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Standing order V Direct Debit


snowy101
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Not sure if this is in the right section ... so apologies if not.

 

Can we as customers insist on a standing order as opposed to a DD.

I ask as i have recently been robbed by the DD system [ currently being dealt with by the Fos].

 

Surely we have the right to have tighter control over our own money? & if the SO is paid on time &

in full what is the problem?.

 

Middxx

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It is YOUR money and YOUR account you have an absolute right to make that decision.

 

Having said that, and, of course, I do not know the specifics of your query, many companies prefer a Direct Debit, some because the date/amount can vary, for instance some accounts are payable by the calendar month others, 13 times a year, so not date specific. There are also benefits to the account holder with a Direct Debit.

 

Other, less reputable companies like to get hold of your banking information for less than 'honest' reasons, it has been reported many times that 'allegedly' multiple payments, increased payments have been taken. This is the main reason why many people advising on CAG suggest Standing Orders as you give out much less information and we are, as you say, in complete charge of when payments are made.

Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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A direct debit and standing order are using the same account number and sort code.

 

The banks that offer either of these services can facilitate both. However the debt companies like Direct Debits so they can up the repayments by just notifying of the increase where as a Standing Order requires the account holder to increase and you have more control.

 

You can insist that you make payments via standing order or alternatively by sending a cheque or a payment monthly.

 

they would rather have a payment made than none at all.

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bdcarr[/left];3186054]A direct debit and standing order are using the same account number and sort code.

 

The banks that offer either of these services can facilitate both. However the debt companies like Direct Debits so they can up the repayments by just notifying of the increase where as a Standing Order requires the account holder to increase and you have more control.

 

You can insist that you make payments via standing order or alternatively by sending a cheque or a payment monthly.

 

they would rather have a payment made than none at all.

 

I was thinking more of payment to utilities providers, i don`t pay DCA`s a single penny:-D

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Hi middx

SO's are only good for fixed sums, DD's are used for payments whereby the amount varies each time eg Utilities/Phone

R

[sIGPIC][/sIGPIC] I asked them to wait whilst I got my Bank card :violin:

------------------------------------------------------------------------------------------

 

Information that may help if a CCA request is refused due to the lack of a signature . . http://www.consumeractiongroup.co.uk/forum/showthread.php?248863-Signature-demands-fight-back-possible-!&highlight=

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Hi midxx

 

Companies can set their own T&C when offering services (subject to law of course).

 

You don't have to accept them.

 

Many companies will only offer services if paid for by DD or offer a discount by DD payment (they would argue that their costs are lower).

 

There are however various fuel poverty campaigns against a DD requirement because it discriminates against folk who can't make DDs (because for example they've been totally screwed by the banking 'industry').

 

Is there a practical concern underlying your question, although the 'point of principle' is interesting?

 

Best wishes

 

vic

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Hi midc

 

Companies can set their own T&C when offering services (subject to law of course).

 

You don't have to accept them.

 

Many companies will only offer services if paid for by DD or offer a discount by DD payment (they would argue that their costs are lower).

 

There are however various fuel poverty campaigns against a DD requirement because it discriminates against folk who can't make DDs (because for example they've been totally screwed by the banking 'industry').

 

Is there a practical concern underlying your question, although the 'point of principle' is interesting?

 

Best wishes

 

vic

 

Hi Victoria

 

I have no practical concerns but do have a case currently active with the FOS regarding car insurance

[ i have a thread running in the insurance section of retail, "1st quote robbed me" ].

It was just a general question really, my time as a member on GAG has hardened my opinions & attitudes towards financial matters & consumer rights. I just feel i /we accept certain practices that have the balance of power & control of our monies tipped too far in the favour of financial & service providers.

 

Middx

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I totally agree Middx

 

Listening to Obama last night with another $1 trillion of QE2: hey, a trillion here a trillion there, soon we're talking real money.

 

There probably is a need for a more co-ordinated political lobbying approach but that has its own dangers.

 

For the minute, I'm happy that CAG helps turn anger (developed through practical suffering) into practical action that challenges these robber barons.

 

There wouldn't be so many guest appearances if we weren't having some effect.

 

Best wishes

 

vic

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