22 Jun 2022

Can I set up a Direct Debit for myself?

Independent Direct Debit

Although it would be interesting and worthwhile to consider, you cannot set up a direct debit for yourself. The entire purpose of a direct debit payment system is to pay virtually using your account or card information for a service. This service has been authorised, and they have permission to take a certain amount of money from your account.

In other words, the purpose of a direct debit payment system is to connect businesses and services with an agreeable payment method. There are so many benefits to using them, although you cannot set one up for yourself! The only way to set up a direct debit payment for yourself is if you own a business. However, you cannot make payments to yourself.

Instead, if you are looking into ways to give yourself payments or transfer money, it is best to transfer money from one account to the next using your bank or lender. For businesses, though, this is often frowned upon as it mixes personal and business affairs.

Thankfully though, you are in luck; there are many loans that Mortgage House offers interested parties for both commercial use and businesses! These loans are resources that are easy to use and understand!

Independent Direct Debit Conclusion

Mortgage House loans are one of a kind because they are competitive. You can see the constant changes and comparisons between other major banks and lenders on our website. It is good to look into bundling different loans as there are ways to save money!

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