www.iva.co.uk

I am currently 3 years into an IVA and have always paid by Direct Debit, I have recently been sent a form to fill in to pay by Standing Order, could someone advise which is the best way to make my monthly payments as I am happy paying by Direct Debit but don't understand the differences

Thank you[?]

Try this link: http://www.fsb.org.uk/firstvoice/assets ... 06Edit.pdf

Its not a virus just a PDF file.
From what I believe there isn't much of a difference except that a standing order you control.

(Damn flood control)
15. What is the difference between a standing order and a direct debit?


A standing order is an instruction you give to your bank to pay a fixed amount to someone else on a regular basis. You can set up, amend and cancel standing orders through Intelligent Finance.
A direct debit gives someone else, usually a company, permission to take funds from your account in agreed amounts and at agreed intervals.

The mandate itself may not specify the amounts nor the agreed intervals. However, you are protected under the Direct Debit Guarantee Scheme which ensures that any amounts debited in error are refunded immediately.

Pay by standing order every time - in this way you control what goes out of your bank account rather than the payee.

I never knew the difference, thanks for asking/replying!

Even when she's on holiday Melanie still comes up trumps! Thanks Mel - now go relax, it will be Monday before you know it!

Companies that prefer you to use D/D often give you a discount for doing that though.

I think Rachel is referring to her IVA payment, and if that's the case then she definitely won't get a discount!

I pay mine by standing order.

I prefer a standing order as like Melanie says you're in control and can easily amend it x

MelanieGiles wrote:

Pay by standing order every time - in this way you control what goes out of your bank account rather than the payee.

She's a workaholic that one! [:D]

It's been raining all day here and I have been bored!

I paid my IPA by standing order and I'm pleased that I did as there was a disagreement about payments at the end. As it was a standing order I could just cancel it and not worry about it being reinstated.