direct debits

kdowling

hey,
does anyone know, if you sign up for a year long direct debit and cancel it in writing half way through can a company say they will not accept this because you agreed to make payments for a year?

also can you just cancel from your own end through your bank?
can this effect your credit rating?

drunkmonkey

It could only effect your credit raiting if you default after entering into a contract and it goes to court.

If you entered a contract for 12mts and cancel the dd after 6mts you still owe for the renaming 6mts.

Most companies will let you pay in numerous ways, such as laser, bank lodgement etc.

If you miss a direct debit due to lack of funds in you account that's a black mark if your going for a loan but it usually doesn't matter after 3mts have passed.

Just ask the company your in contract with what alternative payment methods they will accept and get it changed to something that suits.

You can cancel a dd at any time through your own bank.

ejmaztec

kdowling wrote: »

hey,
does anyone know, if you sign up for a year long direct debit and cancel it in writing half way through can a company say they will not accept this because you agreed to make payments for a year?

also can you just cancel from your own end through your bank?
can this effect your credit rating?

It depends on the terms of the contract. If it's for a mobile phone contract for example, there would be a penalty clause for pulling out early.

dudara

Moved to Banking & Insurance & Pensions

dudara