Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

Should I Cancel Direct Debits

Options
  • 24-02-2010 1:09pm
    #1
    SophieX
    Closed Accounts Posts: 25 ✭


    I've been a small sub-contractor for a number of years until work completely dried up. I have no income what so ever coming into the household and am not entitled to social welfare payments. I'm living off a small amount of money I have saved.

    The problem is I have quite a few debts which I am dealing with. I have wrote to all creditors telling them of my position and have offered a monthly payment that I can afford.

    They have all yet to agree to this new arrangement.

    Should I cancel the direct debits for these loans because when they go into my account for them; the bank is charging me a fee for every D/D that bounces and this is adding to the problem.

    I have every intention of paying these debts but need to lower the payments before things get worse.


Comments

  • Options
    #2
    NuMarvel
    Registered Users Posts: 3,279 ✭✭✭NuMarvel


    Cancelling the direct debits with your bank will stop the money leaving your account (or, at least, it should stop it), but it won't necessarily stop the cerditors from trying to debit your account in the first place. And in that scenario, you may still incur fees from the bank.

    If you do cancel the direct debits with the banks, make sure to write to your creditors as well and make it very clear that the debit instruction has now been cancelled and that you would appreciate that no further debits are attempted. But, as you've pointed out, also make it clear that you wish to honour the debts and would appreciate meeting them to make suitable arrangements.

    Alternatively, call round to the creditors' offices in person and try and sort out lower payments face to face.


  • Options
    #3
    Jet Black
    Registered Users Posts: 3,841 ✭✭✭Jet Black


    Letters are very easily misplaced or sent to the wrong person. You need to call any place you owe money to. Ask have they recieved your letter regarding the reduced payments.
    If you cancel the DD's you could be charged by the creditor for a missed payment and put on the icb.


Advertisement