Direct Debits: What Are They And How To Set One Up

What Is A Direct Debit?

A direct debit happens automatically, without you having to do any work. Instead of reaching out to the billing company, you can give them permission to take the money themselves. This will happen on a certain date, so you can get ready in plenty of time. Direct debits are popular for the following payments:

• Utility bills
• Subscriptions
• Mortgage
• Car finance

Benefits Of Using Direct Debit

1. Convenience: Once set up, payments are done for you. You can put your feet up knowing it's all sorted.
2. Timesaving: No need to remember multiple payment deadlines or write checks.
3. Flexibility: You can choose the payment date that suits you best.

How To Set Up A Direct Debit

At Marsh Finance, you will first need to give us a call, and we will talk about your options. Following this call, we will send you a Direct Debit Mandate: this asks for your bank account details and gives us the power to take payments out.

Once the mandate is processed, you’ll receive a confirmation from your bank. This will give you details of the payment schedule and the amount to be debited.

Managing Your Direct Debits

You can view and manage direct debits via online banking, or directly in your banks branch.

If you need to change payment dates, you will need to contact Marsh Finance to do so.

Setting up a direct debit can simplify your financial life, ensuring that your payments are made on time, every time. For more information or assistance in setting up a direct debit for your car finance payments, feel free to contact our team. We’re here to help!