Cancelling a direct debit- implications?

kitrat

I pay for a monthly bus pass by direct debit. I've been meaning to cancel it and am really annoyed with myself for not getting round to it and finding out how as I've now paid for a months worth of travel but I'm only going to be using one week of it, grr! It's hard to get in contact with them as they're only available to phone during my working hours.

I will contact the bus company to tell them I want to cancel asap, but I was wondering if it was ok to cancel the direct debit now (via online banking) to ensure I don't pay another month.

Will this have any negative consequences, like a charge from the bus company or my bank if they can't get hold of next months payment because I've cancelled the DD?

Sorry, I'm sure you can tell I'm clueless about how this all works! Thanks for any advice!

pinkdalek

You shouldn't incur a charge from your bank if you have cancelled it with them in time. The company may call for the funds however the bank would not honour the payment as you've cancelled it.

It's up to the company, technically even though you've cancelled the direct debit that does not mean you have cancelled the agreement with them. It is important you let them know as soon as possible. Can you not e-mail them or write to them. Surely you can phone them in your lunch break or depending on your job check if it's fine to call them during a "quiet" spell?

thatsean

Cancelling the payment doesn't cancel the service. You have to get in contact with the company to tell them that you aren't going to be using the service. Who knows, you might even get a refund if you surrender your pass!

kitrat

Thank you both!

InsideInsurance

As has been said, cancelling payment doesnt cancel the service. It will stop future payments however if they try and take another payment and find you've cancelled the DD they may well add missed payment fees etc to the debt you owe.

Cancelling the DD is a sensible secondary precaution, its not the way to terminate 99% of contracts