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Worried direct debit insufficient funds

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  • 30-06-2020 5:27pm
    #1
    Rainbow1110
    Registered Users Posts: 3 ✭


    I just realised I have a direct debit coming out tomorrow with axa but I have insufficient funds for a couple of days due to change date for wages. Will my policy be cancelled if a couple days late?


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    #2
    davo2001
    Registered Users Posts: 3,317 ✭✭✭davo2001


    Rainbow1110 wrote: »
    I just realised I have a direct debit coming out tomorrow with axa but I have insufficient funds for a couple of days due to change date for wages. Will my policy be cancelled if a couple days late?

    No, if the first DD fails then they will attempt payment again in a few days.


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    #3
    Rainbow1110
    Registered Users Posts: 3 ✭Rainbow1110


    davo2001 wrote: »
    No, if the first DD fails then they will attempt payment again in a few days.

    Is that automatically with every company? It doesnt specifically say on their site. My contract says they have a right to cancel policy if payment isnt made.


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    #4
    seagull
    Registered Users Posts: 2,340 ✭✭✭seagull


    It might be worth giving them a call to let them know. You could ask them to change the date that it's due to go out on in the future.


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    #5
    Eggs For Dinner
    Registered Users Posts: 2,944 ✭✭✭Eggs For Dinner


    A failed direct debit cannot cancel a policy. It allows an insurer invoke the cancellation clause under the policy, which is effectively giving 7/10 days notice of when cover will end. Contact them before it gets to that point and you should be OK


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