Money back?

Savvy_Sue

While we're being precise (as we should) it is not possible for the borrower to set up a direct debit to an individual's bank account. They should set up a Standing Order. 

Direct Debits are used by companies to collect money. There are very strict rules for setting them up and 'running' them, and they give the company the power to collect the money and to change the amount they're collecting. The company has access to your bank account details. No individual would be given the power to collect money in this way. 

A Standing Order, on the other hand, is set up by an individual and can be used to pay money to just about anybody or anything with a bank account on a regular basis. The power to change the amount is with the person making the payment, and the person / company receiving it has no power to change that amount. In the good old days, you would set up a standing order to a company (or charity) by sending a form with your name, address and bank account details to them, and they'd send it on to your bank. Now, the person wanting to pay money on a regular basis can just get the other party's bank account details and set it up online / by phone etc. 

Marvel1

pinkshoes said:

Scuf said:

I have borrowed the money last year ( December) and since September this year I keep telling him that I need those money. I even told him to give me £100 every month and he keeps saying "yes yes, I'll do". When I asked him why he hasn't transfer them, he keeps saying the same thing " yes yes, I will " 
One more thing, when I've done the transfer, as a reference I wrote "loan" - not sure if this helps.

Yes! That makes a HUGE difference.

You LOANED him the money (not borrowed - he is the one doing the borrowing).

Dear <friend's name>
On <date> I loaned you the sum of £XXX which you agreed to pay back by DATE. I would now like this money paying back as soon as possible, so please return the full balance of £XXX or set up a direct debit to repay in instalments by DATE otherwise I will have to take further action to retrieve the money. 

Give them 28 days to pay the money back. Have they got the money to pay you back?

Replace this with "standing order".