Debit Order or No Deal?

A

Anton Wolf

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Mar 8, 2022
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Fellas, I've been meaning to ask this for a long time!
Do any of you know if it is a legal requirement for financiers to impose re-payment by debit order (particularly vehicle & home financiers)?
It seems to always make up part of the agreement, but what I want to know is... is it their right? or is it something they just got used to and now feel privileged?
 
No, probably not a right..

However, it's their right to choose how they wish to enforce payment.. if you don't want to pay via debit order, ask them to remove it from your contract and replace with your promise of doing a EFT every month on time instead..
 
They dont like you change their preferred payment method which is debit order but you can insist doing it via eft...I had it done on a bond I owed.
 
Have had the payment method changed before. As @SureThing has mentioned they usually don't like it, but you can.

I prefer to be the one able to decide whether or not the money goes through. Have had too many cases of contracts being cancelled and money still being deducted after the case.
 
WAslayer said:
No, probably not a right..

However, it's their right to choose how they wish to enforce payment.. if you don't want to pay via debit order, ask them to remove it from your contract and replace with your promise of doing a EFT every month on time instead..
Click to expand...
For house and cars, I don't have a problem with banks deducting. In fact banks (only - in my experience) are more disciplined than other companies. For eg. In my early career. My company paid me late, VODASCUM tried to deduct the amount 5 times, each with a R120 or R150 bank penalty for insufficient funds. I was only earning about R2300 pm at the time. So I lost quite a bit that month. Cancelled Vodascum as soon as my contract was up.

Agree. I don't to debit orders for anything other than my house payment currently. Everything else is EFT. It is better this way and I can manage my cashflow as I see fit.
 
Anton Wolf said:
Fellas, I've been meaning to ask this for a long time!
Do any of you know if it is a legal requirement for financiers to impose re-payment by debit order (particularly vehicle & home financiers)?
It seems to always make up part of the agreement, but what I want to know is... is it their right? or is it something they just got used to and now feel privileged?
Click to expand...
As far as legal rights go, you have no "right" to get a loan from them either. So if you don't like the terms you can ask to change it but if they say no you can't force them to give you a loan on your terms either.
 
they not enforcing, they're saying if you want our business - this is how it works. You are welcome to go elsewhere, which they know you won't because you'll get the same thing.

Big finance repayments are always at risk of default, and a debit order is easier to ensure they can track and debit than it is to hope the person pays you when they should.
 
Picture you write out i owe you’s till the unicorns comes!

Banks want money! They hate defaulters! And they dont want properties! $$$ is they game, and their rules
 
Have no issues with debit order on bond and car.. It's the first thing that goes off my salary each month.. Woolies and Ackermanns can wait until month end lol
 
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