Should I cancel my Direct Debit when repaying my account in full?

If you make your monthly payments by Direct Debit or Standing Order, we recommend you don’t cancel your payment instructions until you receive confirmation your account has been closed. The redemption statement takes into account all payments up to the redemption date and assumes they’ve cleared and been paid in full.

If your monthly payments aren’t kept up to date, your account may fall into arrears and additional charges may apply. Your credit rating may also be affected.

We’ll return any surplus funds to your bank account where we’re able to do so within 15 days of your final payment being received. Where this isn’t possible, we’ll post a cheque to you, issued in the names of all parties to the account.