Direct Debit Setup

[albyd]

Hi,

I've recently set up with DC and will give it a try and see how we go.

I'm going to use Direct Debit (DD) to ensure my statement is always paid on time. I'm completing the DD Form and it asks me to nominate a day of the month to run it. I've been in touch with DC to figure out the latest I can still do it so I'm paying on time and maximising my interest free period.

The language barrier is such I have no confidence of the answer I've just been given. They've said due date is 14 days after usual statement cut off date (before allowing for weekends and public holidays) but needs to be processed at least 3 days before then to allow time for DD funds to turn up by that day. i.e. if Statement date is 5th of month, due date will be 19th and will need to process DD no later than 16th.

Is this correct? Interest in anyone else's experience with this.

Albyd.

 

[ric_melb]

Actually I think the information you have been given is correct. I have had my Diners Club card for years but don't use it that much, keep it for its benefits mainly.
My payment due date is 14 days after statement close date. On the direct debit form you don't actually have to nominate a payment date. You can leave it blank, and the debit will take place 10 days after statement issue date. So I did leave it blank and the debit is 10 days after statement date. Works perfectly, with no late payments.
I would suggest you use this method, which should give you almost maximum interest free, with no chance of late payments, as really the onus is back on Diners to make the debit on time.

 

[albyd]

Thanks for your advice and confirming the Information I've received. I think I'll follow your advice. A few more days interest free isn't worth the grief of missing a payment.