Standing orders and DD what's the difference?

amosworks

Why not setup a DD for the minimum amount and a SO also to pay it off at your own rate. They can't mess up the SO, which you can change at whim with your bank to suit your needs.

If they do mess up your DD, then the DD Guarantee says that you are entitled to a full and immediate refund from your bank. All banks have signed up to the DD scheme and have to offer the DD Guarantee.

TurnaroundSue

Hi - I think you'll find Ceri that even though if you do on-line banking at the weekend it shows on your account, the date beside it will be the date on the Monday and not the weekend - so in reality it isn't actually debited until the Monday! So for the purpose of calculating interest, you don't lose/are charged any for dates at the weekend! IFSWIM

Angel_Advisor

The difference between a direct debit & a standing order is:- a direct debit, you give the Company permission to debit your a/c, if there is a mistake, you are covered by the DD guarantee which means you can get a full refund pretty damn quick from the bank!!! With a Standing Order, it is an instruction you give to your bank, you have full control over it and can cancel it/suspend or amend it at any time. If you set up a Standing Order and the payment date falls on a weekend, it is taken on the next bank working day which is the Monday (or Tuesday if it is a bank holiday). Even though banks open now at the weekend, officially their working week is still Monday to Friday. With both DD's & So's, don't think you could pay the money in or make it available on the day as the money has to be there at the begining of the working day otherwise they will charge you!!!
Hope this helps!!!!!

Josie64

Angel_Advisor wrote:

The difference between a direct debit & a standing order is:- a direct debit, you give the Company permission to debit your a/c, if there is a mistake, you are covered by the DD guarantee which means you can get a full refund pretty damn quick from the bank!!! With a Standing Order, it is an instruction you give to your bank, you have full control over it and can cancel it/suspend or amend it at any time. If you set up a Standing Order and the payment date falls on a weekend, it is taken on the next bank working day which is the Monday (or Tuesday if it is a bank holiday). Even though banks open now at the weekend, officially their working week is still Monday to Friday. With both DD's & So's, don't think you could pay the money in or make it available on the day as the money has to be there at the begining of the working day otherwise they will charge you!!!
Hope this helps!!!!!

over the weekend , plucked up courage to check the bank account and realised that the mortgage due 3rd may was still listed as 530 a month but the other month (march) we paid the mortgage co ( GE Money) 100 to change to interest only , now 443 but in april they still took 530 and to stop them doing this again this month we cancelled d/debit but phoned them today (tues 2nd) and told them and paid the mortgage over the phone 443 but they say they are still going to try for the money again and that because the d/debit has been cancelled they say we will have to pay charges for an unpaid d/d!

but because the direct debit has been cancelled ( ie, does not exist) then how can they request money when its already been paid!!

would we be better paying by standing order , also we never signed any paperwork for this direct debit( how legal is that?) is was all done over the telephone
thanks for any advice

CLAPTON

there is a recent innovation called a Automated Direct Debit and Cancellation Service (AUDDIS).

it allows companies to set up DD's without written authority from you...to save you the trouble of having to fill in the forms of course.
so if you cancel a DD, the company can reinstate it..be very careful..


http://www.bacs.co.uk/BPSL/directdebit/businesses/directdebitproducts/