Direct Debit Mandate notifications

Date – 1st May 2023

Dear (payer)

We have now reduced the advance notice and registration of your Direct Debit Mandate set up to 3 working days effective May 2023.

The good news is that you need take no action to continue receiving the benefits of direct debit. Please be assured that this change will in no way effect the service you receive in anyway. The only change you will notice is that with effect from 1st May 2023, BPS re V4 Consumer will notify you a minimum of 3 working days in advance of your account being debited or as otherwise agreed.

There is no need for you to complete a new Direct Debit instruction.

You will continue to enjoy the benefits of the Direct Debit Guarantee, as detailed below. If you have any questions about this, please call Customer Services on this number: - 0330 118 8871

Best Regards,

Finance Team

The Direct Debit Guarantee

  • This Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits
  • If there are any changes to the amount, date or frequency of your Direct Debit BPS re V4 Consumer will notify you 3 working days in advance of your account being debited or as otherwise agreed. If you request BPS re V4 Consumer to collect a payment, confirmation of the amount and date will be given to you at the time of the request.
  • If an error is made in the payment of your Direct Debit, by BPS re V4 Consumer or your bank or building society you are entitled to a full and immediate refund of the amount paid from your bank or building society.
  • If you receive a refund, you are not entitled to, you must pay it back when BPS re V4 Consumer asks you to
  • You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify us.

How does V4 Consumer deal with direct debit dishonors?

Monthly invoices for the services you avail from V4 Consumer, falls due usually between 19th - 22nd of each month, this is when we present an instruction via your agreed direct debit mandate to debit the invoiced value, if your direct debit fails due to insufficient funds, V4 Consumer would reattempt to debit your account within 7 days from the original due date again, to enable continued service on your account. This is a system trigger and will be attempted automatically, only if the original attempt fails on the due date. Should you have paid your invoice in full or in part during this period, the direct debit reattempt would still occur as it is system triggered, should the reattempt be successful, please be rest assured that this payment would be marked on your account as overpaid and will be automatically adjusted with future invoices.

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