Late fee 60% of the actual due what the?

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gzt

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#3187046 26-Jan-2024 19:55

KiwiSurfer: Generally if I see I've forgotten a payment I just pay straight away and usually if it's only a few days late it's all good.

I'm happy to hear there are usually a few days leeway whatever the reason. I will not find out until next invoice.

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#3187065 26-Jan-2024 21:45

Probably a bit off topic, but we pay our regular accounts by direct debit. Never have to worry about missing a payment. Just the ones like annual subs and car rego that we have to remember to pay.

From memory we have only had a couple of small issues and they were sorted pretty quickly.

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#3187089 27-Jan-2024 00:17

I've found One NZ will waive late fees within reason. I had a credit card drop off their automatic payment system (had been working for last 6 months) and incur a non-payment.
I got a SMS indicating that my bill was overdue and called their 777 number. The agent waived it on the spot, re-setup the auto payment and did a 'one-off' payment to make the bill whole.

My gripe with many of the direct debit schemes is that they pull the funds on the absolute last day. I would much rather it come out on a day between billing date and due date, with a SMS/email if the payment failed... that way I would have time to self-correct any issues.

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#3187108 27-Jan-2024 05:31

If it’s Spark, then they’ll only charge a late fee if your account is still overdue for the following month’s invoice

KiwiSurfer

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#3187486 27-Jan-2024 21:10

cokemaster:

My gripe with many of the direct debit schemes is that they pull the funds on the absolute last day. I would much rather it come out on a day between billing date and due date, with a SMS/email if the payment failed... that way I would have time to self-correct any issues.

I prefer DD on the due date so the money stays in my interest bearing account as long as possible!

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#3187528 28-Jan-2024 01:34

Here you authorise a direct debit to your bank account and therefore do not forget to pay. If a direct debit is unauthorised or disputed, you can have it reversed unilaterally without any problems (but there should be a valid reason for this).

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#3187644 28-Jan-2024 11:01

Their only actual loss is interest at the statutory rate on the outstanding amount. There’s unlikely to be any manual labour involved - any mail chasing it up would be generated by a computer.

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#3187647 28-Jan-2024 11:05

Tinkerisk:
Here you authorise a direct debit to your bank account and therefore do not forget to pay. If a direct debit is unauthorised or disputed, you can have it reversed unilaterally without any problems (but there should be a valid reason for this).

Same in the UK: banks are liable for errors in DDs under the Direct Debit Guarantee Scheme.

“Immediate refunds. You can get a full and immediate refund from your bank (also known as an “indemnity claim”) for any payment taken in error.

Instant cancellations. You can cancel a Direct Debit payment at any time before the payment is due to be made. If a payment is taken after you have cancelled it you will be entitled to an immediate refund.”

gzt

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#3187688 28-Jan-2024 13:07

I suspect NZ does not have one of those. I seem to recall some issue where I could not get a DDA changed on my account by my bank without the other party initiating it. I was surprised. It was just a minor inconvenience to get that done and not a big issue. Anyway, I have avoided DDAs since then where possible.

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