Fnb home loan skip month

[bradonis]

Hi guys,

I have found that if you change your debit order date on your FNB home loan to a date earlier eg if you're debited on 2nd and change to 28th, the debit order will skip a month as FNB cannot debit twice in the same month. You get charged a bit of interest on the next installment and then it reverts back thereafter to the original amount debited. From what I understand you can do it every 3 months. I speak under correction, but If you want to skip a month again, using my example above, you would need to wait 3 months, change it to the 2nd, then wait another 3 months and change it back to 28th. It only works if the date is in the same month I believe. Can anyone clarify this process?

 

[Kosmik]

Hi guys,

I have found that if you change your debit order date on your FNB home loan to a date earlier eg if you're debited on 2nd and change to 28th, the debit order will skip a month as FNB cannot debit twice in the same month. You get charged a bit of interest on the next installment and then it reverts back thereafter to the original amount debited. From what I understand you can do it every 3 months. I speak under correction, but If you want to skip a month again, using my example above, you would need to wait 3 months, change it to the 2nd, then wait another 3 months and change it back to 28th. It only works if the date is in the same month I believe. Can anyone clarify this process?

Not a good idea, you are just fooling yourself and increasing your payment.

 

[dunkyd]

Get out more, read a book , try and smarten your thinking.

 

[ArmatageShanks]

Not a good idea, you are just fooling yourself and increasing your payment.

True but sometimes you need a bit of extra in a month or two in the year.

 

[Hamster]

Hi guys,

I have found that if you change your debit order date on your FNB home loan to a date earlier eg if you're debited on 2nd and change to 28th, the debit order will skip a month as FNB cannot debit twice in the same month. You get charged a bit of interest on the next installment and then it reverts back thereafter to the original amount debited. From what I understand you can do it every 3 months. I speak under correction, but If you want to skip a month again, using my example above, you would need to wait 3 months, change it to the 2nd, then wait another 3 months and change it back to 28th. It only works if the date is in the same month I believe. Can anyone clarify this process?

And yet another creative way to lose more money

 

[zerocool2009]

Hi guys,

I have found that if you change your debit order date on your FNB home loan to a date earlier eg if you're debited on 2nd and change to 28th, the debit order will skip a month as FNB cannot debit twice in the same month. You get charged a bit of interest on the next installment and then it reverts back thereafter to the original amount debited. From what I understand you can do it every 3 months. I speak under correction, but If you want to skip a month again, using my example above, you would need to wait 3 months, change it to the 2nd, then wait another 3 months and change it back to 28th. It only works if the date is in the same month I believe. Can anyone clarify this process?

My honest view to this, this is like when you register a bond. If it is before the 15th of the month, the first debit order will be taken on the next month. If it is after the 15th, the first debit order will be only in 2 months time.

 

[Kosmik]

True but sometimes you need a bit of extra in a month or two in the year.

No, you have larger problems then and need to look at your total debt. Your home loan should be the last thing you touch.

 

[ArmatageShanks]

No, you have larger problems then and need to look at your total debt. Your home loan should be the last thing you touch.

You know what I mean.

 

[bradonis]

I'm not saying there isn't repercussions to this ofcourse there would be as you are effectively skipping a payment, which has to be reconciled again. Hence me seeking clarity on exactly how this affects your term or interest. I noticed that the next debit was +- R200 more then it reverted to the normal amount the following month.

 

[pinball wizard]

Hi guys,

I have found that if you change your debit order date on your FNB home loan to a date earlier eg if you're debited on 2nd and change to 28th, the debit order will skip a month as FNB cannot debit twice in the same month. You get charged a bit of interest on the next installment and then it reverts back thereafter to the original amount debited. From what I understand you can do it every 3 months. I speak under correction, but If you want to skip a month again, using my example above, you would need to wait 3 months, change it to the 2nd, then wait another 3 months and change it back to 28th. It only works if the date is in the same month I believe. Can anyone clarify this process?

And you can use the extra cash to pay your DSTV Premium subscription. Win!!!!

 

[zerocool2009]

I'm not saying there isn't repercussions to this ofcourse there would be as you are effectively skipping a payment, which has to be reconciled again. Hence me seeking clarity on exactly how this affects your term or interest. I noticed that the next debit was +- R200 more then it reverted to the normal amount the following month.

So what is the question, why was the debit order more ? If you skip a debit order, interest are added for the month skipped and accordingly interest are added (worked out). But let me get the answer from the guru's

 

[zerocool2009]

Answer from the panel where your bond is :

"You are not penalised by changing a due date, however if you “skip” in terms of the fact that the bank cannot bill you more than once in the same month, it is advisable to at least just service the interest that you have paid the “skipped” period i.e. current due date 1st monthly and you want to change to 25th monthly. If your last due date was 1 February, you will only be billed again 25 March, so it is recommended that interim interest for the period is then paid into the homeloan account 25 February."

 

[bradonis]

Thanks for clarifying.

 

[zerocool2009]

Also take this into consideration, if you prepay your bond, taking money in and out (if you put more in vs less out), your debit order will also decrease EVERY MONTH !

 

[Ninja'd]

 

[deweyzeph]

Regardless of how many payments you skip interest will still be calculated and added to your account, so you are just delaying the inevitable. In the long run you it's costing you more because you will end up paying more interest because each skipped payment will delay the paying down of your capital amount and hence cost you more interest.

 

[My_King]

Do this if you love paying interest

 

[Recallza]

Also take this into consideration, if you prepay your bond, taking money in and out (if you put more in vs less out), your debit order will also decrease EVERY MONTH !

Only if you phone your bank, and allocate that extra money you've paid to your bond and then you ask them to recalculate your monthly payments.. AFAIK it doesn't happen automatically.

 

[deweyzeph]

Also take this into consideration, if you prepay your bond, taking money in and out (if you put more in vs less out), your debit order will also decrease EVERY MONTH !

With FNB this is not true. My debit order remains the same every month no matter how much excess money I put into my access bond. Not sure about the other banks though.

 

[3WA]

With FNB this is not true. My debit order remains the same every month no matter how much excess money I put into my access bond. Not sure about the other banks though.

They offer both options. I’m the same as you, but I had to phone in to set it like that.