We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
HELP: Bank wont let us cancel a Direct Debit
Pookieboo
Posts: 7 Forumite
My partner has just rung his bank to cancel a DD - his loan repayments to the bank, obviously we will pay by other means.
They said it was part of the terms and conditions of the loan.
Can they do this?
I dont think it said anything in the T&C
They said it was part of the terms and conditions of the loan.
Can they do this?
I dont think it said anything in the T&C
0
Comments
-
If its in the T&C's they can.0
-
It doesnt say anything in the terms and conditions, just read it about 5 times.0
-
Are you sure it's a direct debit and not a 'direct transfer' made internally within the bank?0
-
Definately a Direct Debit.0
-
Ask them to tell you were in t&c's it says this0
-
My partner has just rung his bank to cancel a DD - his loan repayments to the bank, obviously we will pay by other means.
They said it was part of the terms and conditions of the loan.
Can they do this?
I dont think it said anything in the T&C
Look again it certainly will be in the T&Cs.0 -
Are you calling the loan department or the current account department? The current account people should be able to cancel any direct debit. Why not do it yourself online?0
-
Direct debits for loans "in house" can be refused to be cancelled by the bank. Back in my banking days we used to mark those mandates or payments (as some were not direct debits - personal loans for example) with a red "S" to prevent them from being cancelled.
Is it actually a direct debit or an internal transfer?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
glider3560 wrote: »Are you calling the loan department or the current account department? The current account people should be able to cancel any direct debit. Why not do it yourself online?
i wouldnt recommend doing this (if it lets you) until you have verified it as will cause you problems0 -
The direct debit scheme essentially allows the customer to cancel it anytime and therefore in theory the OP should be able it cancel it.
The question is about the terms of the loan -
- if requires to be repaid via direct debit then any direct debit should do (but not standing order etc.)
- if it requires to be repaid via direct debit for e.g. from a linked account such as your current account then you have little choice but to continue with the present arrangement0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards