How to: set up a Direct Debit

As part of your IVA, you will be expected to make payments for the duration of your agreement. Whilst this amount depends on your personal circumstances, it will be expected each and every month for a minimum of six years.

What is a Direct Debit?

If you don’t already know, a Direct Debit is an agreement with your bank account whereby a certain amount will be sent to a specific account on the same day each month. These payments will not need to be made manually; your provider will automatically take the specified amount from your balance on the date you requested.

Why should I do it?

As you already know, making monthly payments is the main term of your agreement and by missing these payments, your IVA could fail. Following this outcome, your lenders would commence chasing you for outstanding monies/ interest which could force you into bankruptcy.

Direct Debits ensure your money will be paid, whether you’ve forgotten or are simply unreliable with money. This effortless process guarantees payment into your IVA and could stop you accruing arrears and charges.

How do I set up a Direct Debit?

You’ll be pleased to hear that it’s extremely easy to set up a Direct Debit through the Financial Wellness Group app, or over the phone.

The app:

Step 1: Download the Financial Wellness Group app via the Google Play Store or the App Store.

Step 2: Sign into your online account or register, if you haven’t already.

Step 3: Click the ‘Your Payment’ icon on your dashboard and select your preferred Direct Debit date.

Via Telephone:

If you’d rather set this up through one of our trained advisors, simply call us on 0161 804 5464 and we will do the rest.