The Nü Savings Group ('NSG') allows you or your business et al to make payment for your NSG invoice(s) via Direct Debit. The set amount will depend on the contract term, the terms and conditions, and terms of supply (where applicable).
The easiest, simplest, and most convenient way to make payment of your invoices. The amount you pay is based on your monthly or annual invoices (together with any outstanding balance and interest). This is not a fixed sum every month. Your NSG account will be monitored regularly, and the direct debit may be increased or decreased depending on the amount(s) owed. It will mean you don't have to worry about missing those important payments, especially when on holiday or at busy times of the year.
What is a Direct Debit?
A Direct Debit mandate is an instruction from you or your business to your bank or building society. It authorizes our group to collect varying amounts from your business bank account – but only if we’ve given advance notice of the amounts, dates of collection, and occurrence. Once you have agreed on the payment, the money is deducted automatically. If wish to change the amount or date of collection, we have to tell you about it first.
Regular payments of an amount will be paid on a specified date, but this can increase or decrease depending on the amount(s) owed for your invoices. It allows your bank to take money regularly from your account to pay another account.
How long does a Direct Debit take to clear?
Direct Debits are not processed on the same day that they are set up with your bank or building society. You must allow at least three working days for it to clear. Once the money has cleared, we will update your records.
If your payment is due to go out on a bank holiday or weekend, the money will leave your account on the next working day.
What happens if a Direct Debit is not paid?
If you don’t have enough money in your personal or business bank/building society account to pay your direct debit, it may be refused by your bank. When this happens, your direct debit stops until the next scheduled payment. Your bank may charge you a fee typically of £5 up to £25. Even if your bank does make the payment you might go into arrears (or into the red) without noticing – which means you’ll have to pay overdraft charges and additional fees.
Some banks will have a ‘retry process’, where they will attempt to send your Direct Debit again. Usually, this happens the same day as the Direct Debit was due to go out.
What is a Direct Debit guarantee?
This guarantee protects your business in the rare event that there is an error in the payment of your Direct Debit, for instance, if a payment is taken on the incorrect date, or the wrong amount is collected. If your bank or we have made a mistake (such as taking the wrong amount) you can get a refund from your bank.
Disclaimer: This guarantee cannot be used to address contractual disputes between you and our group. If you have any concerns or need our assistance, please get in touch digitally either through one of our communication tools or our email address: email@example.com
Direct Debit Payment