If you want to ensure that all your worries linked to the payment of your regular bills are easily and conveniently taken care of via an automated payment option, Direct Debits is just the mechanism you may be looking for! The hassle-free, simple and safe Direct Debit method could well be your most significant step towards financial freedom, as all you need to do is to authorise your bank to allow a pre-decided amount to be deducted regularly – either every month, or after a quarter, or a yearly deduction – from your account towards a payment to an individual or an organisation.
Direct Debits are a convenient payment option: Your first and foremost move in the direction of financial freedom through Direct Debits would be to set up the Direct Debit mechanism with the bank as well as with the organisation/individual you have to make the payments to. The setting up of Direct Debit brings about a crucial element of ‘convenience’ to your hectic day-to-day life, and also helps you save time, especially in all matters which involve the payments of bills or subscriptions for memberships.
Direct Debits eliminate the hassle of queuing up at a bank and filling out checks for paying your bills, and also allow you to keep track of your payments, as you always know the exact amount which is being deducted on a particular date every month.
Direct Debits ensure timely payment of bills: Since Direct Debits are an automated payment mechanism, they help you avoid the stress related to ensuring that your regular bills are paid well in time. Once you have set up a Direct Debit, all you need to do is to make sure that there are sufficient funds in your account to allow the clearance of your bills. If you are making your payments via Direct Debits, the organisation to which you need to make a payment generally informs you in advance of the payment-collection date and the exact amount that you have to pay.
In order to enjoy uninterrupted financial freedom with Direct Debits, it is advisable that you make a note of the dates when your payments are due out of your bank account, so that you can plan other expenditure accordingly.
Direct Debits can be set up through different methods: To further enhance the ‘ease’ of making Direct Debits a convenient way to pay your bills, there are different methods by which you can set up automated payments with the payees. These methods chiefly include the following: paper-based forms which you have to sign; use of formal script for collecting requisite details over the telephone; using a bank-approved online application form; passing on all necessary details to the payee through face-to-face interaction; and via an interactive session on digital television.
Whatever the Direct Debit set-up mechanism you choose, you can reassure yourself of financial freedom through this particular bill-payment method as the payments are made electronically. Furthermore, you can also contact the payee whenever you need to make any changes in the payment mechanism; and can also control your bills by spreading the payments to suit your convenience!