I set up a direct debit up to pay off an amount of money each month. The last month is approaching and the amount left is less that the normal DD.

Will the full DD amount be transferred meaning I have to try and get the over payment back?

Should I cancel the DD and just transfer the outstanding balance instead?

Do I need to formally cancel the DD?

direct debit or standing order?

A DD should be fine as its authority for the the payee to take what they are due -the payee shouldn’t take anything they’re not owed and will stop taking payment once they have whats due to them. A standing order you’d need to adjust yourself as you’ve created that with your own bank and they don’t know what the payee is due, just what you’ve told them to pay.

DD so it sounds like I am fine to leave it for now – Thanks

Major company or small outfit?

Last place I worked at was a small telecoms company with a manual Direct Debit process. Account slave imported by hand into banking software and uploaded for collection.

The kind of mistakes that happened were trascription errors and changed payments not being updated correctly. It was all sorted out quickly if it happened.

As above it depends on the company. some automatically change the last payment, some charge the normal monthly payment then refund you.

If it’s the student loans company expect them to carry on randomly sucking money from your account for the rest of eternity, then to start legal action if you cancel the DD.

Probably best to call the company.

I’ve just paid off my mortgage and still had to cancel the DD otherwise they would have continued to take the payments.