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How to setup DD with Tennant

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  • 28-10-2016 9:07pm
    #1
    dnme
    Registered Users Posts: 3,411 ✭✭✭


    Hi all,

    I'd like to get my tenant to pay by direct debit. Can I complete the forms, get tenants signature then send the form to tenants bank, or do I have to wait fro the tenant to setup the DD ?

    Many thanks for advice


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    #2
    5uspect
    Moderators, Arts Moderators Posts: 10,518 Mod ✭✭✭✭5uspect


    dnme wrote: »
    Hi all,

    I'd like to get my tenant to pay by direct debit. Can I complete the forms, get tenants signature then send the form to tenants bank, or do I have to wait fro the tenant to setup the DD ?

    Many thanks for advice

    Why a direct debit? Why would you want that level of access to their bank account?

    It's your tennant's bank account, they can set up a standing order if they so wish?


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    #3
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    5uspect wrote: »
    Why a direct debit? Why would you want that level of access to their bank account?

    It's your tennant's bank account, they can set up a standing order if they so wish?

    Most people think that DD is a standing order. OP, you give the tenant your account info and they set up the SO with their bank.


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    #4
    dnme
    Registered Users Posts: 3,411 ✭✭✭dnme


    Rew wrote: »
    Most people think that DD is a standing order. OP, you give the tenant your account info and they set up the SO with their bank.

    Many thanks Rew,

    I guess the issue is trust and timing. I fear I could be strung along waiting for tenant to setup.

    When you sign up with a utility company (Eir, Vodafone etc), They get you to sign a DD form and then they send this to your bank. Is this not possible for landlords ?


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    #5
    my3cents
    Closed Accounts Posts: 9,764 ✭✭✭my3cents


    Can a landlord just decide their tenant has to pay by Standing Order?


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    #6
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    To be paid by direct debit, you'll have to send instructions to the tenant's bank once a month requesting payment.

    I don't think you realiss the rules and governance around DD.

    Just ask the tenant to set up a SO.


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    #7
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    The tenant could get a refund of a direct debit without your permission. A couple of months rent could be taken back out of your account without question.


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    #8
    dnme
    Registered Users Posts: 3,411 ✭✭✭dnme


    Deleted User wrote: »
    The tenant could get a refund of a direct debit without your permission. A couple of months rent could be taken back out of your account without question.

    Not if you move funds out once paid


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    #9
    dnme
    Registered Users Posts: 3,411 ✭✭✭dnme


    dudara wrote: »
    To be paid by direct debit, you'll have to send instructions to the tenant's bank once a month requesting payment.

    I don't think you realiss the rules and governance around DD.

    Just ask the tenant to set up a SO.

    Aha, gotchya. Many thanks


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    #10
    Frynge
    Registered Users Posts: 1,667 ✭✭✭Frynge


    dnme wrote: »
    Not if you move funds out once paid

    No true, your account would just go into an unauthorised overdraft.

    Thems the rules of DD, you have 8 weeks from the date of the DD to ask your bank to get your money back without question.


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    #11
    maximum12
    Closed Accounts Posts: 666 ✭✭✭maximum12


    Direct debits are for businesses where the recurring payment is variable. Standing orders are used for a fixed payment amount.

    Because direct debit allows the business to reach in to your account and take whatever amount, there is lots of consumer protection guaranteeing you can pull the money back without question.


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    #12
    karenalot
    Closed Accounts Posts: 196 ✭✭karenalot


    dnme wrote: »

    I guess the issue is trust and timing. I fear I could be strung along waiting for tenant to setup.

    If your tenant has Internet Banking and your IBAN no a standing order can be set up online by them in less than 5 mins.

    They can cancel the standing order at at any stage if they wish but same would go for a Direct Debit.


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    #13
    Carawaystick
    Registered Users Posts: 8,779 ✭✭✭Carawaystick


    dnme wrote: »
    Not if you move funds out once paid

    Then you've a bank chasing you for money, and they probably know you've a real estate asset to get a judgement against...


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    #14
    Willie Stroker 1976
    Registered Users Posts: 469 ✭✭Willie Stroker 1976


    Too lazy to read the comments but it's probably been mentioned. Standing Order is what you want here


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