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Does cancelling a direct debit cancel the obligation?
A payment mandate authorizes a collection method; the loan agreement creates the repayment obligation.
Ending one does not ordinarily explain how the other will be discharged.
Clarify another approved way to pay and the consequence of a failed collection. Disputes about authorization or the underlying agreement need their relevant processes rather than an assumption that the balance vanished.
Understand your preliminary loan result
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.