A direct debit is an instruction for your bank or building society to allow an organisation to take money from your account. The organisation can take as much money as you owe them, although they must let you know in advance how much they will take, when they will take it, and how often they will take it. Most organisations provide their clients with this information approximately 10 days before the direct debit due date.

There are numerous benefits to setting up direct debits. You don’t need to worry about remembering to pay those bills, nor do you need to worry about being fined for late payments. Direct debits save time and effort, and they can save you money, as some service providers offer discounts to customers who pay using this option. Furthermore, they are safe and secure. If any incorrect payments happen, your bank will refund you.

That said, circumstances can and do change, and there will be times when you need to cancel the payment option you set up. Take a look at the basics of how to cancel a direct debit below.

Cancelling a direct debit

There usually is nothing complicated about cancelling a direct debit. In most cases, you simply need to write to your bank or building society, instructing them to cancel your direct debit.

It’s best not to leave this until the last minute, even though most banks, building societies, and other financial and FX service providers require at least one day’s notice before the direct debit is due to be paid. Leaving a direct debit cancellation to the last minute could result in a payment being made. It’s important to remember that cancelling a direct debit means the organisation can no longer take money from your account. If you continue to receive services or goods from the organisation, you will need to arrange for an alternative payment method.

In most cases, when you cancel a direct debit, you will need to supply your bank, building society, or financial/FX service provider with the following information: the name of the organisation being paid, your bank/building society/financial or FX service provider account number, the name(s) on your account (refer to your service provider’s app or to your card), the branch sort code, and your customer reference with the organisation (if possible). The more information you provide, the easier it will be for the service provider to cancel the direct debit. If possible, also let your service provider know the payment amount and due date.

How to cancel a direct debit with Moneycorp

You can set up regular payments with Moneycorp easily and conveniently. Cancelling them is just as easy. To cancel one of your direct debits on your Moneycorp account you just need to call our customers services team on 0207 589 3000 (Option 4).

Sign up for a personal account with Moneycorp

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