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Late payment fees on loans.

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  • 19-12-2012 3:35pm
    #1
    Kungfu
    Closed Accounts Posts: 113 ✭✭


    My salary was late in going thru and as a result I missed a direct debit on a motor loan. My account shows that I was charged a missed payment fee of a little over €12. However within 2 working days my account had sufficient funds to pay the direct debit but wasn't hit for the DD amount until after 9 working days. I was expecting this to happen but I wasn't expecting to be charged over €25 extra as the missed payment amount had aparantly already been applied to my account. The loan was a 5 year motor loan but there are only 7 payments left with the final payment due in July 2013. Does this all sound right or have I been overcharged in this case?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    If you miss a DD, there is a charge from your bank due to it going missed. Check the terms of your current account and it will state it. Often if missed there is a time period when they will attempt to take the payment again via DD.


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