Hi All,
I posted this thread on another forum so if you're a nerd it might look familiar....
I'm pretty much a set it and forget it kind of guy. My pay goes in, I direct debit all my expenses and I try and make sure that the balance at the end of the month is greater that at the start. Generally, I don't even do that. I trust that the payments are coming out.
I don't look at my statements as a result. I don't use a credit card so as long as the numbers look about right it's one less thing for me to worry about.
Except I had to do some tax related stuff and discovered that my bank stopped debiting my mortgage payments. In December. Of 2007. That means my mortgage has been capitalising for 12 months.
First of all, can the bank use my redraw to cover payment shortfalls (I suspect the answer is yes). Secondly, can the bank simply stop taking payments in this manner? It looks to me like some kind of **** up at the banks end because they tell me the payment should be coming out. It wasn't until I pointed out there were no mortgage size debits against my transaction account that they figured something to be wrong. No-one is able to tell my why the payments simply stopped coming out.
Had these payments been coming out, my spending habits over the past year would have been significantly different so it's not just the extra interest that is ******* me off.
I know it comes across as a little naive (and it probably is) but if the bank has stopped taking payment surely they have some duty to inform me of it.
Do I have any form of recourse in such a matter?
I posted this thread on another forum so if you're a nerd it might look familiar....
I'm pretty much a set it and forget it kind of guy. My pay goes in, I direct debit all my expenses and I try and make sure that the balance at the end of the month is greater that at the start. Generally, I don't even do that. I trust that the payments are coming out.
I don't look at my statements as a result. I don't use a credit card so as long as the numbers look about right it's one less thing for me to worry about.
Except I had to do some tax related stuff and discovered that my bank stopped debiting my mortgage payments. In December. Of 2007. That means my mortgage has been capitalising for 12 months.
First of all, can the bank use my redraw to cover payment shortfalls (I suspect the answer is yes). Secondly, can the bank simply stop taking payments in this manner? It looks to me like some kind of **** up at the banks end because they tell me the payment should be coming out. It wasn't until I pointed out there were no mortgage size debits against my transaction account that they figured something to be wrong. No-one is able to tell my why the payments simply stopped coming out.
Had these payments been coming out, my spending habits over the past year would have been significantly different so it's not just the extra interest that is ******* me off.
I know it comes across as a little naive (and it probably is) but if the bank has stopped taking payment surely they have some duty to inform me of it.
Do I have any form of recourse in such a matter?