Cancelling direct debits

[Rob]

When I took out my mortgage it came with 2 months free contents insurance which I dont need but I just had to cancel at the end of two months.

Anyway i forgot and lost £30. Its on my list of DD. Can I just cancel it?

Will they just cancel my policy or will they come chasing my for the money?

 

[clevertrevor]

http://www.bacs.co.uk/Bacs/Consumers/DirectDebit/HelpCentre/Pages/CancellingPayments.aspx

hope this helps.

 

[RedHerring2]

To clarify, you can just cancel it with your bank, but I suspect the insurance will chase you for any money due 'cos usually contracts of this nature must be cancelled by instructing the insurance organisation to cancel it, and often people forget or only cancel it with their bank so the insurance make a bit extra.

 

[big-all]

i do my banking on line with lloyds tsb and can cancel my own d/d w
by clicking on the relivent d/d an typing my password

just cancel your direct debit and ask them for your money back explaining the money left your account 3 days early

 

[clevertrevor]

i do my banking on line with lloyds tsb and can cancel my own d/d w
by clicking on the relivent d/d an typing my password

just cancel your direct debit and ask them for your money back explaining the money left your account 3 days early

This will only cancel the DD at the bank end, not with the company who you are paying, who, unless they have a crystal ball, will be unaware that you have cancelled the DD and will attempt to collect payment on the due date.

 

[ColJack]

what's the flip side to this?
I cancelled my contractor insurance on the 8th but left my wallet at work so I was unable to go online and cancel my DD until the evening of the 9th ( stupid pin sentry needs a card.. ), but the payment had already left the account..

 

[clevertrevor]

I expect 1 days notice isnt enough, the payment will have been requested from your bank electronically days before it was due. Though you could ask your insurer for a refund. Good Luck, they usually have lots of get out clauses, and you may end up owing them more money anyway, especially if you cancelled mid way through the policy.

 

[SALL2009]

When I took out my mortgage it came with 2 months free contents insurance which I dont need but I just had to cancel at the end of two months.

Anyway i forgot and lost £30. Its on my list of DD. Can I just cancel it?

Will they just cancel my policy or will they come chasing my for the money?

Best option is to call the insurance company and cancel the policy. Once payments have stopped, you can then cancel the DD from your bank.

By not cancelling the policy after the 2 month free period, you have effectively started a contract with the insurance company. If you now cancel the DD, the insurance company with chase you for they payments and your credit file will have late or unpaid bills marked on it. This will affect you getting another mortgage in future.

The whole point of the free trials is that the companies are relying on you forgetting to cancel.

Read the terms of what happens if you don’t cancel within a certain period.

 

[big-all]

i do my banking on line with lloyds tsb and can cancel my own d/d w
by clicking on the relivent d/d an typing my password

just cancel your direct debit and ask them for your money back explaining the money left your account 3 days early

This will only cancel the DD at the bank end, not with the company who you are paying, who, unless they have a crystal ball, will be unaware that you have cancelled the DD and will attempt to collect payment on the due date.

ok if it didnt read properly the " ask them for your money back explaining the money left your account 3 days early " was aimed at the insurance company when you cancel and its your explanation why it happened

in general my explanations are over complicated so i have tried to simplify them