Steph j
 |
Why not ring and ask for a breakdown of what you have paid and any balance outstanding.
But yes you can cancel a DD at anytime, they will soon be onto you if you still owe though! |
|
Oracle Of Delphi
 |
The initial debt was probably £420, but then add on interest, fees, charges , whatever, and it could be any amount. You should contact them for a statement, find out the current situation. |
|
charterman
|
If you bank online you can cancel the DD without leaving the house. If you feel that you have settled the debt, then stop paying.
Write to the company asking for a balance and breakdown of all payments made. If there is anything left to pay it will be a piddling amount unless they are charging extortionate rates of interest.
According to my maths you have paid £520. An overpayment of £100. If the total debt you owed, including interest and cost was £420, they owe you £100. |
|
Ollie
|
I would cancel the direct debit for 2 years you have paid £520.I would write to them if you have not got the bank statements ask your branch for copies from the date you started paying HFO then reclaim all over payments.They have to pay you back all over payments & you are protected by direct debit.Good Luck |
|
Five D's
 |
You most certainly can stop the automatic payments. I suggest you contact your financial institution and complete the necessary steps to stop the payments. You should also request a statement to show all the payments that were madet to this particular creditor. |
|
margaret w
|
It is entirely possible that the debt is not paid off. You need to check whatever agreement you made, or ask for details.
You always have the right to cancel a direct debit - if the bank then pays you can reclaim from them. However HFO will not have been paid and you could increase your debt with them. |
|
den invent
|
yes you can cancel also you ask them direct for your money back they have to re credit you and also a thing called simple interest can be demanded in UK about 8% per month |
|
alatoruk
 |
the words "2 years, if not more" implies you have no idea how long you have been paying it, and therefore will have no idea if you have paid it off. I suggestyou talk to them about it, because you will find that defaulting on a repayment plan makes the whole debt plus additional charges fall due.
the original $420 might have included their cut, but they arenot going to let you have credit for nothing, so you might not have taken interest into account.
talk to them and get an up to date statement, so you know what you owe. |
|
chris_mizon@btinternet.com
|
The Direct Debit Guarantee gives you the ability to cancel the DD at any time you wish - simply contact your bank to instruct the cancellation.
However, if it is found that you actually do still owe money then the credit company will probably place a charge for no payment on your account - plus interest!!
If it were me, I would make sure that I was 100% certain that I had fully apid off the debt before cancelling the direct debit.
Hope this helps. |
|
SkUnKmOnKeY
 |
Just go into your bank and ask to cancel the direct debit. You can cancel these anytime you want. |
|
koifishlady
 |
make sure first that debt is paid in full. then write a quick note requesting that the direct debit be cancelled. you may need to pay a small fee as you may want to put a stop payment on the amount at your bank. |
|
dels replies
|
You should get a statement of your actual position from HFO services.Although you have paid more than the original amount owed it depends on which rate of interest you may have been charged.If a very high rate has been imposed you might find you still owe quite a bit. Don't cancel the direct debit yet, Get the figures first.If you feel you are being taken advantage of ,get some advice. |
|
Fipa
|
Yes, of course, if you in really paid all amount yes. If you over-paid they should reimburse you. |
|
FairyBlessed
|
You have absolute right to tell your bank or building society that you want to cancel a direct debit, and they have to by law cancel it at your request, it may need written request.
However if you are in debt, this will do nothing to get you out of debt. With direct debits, if a payment has been paid wrongly, the bank guarantees to give you the money back.
Credit cards charge interest, you were paying the debt in small amounts over a long period of time, the unpaid amount was always being charged interest.
You need to find out the balance you currently owe, if anything. I would suggest you do that before considering canceling the direct debit.
£5 per week for 2 years is £520, but with the high charges from credit cards, the total debt is likely to be more than that.
When companies let you have money on loan, they are in fact selling you money, so they want more money back from you than they lent you. |
|
Nj
|
Don't cancel it without checking the exact position of how much you have left to pay. Whilst you are able to cancel a direct debit at anytime it may be held against you if you have not cleared the full amount, you may even find you will incur additional charges. |
|
brian t
 |
I think you should see the citizens advice bureau for free face to face advice and help with any paperwork involved. |
|
jackie m
|
contact the bank to cancel it as you've paid around 520, contact HFO to find out if overpaid and if so you should be able to claim it back. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
