iv set up a direct debit using my credit card bank sort code and account number. Does this act as a normal direct debit and the company would just deduct the amount from the balance of my credit card. Or do I have to fund the account? Im confused
2007-09-08 12:21:14 · 3 answers · asked by Billie F 1 in Business & Finance ➔ Credit
The MAIN difference is that is almost IMPOSSIBLE to stop it == you have essentially given them your card (with no expiry date).
They can keep charging you until your card Credit Limit is reached .. at which point they can sue you for failing to 'pay' ...
2007-09-08 21:57:11 · answer #1 · answered by Steve B 7 · 1⤊ 0⤋
It acts as a normal direct debit, but the money is taken from your credit card account instead of your bank account.
Your credit card account is money that you owe to the credit card company. So the direct debit will increase your debt every month.
2007-09-08 12:46:07 · answer #2 · answered by Andrew L 7 · 0⤊ 0⤋
well first. to use paypal you need a money source. you probably need to be 18 to open one and you can link your paypal account to your savings and they will deduct if from your savings. im not sure what you mean by direct debit. once you turn 18, a checking and savings would be great for you. just make sure you always have a positive balance and you will avoid lots of fees and will reap all the benefits of a checking account. saving should be for saving... do not withdrawl and deposit unless it is a dire emergency. you need a job to have money. =)
2016-04-03 21:47:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋