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Can I cancel my Direct Debit Authority

You can cancel your Direct Debit Authority at any time. However, your contract requires you to provide an alternative DDR authority before doing so. If you fail to do this, you will be in default of your contract, and here’s why.

IT IS A REQUIREMENT OF YOUR CONTRACT

When you signed your loan or payment plan agreement, you agreed that all repayments would be made using the approved Direct Debit Request (DDR) authority you supplied when your loan was activated. This means: 

  • Your scheduled payments are automatically withdrawn from your chosen bank account on the specified dates.

  • You agreed to ensure there are enough cleared funds in your account for each withdrawal.

  • You agreed not cancel, suspend, or change the DDR authority without first providing us with a new DDR authority.

AVOID BEING IN DEFAULT OF YOUR CONTRACT

If you need to change your bank account details, before cancelling your existing DDR authority, you must:

  1. Provide us with the new account details by completing and signing a new DDR authority

  2. Receive confirmation from us that the new authority is active

This ensures there is no interruption to your repayment obligations and prevents you from unintentionally defaulting on your contract.

You can find the form to update your bank details HERE.

Alternatively, if you'd like to pay with a debit or credit card, click HERE.

IMPORTANT

Cancelling or interfering with the DDR authority without first submitting a new Direct Debit Authority to us constitutes a serious default of your loan agreement.

If you are in default on your contract with us:

  • You still owe us the money - the DDR is just a payment method. Cancelling it does not eliminate your debt or change the terms of your loan; you are still responsible for paying us.

  • Your arrears are growing - as we are unable to deduct payment, your account is continuing to go further into arrears.

  • Penalty Interest - as you are in default, penalty interest is now applied to your loan

  • Cancelling your loan - we may cancel your loan and demand the repayment of the outstanding balance in full immediately

  • Loss of property - you may lose any property you have provided as security for this loan

  • Impact your credit file - if this continues, it will have a severe impact on your credit score and affect your ability to borrow

  • Legal action - failure to address this issue will result in your account being referred for legal proceedings. This will increase the debt you owe us in legal fees, and you remain liable to pay as per the contract.