Direct Debits

ShootTheMessenger

Hi,

I was wondering if you can help,

I am due some refunds on car insurance over payments (their mistake not mine).

I recieved all the paperwork last week but I am wondering how long it will take to direct debit back to my bank account.

Anyone have any ideas?

coolesticeking

Have you requested a Refund from the Bank under the Direct Debit Guarantee or is the company going to send the Payment via BACS or as a Credit back to a Card?

If its by Direct Debit, in most cases this is Instant but it can sometimes take until the Morning to be reflected in your Account.

ShootTheMessenger

Basically, I called up to get my NCB letter and correct an error and the guy told me I was due a refund because I had overpaid my premiums. There are 3 refunds across different years of my policy.

He told me I didn't need to do anything and that it would be 3-5 (Working)days to show in my account.

They re-issued the previous paperwork to show "refund via direct debit" but I still don't have it. It's been 7 working days.

In one of the letters there was a DD mandate form but it it was a debit one and I wasn't sure if this was part of the usual paperwork or whether I needed to fill it in.

Cheers

coolesticeking

If they said 3/5 Days it sounds like they are remitting this via BACS.

I would chase them on it to be honest, you could always contact your Bank via Telephone Banking if you have access to see if any Payments are Pending due to be Paid.

ShootTheMessenger

Cheers, its just its £700 which I'm very much looking forward to paying off a credit card before the statements come in.

I'll check tomorrow and then give both the bank and the insurance company a call!

coolesticeking

Like most companies they seem to love to take the money from us, but when it comes to refunds then keep it as long as possible!

Forgot to say if it was last week when they said they would refund, to exclude Saturday & Sunday with these being non-banking days.

Sounds a nice amount indeed :beer: Hope you manage to pull it off!

ERICS_MUM

ShootTheMessenger wrote: »

Basically, I called up to get my NCB letter and correct an error and the guy told me I was due a refund because I had overpaid my premiums. There are 3 refunds across different years of my policy.

He told me I didn't need to do anything and that it would be 3-5 (Working)days to show in my account.

They re-issued the previous paperwork to show "refund via direct debit" but I still don't have it. It's been 7 working days.

In one of the letters there was a DD mandate form but it it was a debit one and I wasn't sure if this was part of the usual paperwork or whether I needed to fill it in.

Cheers

ah, it depends when they get around to processing it :mad:. I had a similar problem where the company told me 3/5 days, what they didn't tell me was that it took 2 days to get the instructions to their accounts dept and that the accounts dept had a 1 week backlog! :eek: It took nearly 3 weeks to get the refund on my account, but it was only in the banking system for a couple of days.

Chase them up. Good luck

Linda

david39

If the insurance company said they would refund it by Direct Debit, surely that means that you need to Direct Debit them and that was what the form was for that they sent to you.

It sounds as though you and they are talking at cross purposes. Individual private customers don't direct debit people - they don't have the authority to do so, but maybe the form they sent you gave your bank the authority to take a single payment from them for the due sum on your behalf.

Have another look at the form that was sent to you and if that doesn't clear the matter up, talk to the insurance company again and ask them to explain the procedure that will get the money into your account and what you need to do (if anything) to get it rolling.

Mikeyorks

There's no such thing as a refund via DD. The only way they could do that is via reducing subsequent payments to give you credit - and £700 sounds a bit excessive to do it that way.

But as they have your Bank data on file with the DD data - expect it via BACS at worst or FP at best.

ShootTheMessenger

They can't reduce the payments as the insurance policy is now finished.

The forms I have received do say they will refund it via Direct debit but I take your points about it being via BACS.

They have all my bank account details as I previously paid my premiums via DD.

I will wait until tomorrow when I have a chance to access my telephone banking and then if the payment isn't pending then I will call the priovider.

Mikeyorks

ShootTheMessenger wrote: »

The forms I have received do say they will refund it via Direct debit .

I'm surprised an insurance company would say that - as it can't be done. Are you sure it doesn't say 'Direct Credit'? Which is a BACS system used for paying salaries primarily - and which large companies also use to pay supplier bills and make refunds. From BACS :-

Bacs Direct Credit is mainly used for paying wages and salaries - in fact over 90% of the UK work force is paid via Direct Credit. However. Bacs Direct Credit can be used for a wide variety of other applications. Over 150,000 organisations use Bacs Direct Credit for supplier payments, pensions, employee expenses, insurance settlements, dividends and refunds. The Department for Work and Pensions pay the majority of their benefits this way.