HELP: Bank wont let us cancel a Direct Debit

never-in-doubt

td_007 wrote: »

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 to continue with the present arrangement

I've heard some banks that make it a condition of the loan that it is repaid from the current account with the issuing bank. In that, HSBC say in their terms that it should be paid by DD from a HSBC account.

Aegis

td_007 wrote: »

The direct debit scheme essentially allows the customer to cancel it anytime and therefore in theory the OP should be able it cancel it.

In theory, yes, however if they do this the question is what happens next. Worst case scenario is that the bank calls for immediate repayment of the loan if the direct debit isn't reinstated, which could easily be crippling.

OP: call the loans team and find out of they have alternate means of payment that suit you better.

view

Why do you want to change from DD? You can just set it up and forget about it (well, as long as you have money in your account that is). I think changing from DD may cause you issues if you forget to pay, or pay late etc..?