdrawal of the credit facility.
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