Anne Marie
Registered User
- Messages
- 25
I work for a Major Irish Bank, and I find that the vast amount of people, are clue-less, in regards to the difference between the two.
Lads, there is a HUGE DIFFERENCE, between a Standing Order, and a DIRECT DEBIT. Inform yourselves, and use the knowledge to stop yourselves being ripped-off.
Here's my brief on this subject:....ONLY ever set up a Direct Debit, to say..the ESB, Bord Gais, Eircom, etc....as you will know, that every bill will be different. A Direct Debit, should ONLY be set up, to pay bills which will always be of a varied amount, and due payment on a flexible date.
NEVER...EVER...set up a DIRECT DEBIT...to say...a Landlord, a Charity, a new Phone/Cable TV/Loan Provider/Service Company/Sibling/ect ect. By setting up, and signing a Direct Debit Mandate Form, do you realise that you are giving your complete Bank Details to that Company/Person...plus...also giving them your FULL PERMISSION to delve into your Account, and take As Much as they like, Whenever they like??
Yeah, now you know, why most companies/people...will expressly ask for a Direct Debit to be set up to pay them!!!
Even when Companies, such as SKY TV, request a Direct Debit, use your own assertiveness, and insist on a Standing Order. Coz if you don't, that E24 Service you've signed up for, will soon become a E37 Direct Debit, and there is NO onus on the Company to inform you!!!!
A Standing Order, is an instruction to your Bank, that Exxx will be paid, on xxx day, on xx frequency, that YOU allow, to xxx. Not a cent more, not a cent less, and ONLY on the date/day that you want. There is NO handling over of your Bank details, and every price increase, MUST be notified to you, in writing, for your approval.
Always opt for the Standing Order payment option, where possible, to protect yourself. NEVER EVER set up a Direct Debit...on your front door, or on the street, no matter HOW pressured you are being made to feel, to do this. DON'T DO IT!!!!
I deal with people every day, who started off paying xx amount, in a Direct Debit, only to discover, they have actually paid up to 10 times that amount, and there is NOTHING they can do. Not a thing.
Stupidity never comes cheap.
Also, ALWAYS cancel a Direct Debit, immediately, you decide that payment should no longer be paid to ...whomever!!! Direct Debits have been known to be paid onto Bankrupt Companies for years, because people have been careless. And, when this happens, you will NOT recover a cent. Also, a Direct Debit, which has been inactive for years, can suddenly re-start again, once the payment is requested.
Standing Orders, which have been over-paid, can always have the over-payments re-claimed, instantly.
Every day, I deal, with frustrated, angry people, who can't understand, why, their accounts have gone into melt down. Then, you'll find that they've been paying E600 monthly, for the last xxx years, for a car/house/piano/etc.......when the Debt was closed, in say, 2002. Then, in lots of cases, the Company has ceased business yonks ago, and the money has been paid, since then, into some chancer's account. Which means there is NO hope of ever re-covering the money debited.
Don't let this happen to you. Knowledge IS power!!! Use it.
Lads, there is a HUGE DIFFERENCE, between a Standing Order, and a DIRECT DEBIT. Inform yourselves, and use the knowledge to stop yourselves being ripped-off.
Here's my brief on this subject:....ONLY ever set up a Direct Debit, to say..the ESB, Bord Gais, Eircom, etc....as you will know, that every bill will be different. A Direct Debit, should ONLY be set up, to pay bills which will always be of a varied amount, and due payment on a flexible date.
NEVER...EVER...set up a DIRECT DEBIT...to say...a Landlord, a Charity, a new Phone/Cable TV/Loan Provider/Service Company/Sibling/ect ect. By setting up, and signing a Direct Debit Mandate Form, do you realise that you are giving your complete Bank Details to that Company/Person...plus...also giving them your FULL PERMISSION to delve into your Account, and take As Much as they like, Whenever they like??
Yeah, now you know, why most companies/people...will expressly ask for a Direct Debit to be set up to pay them!!!
Even when Companies, such as SKY TV, request a Direct Debit, use your own assertiveness, and insist on a Standing Order. Coz if you don't, that E24 Service you've signed up for, will soon become a E37 Direct Debit, and there is NO onus on the Company to inform you!!!!
A Standing Order, is an instruction to your Bank, that Exxx will be paid, on xxx day, on xx frequency, that YOU allow, to xxx. Not a cent more, not a cent less, and ONLY on the date/day that you want. There is NO handling over of your Bank details, and every price increase, MUST be notified to you, in writing, for your approval.
Always opt for the Standing Order payment option, where possible, to protect yourself. NEVER EVER set up a Direct Debit...on your front door, or on the street, no matter HOW pressured you are being made to feel, to do this. DON'T DO IT!!!!
I deal with people every day, who started off paying xx amount, in a Direct Debit, only to discover, they have actually paid up to 10 times that amount, and there is NOTHING they can do. Not a thing.
Stupidity never comes cheap.
Also, ALWAYS cancel a Direct Debit, immediately, you decide that payment should no longer be paid to ...whomever!!! Direct Debits have been known to be paid onto Bankrupt Companies for years, because people have been careless. And, when this happens, you will NOT recover a cent. Also, a Direct Debit, which has been inactive for years, can suddenly re-start again, once the payment is requested.
Standing Orders, which have been over-paid, can always have the over-payments re-claimed, instantly.
Every day, I deal, with frustrated, angry people, who can't understand, why, their accounts have gone into melt down. Then, you'll find that they've been paying E600 monthly, for the last xxx years, for a car/house/piano/etc.......when the Debt was closed, in say, 2002. Then, in lots of cases, the Company has ceased business yonks ago, and the money has been paid, since then, into some chancer's account. Which means there is NO hope of ever re-covering the money debited.
Don't let this happen to you. Knowledge IS power!!! Use it.