Direct debit unique mandate reference / using the same mandate for multiple DDs

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
3 replies 1.2K views
ClareVSClareVS Forumite
1 Post
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi. Can anyone tell me if there should be a unique direct debit mandate for each insurance/investment policy or can the same mandate be used for each policy with a provider. I have an issue where an insurance company have been claiming for two different policies on the same mandate and the reference on the direct debit list (as it is now shown on the bank statement) is only for one of the policies.

Any help especially direction to the relevant direct debit regulations is appreciated.

Replies

  • colstencolsten Forumite
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    If an unauthorised DD was taken from your account, you have a right to an immediate refund. I would be careful with any refund request though as it is likely to invalidate your insurance cover.

    Direct Debits explained: https://www.directdebit.co.uk/Pages/Home.aspx
  • dunstonhdunstonh Forumite
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    Can anyone tell me if there should be a unique direct debit mandate for each insurance/investment policy or can the same mandate be used for each policy with a provider.

    The same mandate can be used for multiple accounts with that provider.
    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.
  • masonicmasonic Forumite
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    If you want separate mandates, then you could pay for the policies using different bank accounts.
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