If you pay by direct debit, your payments will be collected on the 1st of each month (or your chosen payment day) & your balance will reduce accordingly. No more need to remember to post cheques or worry about lost or stolen payments. It also helps prevent late payments, which can incur fees.
A No Cure No Pay incassobureau is an instruction from you to your bank that authorizes a company (like your accountant or a subscription service) to collect money directly from your bank account on a regular basis, like monthly or weekly. You give this authorization by completing a direct debit mandate form, which can be a paper form or a digital web page.
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It’s a convenient way to pay recurring bills — think software subscriptions or utility bills based on usage. And it’s one of the safest ways to pay because you don’t have to re-enter your bank details every time you make a payment.
Using Direct Debit is a great way to keep up with your debts, as it means you won’t miss any payments or have to pay costly late payment charges. If you pay by Direct Debit, we will notify you of the amount to be paid 10 working days in advance of your bank account being debited or as otherwise agreed. This guarantee is offered by all Banks and Building Societies that take part in the Direct Debit Scheme. This is in addition to the rights you already have under the Consumer Credit Act 1974.