Why has my direct debit been cancelled?

Only you or your bank can cancel a direct debit – so if yours has been cancelled, and it wasn’t you, it’s likely to be due to your bank. In this instance, you will need to contact your bank to find out what the issue is and ask if they can reinstate the direct debit.

What happens if my direct debit isn’t reinstated?

If you continually miss direct debit payments, your debt may be passed onto a debt collection agency. Should this happen, your credit score may be affected which may affect your ability to take out loans or other financial services in the future.

If you miss direct debits for your insurance, your policy may also be cancelled and you may be charged a cancellation fee as well as costs for your time on cover. You will also lose any no claims discount you may have built up during your policy, meaning your no claims discount will revert to the amount it was before you began your WiseDriving policy.

This is why it’s important to make sure your direct debit is coming out correctly and contact us if there is a problem, so that any further issues with your policy or payment can be avoided where possible.

 

Keywords: payment, instalment, installment, pay, bank, debit card, credit card

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