Cut excess pounds off direct debits
CONSUMERS are being urged to check the regular payments they make by direct debit as new findings show more than one in three people don’t know how much money goes out of their current account each month.
About 2.68 million people are wasting money on forgotten direct debits for services they no longer use or need,
according to the research by Moneysupermarket.com.
At present, 91 per cent of current-account holders use direct debits, it found, with the average monthly payment
standing at £302. However, a quarter of those are paying out £500 or more.
“Direct debits are an easy and convenient way to make payments for household bills, subscriptions and memberships,” says Kevin Mountford from Moneysupermarket.com.
“But every penny counts right now as we head into the costly festive season, so check all your outgoings and ensure you are not paying for products or services you no longer use. You could shave excess pounds off your monthly outgoings.”
But every penny counts right now as we head into the costly festive season
That said, you must not cancel a direct debit without speaking to your provider or you could be charged a fee by your
bank if the provider tries to claim the money.