If you’ve yet to discover the advantages of making your regular payments via Direct Debit collection, you’re missing out on all kinds of benefits the scheme offers. Millions of people around the world set up Direct Debit to send their payments to the relevant business on a pre-agree date, leaving them free to get on with things in the knowledge that their payments are set to go and taken care of.
More often than not, you’ll set up your Direct Debit with the company in question and things will run smoothly until you need to make a change or cancel it, but in the event that they need to alter the agreement, they’re obliged to give you around ten working days’ warning. You’ll also find that any money taken from your bank account as a Direct Debit will show on your bank records with a DD beside it, and that makes it easy to scan through each month and double check where your money’s gone and how much you’re spending.
One of the biggest advantages is that you’re in charge, you’ll be able to choose the best date for you to make your payment and then set the Debit to leave on the same date each period. For example, many people choose for their main outgoings such as bills to be taken from their accounts just after they get paid, and that means they can feel confident that they’ll have plenty of money to cover the payment and they can easily tell how much money they have left for the month.
What about when things go wrong? It’s unlikely, but if there’s ever a problem with your Direct Debit, you’ll be covered by the Direct Debit Guarantee. That means it’s up to your bank or your building society to refund you your money immediately and then deal with the problem, so you won’t be left out of pocket.