Direct Debit Question?

Princey · 29 May 2006 at 00:15

I am currently paying my insurance in installments and the payment comes out on the 2nd of each month. Is it possible to change the date the payments comes out? Do I contact the bank or the insurance company? Also will there be a charge?

Kreeeee · 29 May 2006 at 00:24

Contact your bank to change standing orders, there is no charge.

Princey · 29 May 2006 at 00:24

Kreeeee said:
Contact your bank to change standing orders, there is no charge.

Cheers mate.

EDIT: Any idea on how much notice I would have to give?

bigred · 29 May 2006 at 00:28

Kreeeee said:
Contact your bank to change standing orders, there is no charge.

Thats for standing orders, rather than Direct Debits. Standing Orders are setup so a sum goes from one account to another every set time period, DD's are authorised then a company can request payment directly from your account on an agreed date.

Your insurance company may be able to change the date (who then inform your bank of the changes), although the organisation I used to work for didn't offer the option of changing payment dates as it cost them more to process direct debits around the start of each month when theres more DD's being processed. Around the 21st of each month is the cheapest for companies to process DD's IIRC.

So... in theory it's possible, but depends on the company your dealing with.

Alex

Rotty · 29 May 2006 at 00:28

if its a standing order contact the bank , for dd then contact the people who recieve the money

McDaniel · 29 May 2006 at 00:30

was just about to answer, but Rotty got it