Cancelling a Timeshare Standing Order
A standing order is an automated payment method set up by a customer through their bank. Standing orders automatically send a fixed amount of money regularly, and they can be used to send money to other people, organisations, or another bank account.
There are several reasons for cancelling a standing order. For example, you might use a standing order to pay your Timeshare finance, maintenance fees or RCI membership. When cancelling your payments, you would need to cancel the standing order to ensure that you don’t keep paying for a service you will no longer receive. Alternatively, you might want to continue using the service but would prefer to pay with an alternative payment method.
How to Cancel a Standing Order
Unless you specify an end date, a standing order will remain active until you manually cancel it, and standing orders can usually be cancelled at any time. However, you should bear in mind that there are several consequences for missing payments, so if someone expects to receive money from you, you’ll need to think about alternative ways of paying.
How to cancel a standing order: - As with the set-up of a standing order, the only person who can cancel a standing order is the person making the payment. Again, this needs to be done through your bank – in-branch, online, or using a mobile banking app.
Standing Order / Direct Debits
What’s the difference between a standing order and a direct debit?
As they’re both automated methods of payment, standing orders might seem very similar to direct debit. However, there is one key distinction: whereas the payer controls standing orders, direct debits are controlled by the payee.
This means that whereas standing orders need to be set up by the person sending the money, direct debits are set up by the person receiving the money. Similarly, standing orders can only be cancelled or amended by the payer, while direct debits can only be cancelled or amended by the payee.
Authorisation
Furthermore, although you need to authorise both standing orders and direct debits through your bank, the specific action you authorise differs. When you authorise a standing order, you instruct your bank to send money to another person, organisation, or bank account.
When you authorise a direct debit, you instruct your bank to allow another person or organisation to take money from your account.