Late Mortgage Payment

Captpat

If I have insufficient funds in my account for my monthly mortgage dd payment what actions will the bank take. I should have the money by the end of the month. Will they come back looking for the dd again or would I have to make alternative arrangements to pay them. I will most likely be abroad which will make things a little awkward. Are there any penalties and would it affect my credit rating?

killers1

Captpat wrote: »

If I have insufficient funds in my account for my monthly mortgage dd payment what actions will the bank take. I should have the money by the end of the month. Will they come back looking for the dd again or would I have to make alternative arrangements to pay them. I will most likely be abroad which will make things a little awkward. Are there any penalties and would it affect my credit rating?

Banks generally present the direct debit for payment and if it's returned unpaid it is automatically represented around 2 weeks later. If the direct debit is paid the second time it is presented then your account will be up to date and the bank won't report you to the Irish Credit Bureau as having missed a repayment as you loan needs to be more than 1 full month in arrears before they would do this. If the second time the DD is presented it is returned unpaid then they will generally write to you to say you are in arrears. The will look for you to pay these arrears yourself, either by lodging directly to the mortgage or sending them a cheque for the payment. As I said your Credit Rating will only be effected if the DD is returned both times unpaid and you may even have a week or two after that to make the lodgement before it was be reported on your credit rating as a missed repayment.

chris85

killers1 wrote: »

Banks generally present the direct debit for payment and if it's returned unpaid it is automatically represented around 2 weeks later. If the direct debit is paid the second time it is presented then your account will be up to date and the bank won't report you to the Irish Credit Bureau as having missed a repayment as you loan needs to be more than 1 full month in arrears before they would do this. If the second time the DD is presented it is returned unpaid then they will generally write to you to say you are in arrears. The will look for you to pay these arrears yourself, either by lodging directly to the mortgage or sending them a cheque for the payment. As I said your Credit Rating will only be effected if the DD is returned both times unpaid and you may even have a week or two after that to make the lodgement before it was be reported on your credit rating as a missed repayment.

Agree on this. Must be a full month in arrears for it to go onto the ICB. I would suggest the OP calling their lender to be sure they will represent or what needs to be done.

ninisweeney

i have a mortgage with ebs the payment was due out the 7th of july but i didnt have the money in but the money will be in by the end of the month was wondering if anyone can tell me if they will re apply for it as i have never missed a payment till now and am very worried about this can some one give advice on this matter please the money will be there before the 25th of the month will they re apply the direct again some one told me that they will re apply again in about 2 weeks whick would be the 21first the money will be there am really worried about this so would be greatfull if some one can help with this matter

phkk

ninisweeney wrote: »

i have a mortgage with ebs the payment was due out the 7th of july but i didnt have the money in but the money will be in by the end of the month was wondering if anyone can tell me if they will re apply for it as i have never missed a payment till now and am very worried about this can some one give advice on this matter please the money will be there before the 25th of the month will they re apply the direct again some one told me that they will re apply again in about 2 weeks whick would be the 21first the money will be there am really worried about this so would be greatfull if some one can help with this matter

Easier said than done ninisweeney, but try not fret too much. If the money was in a/c by 20th/21st, you'll be fine and mortgage repayment will be taken as normal.

ninisweeney

i have just gone in to one month arrears on my mortgage with ebs have the mortgage out since 2006 it was for 40000 and have never missed a payment on till now have the money for this month so will only be one month in arrears but the mortgage was taken out in my mothers and my name because she was the house owner i make the payments on it and am worried she might lose the house over this am worried sick will be finished the mortgage in 2016 and cant wait it a worry every month can some one give me some advice please

westies4ever

no one is going to lose a house over one missed payment. give them a call and make an arrangement. you may be able to extend the mortgage to reduce your current payments.

ninisweeney

cant make the term longer because my mother turns 65 at christmas and she is the main name on the mortgage

westies4ever

give them a call anyway and they can let you know your options.