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New deal kicks in Jan 1st - does Direct Debit automatically increase?
Jimeji
Posts: 71 Forumite
Hi,
Moving to a new deal from Jan 1st, with new monthly payment roughly 300GBP higher than currently. Do I need to instruct the DD to increase, or will it automatically be increased?
Don't want to fall into arrears/have a penalty fee etc
Thanks
Moving to a new deal from Jan 1st, with new monthly payment roughly 300GBP higher than currently. Do I need to instruct the DD to increase, or will it automatically be increased?
Don't want to fall into arrears/have a penalty fee etc
Thanks
0
Comments
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Direct debits will automatically increase.0
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The point about direct debits is that you've authorised the payee to take whatever they ask the bank for. So no, you don't need to contact your bank.
Standing orders work the other way round, but you don't really get those for mortgages (or much else these days).0 -
Hi, whenever there's any variation to your direct debit payments, you should be informed at least ten days in advance, that is part of the Direct Debit guarantee - as per the link below. You can complain if that doesn't happen.
https://www.directdebit.co.uk/direct-debit-explained/direct-debit-guarantee/
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0
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