Legal Question in Credit and Debt Law in Australia
credit agreement - direct debt
i entered a credit agreement on 8 july 2003. the agreement is to paid by direct debt from my bank account every month on the 7, except the first payment which stated on the contact that it was to paid the day after the commencement date of the agreement. this payment was taken out of my bank account a week later. due to this payment i have been charged bank fees of $30. i believed the payment should have been taken out on the 9 july 2003 and not a week later. i am wanting to know where i stand with this on a legal basis. can you help me please
1 Answer from Attorneys
Re: credit agreement - direct debt
without seeing the document you signed or knowing what the bank fee was (was it an honour fee?)this is a hard question to answer.
I suspect that the answer is that you are responsible for ensuring that there are sufficient funds in your account to meet the direct debit.
You are repsonsible for the payment, not the bank or the debiting entity - you are responsible for managing your account and seeing that funds are there to make the payment you have promised to make.
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