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pekay 
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 Topic: What happens when you don’t pay...
Posted: 25 August 2010 at 7:46pm |
your mortgage?
IT's due on Friday and it is the very first time that we wont have money there. I am too embarrassed to call the bank and ask what happens? Is there anyone out there that has missed a payment before...did you get in trouble or is it as simple as paying it when you can. So they charge you extra interest?
We will be able to make the payment within the fortnight, just waiting for lots of payments to come into us... 
TIA
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Mrs_B
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Posted: 25 August 2010 at 7:49pm |
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You should ring the bank. Don't be embarrassed they know times are tough. Sorry I don't know what happens if you miss a payment.
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blissful
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Posted: 25 August 2010 at 8:19pm |
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Ring them. It's much better to ring them yourself and let them know of a problem than to show up on their 'naughty' list. They will ring you on Monday to chase the payment and that's not a good thing.
We missed a payment once due to a long weekend and bank error and they called us first thing the following business day.
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busymum
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Posted: 25 August 2010 at 8:23pm |
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Best to ring them. We couldn't meet a payment once; they still drew the payment from our a/c and left it overdrawn (with no facility). If you call them you may be able to arrange a small overdraft facility to tide you over and they mightn't even charge you a fee for that.
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Bizzy
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Posted: 25 August 2010 at 8:27pm |
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sounds like it depends on what bank you are with. i missed one once, didnt know i didnt have enough money even. they said they dont do anything when it happens but they try again later and if its not there then they penalise you.
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Kellyfer
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Posted: 25 August 2010 at 8:36pm |
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I'd definitely let them know - if it's the first payment you're missing I don't see why they wouldn't allow a short term overdraft until the other payments come in. It does depend on your bank I'm sure, but I'd just give them a heads up at least.
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mummy_becks
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Posted: 25 August 2010 at 8:41pm |
Tell them, they will take the money and your account will go into overdraft. But if you tell them they are aware and more likely to be nice that if you don't (well our bank was when we had problems quite a few years ago).
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flakesitchyfeet
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Posted: 25 August 2010 at 8:45pm |
Call them, especially if its a first time, and you know the money will be in there for the next payment. They'll make a note/find a way to help you, and it'll save you getting a black mark against your name 
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pumpkino
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Posted: 25 August 2010 at 8:54pm |
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As others have said, definitely ring them asap to discuss. I'm sure they will work something out with you if you think you will have the money soon, like a temp overdraft. Otherwise they will probably just put you into an unauthorised overdraft which will cost you loads in fees and interest.
I know it's embarrassing but it must happen ALL the time, so I'm sure they won't make you feel bad.
P :)
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caliandjack
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Posted: 25 August 2010 at 9:53pm |
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Ditto calling them to discuss. It only take 2 months of missed mortgage payments before they start to think about mortgagee sales. Better not to let it get that far to start with.
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KiwiL
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Posted: 26 August 2010 at 7:55am |
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Absolutely. Definately call them to help.
If you're having a tough time, the banks are usually willing to work out a solution. But the key is that you get into a conversation with them before you go into arrears.
Don't be embarrassed - we see this happen frequently and I'd be really surprised if your banker wasn't empathetic and helpful.
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littlestar
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Posted: 26 August 2010 at 9:31am |
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Ring them - they will be far more flexible if you are upfront with them before it happens. Also - if you don't get the answer you want from someone on the phone or a teller make sure you ask to speak to someone more senior - they will have the authorisation to be more flexible.
Don't be embarrassed - its not like this has happened before.
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pekay
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Posted: 26 August 2010 at 9:40am |
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Thankfully, a cheque has come in today. Have called and said it will not be cleared in time, but it is there and no problem!!! phewwww!
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HuntersMama
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Posted: 26 August 2010 at 10:07am |
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Thats good :) I hate being in that situation when you are waiting for payment so cant pay other bills grrr!!
We have an account that the mortgage comes out of and I transfer $$ into it, but it has gone into overdraft before but wasnt a problem. We are with BNZ and find them great to deal with.
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clover
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Posted: 26 August 2010 at 11:10am |
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Glad it worked out pekay!
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4thtymlucky
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Posted: 01 September 2010 at 7:58pm |
We've never been behind with our own home but hold the mortgage on my parents home which we have been behind on (we keep dipping into their rent account because of our own financial crisis)). The bank are good when I call them first before they call me...which reminds me I need to buzz them tomorrow
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monikah
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Posted: 01 September 2010 at 8:18pm |
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thats good it got sorted. our tries to go out 3 nights in a row. if it still hasnt come out by then we just get charged $10. ours i currently 5 weeks behind cos we cant pay it. it happens all the time for us unfortunately but it gets caught up every 4 weeks or so normally and they take it out in a bulk payment when we ring them cos DH's pay goes in monthly. they wont work out any options for us but DH is getting job offers for lots of $ in sydney so we'll be able to get back on track. yay. hope you guys get finances sorted soon. its not a fun place to be in
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MrsMc
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Posted: 01 September 2010 at 8:29pm |
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yay glad the bank were good about it and that you will be able to pay it as soon as that cheque clears. not a very nice situation to be in but i dont think you need to be embarassed ringing the bank if this happens again
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What happens when you don’t pay...
