Romanov Stole My Pension Posted August 26, 2008 Share Posted August 26, 2008 I'm moving into a new flat next month and my mate is the landlord. In the contract he's given me he's asking for ?300 to be paid on the first of every month by direct debit and given his bank details. Is this the same as a standing order? Is the transfer automatic or would i need to choose 3/5/7 days before the first of every month? I'm really not clever with this stuff, any help would be appreciated big time:D Link to comment Share on other sites More sharing options...
coppercrutch Posted August 26, 2008 Share Posted August 26, 2008 Direct Debit is an instruction to allow someone else to receive payment from your account. A standing order is you making an agreement to make a regular payment out of your account. So if you fill in the form and send it to your bank you are giving his bank the authority to take that ?300 every month. You can cancel this pretty easy at any time though. I think. Link to comment Share on other sites More sharing options...
Dazo Posted August 26, 2008 Share Posted August 26, 2008 Better to use a standing order mate that way you control the payment amounts etc. The money will only get sent if you have the money in the account. That way you won't get any fees if repeated DD requests are made with no cash in the account. If you have online banking you should be able to set it up in seconds if not just pop into the branch. Link to comment Share on other sites More sharing options...
The Real Maroonblood Posted August 26, 2008 Share Posted August 26, 2008 I'm moving into a new flat next month and my mate is the landlord. In the contract he's given me he's asking for ?300 to be paid on the first of every month by direct debit and given his bank details. Is this the same as a standing order? Is the transfer automatic or would i need to choose 3/5/7 days before the first of every month? I'm really not clever with this stuff, any help would be appreciated big time:D I hope this helps as I found out myself cancelling is not quite straight forward as I thought. http://www.bacs.co.uk/BACS/Consumers/Direct+Debit/ Link to comment Share on other sites More sharing options...
Benny Factor Posted August 26, 2008 Share Posted August 26, 2008 Direct Debit is an instruction to allow someone else to receive payment from your account. A standing order is you making an agreement to make a regular payment out of your account. So if you fill in the form and send it to your bank you are giving his bank the authority to take that ?300 every month. You can cancel this pretty easy at any time though. I think. CC, if RSMP's mate has provided him with bank details, then it's a standing order. Meaning that the money is sent TO his landlord's bank, not TAKEN by it. Link to comment Share on other sites More sharing options...
Romanov Stole My Pension Posted August 26, 2008 Author Share Posted August 26, 2008 Ok thanks, does the process of standing orders take a few days or is it instantaneous? Link to comment Share on other sites More sharing options...
Rawrrrrrrr Posted August 26, 2008 Share Posted August 26, 2008 I hope this helps as I found out myself cancelling is not quite straight forward as I thought.http://www.bacs.co.uk/BACS/Consumers/Direct+Debit/ I think the misconception is that there are a lot of scammers - and im not saying you are - who see cancelling a DD as a way out of a binding contract then start crying when there chased for the contract with penalty charges etc added on top Link to comment Share on other sites More sharing options...
Benny Factor Posted August 26, 2008 Share Posted August 26, 2008 Ok thanks, does the process of standing orders take a few days or is it instantaneous? Most banks normally take anything from 3-5 business days to set up. What bank are you with and is it the first of each month he's looking for payment? Link to comment Share on other sites More sharing options...
coppercrutch Posted August 26, 2008 Share Posted August 26, 2008 CC, if RSMP's mate has provided him with bank details, then it's a standing order. Meaning that the money is sent TO his landlord's bank, not TAKEN by it. Well he shouldn't have said 'direct debit' then. And that's why I said 'I think' Confusing stuff this banking malarky. Link to comment Share on other sites More sharing options...
Romanov Stole My Pension Posted August 26, 2008 Author Share Posted August 26, 2008 Most banks normally take anything from 3-5 business days to set up. What bank are you with and is it the first of each month he's looking for payment? Bank of Scotland, I've not got the contract in front of me but I'm pretty sure the wording of it implies that he wants to recieve it on the 1st of every month. Link to comment Share on other sites More sharing options...
The Real Maroonblood Posted August 26, 2008 Share Posted August 26, 2008 I think the misconception is that there are a lot of scammers - and im not saying you are - who see cancelling a DD as a way out of a binding contract then start crying when there chased for the contract with penalty charges etc added on top I understand what you are saying. I wont name the company but I changed my power supplier and cancelled my present one but they kindly started withdrawing again. Which really hacked me off. I asked the bank about this and they said that can happen. Link to comment Share on other sites More sharing options...
coppercrutch Posted August 26, 2008 Share Posted August 26, 2008 Bank of Scotland, I've not got the contract in front of me but I'm pretty sure the wording of it implies that he wants to recieve it on the 1st of every month. If his next question is about your account number be very careful.... Link to comment Share on other sites More sharing options...
Rawrrrrrrr Posted August 26, 2008 Share Posted August 26, 2008 I understand what you are saying. I wont name the company but I changed my power supplier and cancelled my present one but they kindly started withdrawing again. Which really hacked me off. I asked the bank about this and they said that can happen. A DD cant just be reinstated, thus you should have called your bank and invoked the DD guarentee and told them to dispute the legitimacy of DD mandate with BACS Link to comment Share on other sites More sharing options...
The Real Maroonblood Posted August 26, 2008 Share Posted August 26, 2008 A DD cant just be reinstated, thus you should have called your bank and invoked the DD guarentee and told them to dispute the legitimacy of DD mandate with BACS Noted for future reference. Cheers. Link to comment Share on other sites More sharing options...
Benny Factor Posted August 26, 2008 Share Posted August 26, 2008 Bank of Scotland, I've not got the contract in front of me but I'm pretty sure the wording of it implies that he wants to recieve it on the 1st of every month. A direct debit can be set up with the Bank of Scotland so that it starts leaving the account the following business day. Payments normally take three business days to go through. You would have to take the "three business day rule" into account when deciding what date you wanted it leaving your account. Link to comment Share on other sites More sharing options...
Rawrrrrrrr Posted August 26, 2008 Share Posted August 26, 2008 A direct debit can be set up with the Bank of Scotland so that it starts leaving the account the following business day. Payments normally take three business days to go through. You would have to take the "three business day rule" into account when deciding what date you wanted it leaving your account. WRONG Link to comment Share on other sites More sharing options...
Benny Factor Posted August 26, 2008 Share Posted August 26, 2008 WRONG Do you work in a branch of the Bank of Scotland, Prancer?? Link to comment Share on other sites More sharing options...
Rawrrrrrrr Posted August 26, 2008 Share Posted August 26, 2008 Do you work in a branch of the Bank of Scotland, Prancer?? No, but it is 100% incorrect that a customer can just set up a DD. DD Mandates must be implemented by the supplier once suitable paperwork is put in place. there are also 100's of other rules that must be followed by the supplier. What is being referred to is a standing order, and furthermore the faster payments system means that it will likely take less than 3 days now Link to comment Share on other sites More sharing options...
Benny Factor Posted August 26, 2008 Share Posted August 26, 2008 No, but it is 100% incorrect that a customer can just set up a DD. DD Mandates must be implemented by the supplier once suitable paperwork is put in place. there are also 100's of other rules that must be followed by the supplier. What is being referred to is a standing order, and furthermore the faster payments system means that it will likely take less than 3 days now My mistake, mate. I just read back to my post. Standing order is what i meant. Link to comment Share on other sites More sharing options...
Romanov Stole My Pension Posted August 26, 2008 Author Share Posted August 26, 2008 Ok thanks everyone, so just to confirm, I'm talking about a standing order and i should set it for 3 days before the 1st of every month. That'll get very confusing when i take into consideration february only having 28 days AND the possibility of the 1st being at the weekend. Aaaaaahh, i'll just ask my mate if it's orite to make the standing order LEAVE my account on the 1st of every month Link to comment Share on other sites More sharing options...
Benny Factor Posted August 26, 2008 Share Posted August 26, 2008 Ok thanks everyone, so just to confirm, I'm talking about a standing order and i should set it for 3 days before the 1st of every month. That'll get very confusing when i take into consideration february only having 28 days AND the possibility of the 1st being at the weekend. Aaaaaahh, i'll just ask my mate if it's orite to make the standing order LEAVE my account on the 1st of every month Standing orders are a pain, mate.... unless you have that element of flexibility with the payee. Taking into account weekends and bank holidays, you'd be best to check a calendar to get the best day of the month for it leave. I'm sure your mate will be fine with your suggestion though. Link to comment Share on other sites More sharing options...
CAT Posted August 27, 2008 Share Posted August 27, 2008 Letwise can give you any help or advice http://www.edinburgh.gov.uk/internet/housing/private_tenants_and_home_owners/CEC_letwise Link to comment Share on other sites More sharing options...
NavaarHearts Posted August 27, 2008 Share Posted August 27, 2008 Flat I rent out, I asked for it on the 1st of the month by D\D. If it is the same bank say RBS to RBS it should happen on the same day. However, if it is differing banks it will take 3 working days to appear in his account. Link to comment Share on other sites More sharing options...
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