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
(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.
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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.
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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.