Stopping Direct Debits...

NeoVR2k6

Can anyone tell me what effect stopping one DD would have on my account/credit rating..

i know it would probably mean a mark against me on my credit record, but can banks stop this happening if i speak to them?


Problem is ive got a DD thats due in a couple of days thats far far more than it should be.. and its going to cause chaos, send me overdrawn and then make other stuff bounce because of it. i can borrow the money to cover it, but i doubt it would get to my account in time.

oldwiring

//Problem is ive got a DD thats due in a couple of days thats far far more than it should be.// Surely if the whole amount to be debited is not due, you have every right to give orders not to pay to your bank, or do you mean someting else by your words?

sgx.saint

A direct debit in itself does not have any bearing on your credit rating. So if you cancelled a Direct Debit, this would not show up on any credit file.

It would be the company to whom the Direct Debit was owed to that would mark a (1) on your credit file as they would not have received payment. But thats only true to companies whom you signed a credit agreement with.

The only time afaik that your bank account would show issues on your credit file is if you were in breach of its conditions i.e. prolonged overlimit on your overdraft with no sign of repayment.

Also as 'oldwiring' mentions, if the amount to be debited is too large and not the correct amount. Under the direct debit guarantee the bank have to refund you themselves and of course any charges you incurr if the originally amount debited was incorrect.

As far as I am aware I am correct in what I have said, but I am sure if I have made any mistakes someone will be quick to point them out

SalsaDanca

If the direct debit is a credit card payment, they will hit you with a non-payment charge if you cancel the direct debit.

NeoVR2k6

Its ok.. sorted it.

Turns out cahoot havent put a DD through this month *dispite* what the interweb banking says... muppets :mad: