Monthly Payments
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on 01-01-2010 13:35
There are 3 different ways of setting up regular payments :
Standing Order
This is set up by you with your bank to make a fixed payment at agreed intervals and can be cancelled at any time by you. Some financial institutions may require this in writing but can also be done by phone or by on line banking.
Direct Debit
Most companies (Originators) require this method of payment where the monthly charge is variable and the Originator is authorised by you to take that amount at an agreed date each month. Authorisation is made by mandate which either you or the Originator send to your bank. The direct debit is covered by a guarantee which all originators are legally bound by. Some of the main points are :
The Originator must advise you in advance of any change in the terms or date of your payment
If your bank or the Originator make a mistake with reference to your payment, you are guaranteed a full and immediate repayment of the amount paid back into your bank/building society account. Do not accept being told that the repayment will take 10 to 14 days. In terms of a direct debit the key words are immediate and full repayment.
You can cancel a direct debit at any time either in writing to your bank or building society or again by on line banking. You cannot do this by telephone.
Be aware however, if you cancel the direct debit when outstanding monies are owing, this may affect your credit rating as the Originator is bound to update your credit file and this may well have a major bearing on future loans/mortgages or contracts.
Recurring Payments
These are set up by giving the Originator your Debit or Credit Card Number instead of your Sort Code and Account Number and authorise the Originator to take payment each month.
Please be aware - never, ever set up a payment using this method - you cannot cancel these payments. This can only be done by the Originator and can involve lengthy and time consuming problems getting them to cancel your payments and to refund any agreed over-payments/fees.
I hope this may be of some benefit to any of our forum members.
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on 17-11-2011 19:15
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on 17-11-2011 19:15
on 24-04-2013 17:39
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on 24-04-2013 17:39
i currently pay by direct debit,but dates my money goes into my account are no longer specific,i therefore have ended up with bank charges when the money hasnt been available..can i stop my direct debit and pay at a post office instead??
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on 24-04-2013 17:40
Not sure about a post office but you can pay with a credit or debit card or by cheque
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on 24-04-2013 17:42
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on 24-04-2013 17:42
The payment methods without a direct debit are here:
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on 27-08-2013 04:55
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on 27-08-2013 04:55
on 27-08-2013 04:59
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on 27-08-2013 04:59
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on 27-08-2013 10:55
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on 27-08-2013 10:55
O2 don't charge any extra for not setting up a direct debit. There are no extra fees for paying your account by other means. Direct debits are just a more convenient way for most people to pay without the hassle of remembering each month.
Only downside is that some people never even look at their bill and extra charges outside their allowance are often overlooked for months.
Whichever means you choose to pay by, you should always make a point of checking your bill.
Hope this helps.
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on 02-05-2021 15:58
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on 02-05-2021 16:04
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on 02-05-2021 16:04
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