Loan repayments with direct debit

Introduction

Direct debit is a payment method that automates the loan repayment collection from borrower accounts in other banks using direct debit schemes such as:

• SEPA Direct Debit Core for EUR,

• Bacs Direct Debit for GBP.

Uses of direct debit

Direct debit can be used for collecting repayments:

• For loan monthly invoices (receivables),

• For one-time receivables,

• Repeatedly for an invoice where the previous collection failed because of no funds on account.

Below you will find more information about:

Mandates

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