Changing amount paid on direct debit

tuisginideach · 16-09-2011 06:15PM #1

Do banks not have to let us know when they are changing (usually increasing) the amount taken on a mortgage paid by direct debit?

Pablo Sanchez · 16-09-2011 06:57PM

No, direct debits are variable amounts eg mortgage, electricity. phone etc. Standing orders (do they still do these?) would be for a fixed amount.

amdublin · 16-09-2011 06:58PM

Pablo Sanchez wrote: »

No, direct debits are variable amounts eg mortgage, electricity. phone etc. Standing orders (do they still do these?) would be for a fixed amount.

God yeah standing orders are still very commonplace

tuisginideach · 16-09-2011 07:28PM

Yes I understand that DD is for a variable amount but if my tv provider etc alerts me when the monthly payment changes, why does the bank not do the same?

Pablo Sanchez · 16-09-2011 07:33PM

Your bank should have written to you if your rate changed, say due to ECB rate changes, check with them, make sure they sent it. Post dosnt arrive sometimes.

dotsman · 16-09-2011 07:38PM

tuisginideach wrote: »

Yes I understand that DD is for a variable amount but if my tv provider etc alerts me when the monthly payment changes, why does the bank not do the same?

My understanding is because their variable rates are published (newspapers/online etc). Therefore, you can determine what the amount will be. Other bills (electricity/gas/telephone etc) are different as they have to inform you what they are charging for (ie, the number of units of electricity/minutes of telephone usage etc)

tuisginideach · 16-09-2011 08:23PM

dotsman wrote: »

My understanding is because their variable rates are published (newspapers/online etc). Therefore, you can determine what the amount will be.

Yes, I wondered was that how they got away with it. Thanks

homer911 · 16-09-2011 11:17PM

I understand the rules have changed recently and every customer has now to be written to. An ad in a paper is not sufficient. Banks now have to say how much the repayment is changing by

tuisginideach · 16-09-2011 11:29PM

Any chance you know when that came in and where I can check it up? Someone else did tell me that the Office of the Financial Regulator told them the bank had to notify you when changing amount but I need to have that proof for myself. Thanks

Changing amount paid on direct debit

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