Do you wish to learn how to cancel a debit order with Capitec? A lot of people have been on the hunt for this information. Debit orders are a great way of paying for various services. An example is DSTV. If you are a Capitec customer, you can pay via debit order, thus ensuring that money is automatically deducted every month from your account. This ensures that you never miss out on a payment. However, you are here because you now wish to cancel your Capitec debit order. So, how do you do it?
How to stop a debit order on Capitec
The following is how to cancel a Capitec debit order;
- In order to cancel a Debit order, you need to reach out to the company with which you signed the debit order. As an example, if you have set up a debit order with DSTV, you will need to reach out to this company to cancel. They are the one who will then ask Capitec to cancel. You cannot cancel a debit order directly with your bank. You need to do it through the service or credit provider.
- You do have the option to dispute a debit order. Maybe more money has been deducted from your account than you agreed upon. Or maybe you have had an unauthorized debit order processed on your account. In that case, you can dispute the debit order through the Capitec app. Alternatively, you can visit your nearest Capitec bank branch to lodge your dispute.
- If you have a DebiCheck debit order, then you can suspend the debit order. Get in touch with Capitec to have it done. Once you have suspended your DebiCheck debit order, you will need to get in touch with the service provider to have them cancel the contract. Otherwise you could be held in breach of your contract, which can have devastating consequences on your financial health.
What happens when you cancel a Debit order with Capitec?
That’s how to cancel a debit order on Capitec. We have just noted that the best way of doing this is through the service provider. With ordinary debit orders, that’s the only way of cancelling. However, with DebiCheck debit orders, you can suspend the order.
However, this is not something that you should do simply because you can no longer afford your payments or because you are not happy with the service or credit provider. If you do that, the results could be devastating to you, as we have already mentioned.
If you are in debt to a company and you refuse to pay by suspending the debit order, your credit score will be affected and you will have problems getting credit in the future. The affected company could also institute legal measures to recover their money from you, thus compounding your woes.
Why learn how to cancel a debit order with Capitec
That’s how to cancel a Debit order on Capitec. But why would you do this? There could be any number or reasons for going down this route. We have already noted that you should not use this step to manage your money, as that could have dire results on your creditworthiness.
Most people cancel their debit orders because they are not happy with the service that they are getting from whatever the company that they are dealing with.
You could also cancel if you are unhappy with the company that you are dealing with. If it’s a service provider like DSTV, everything will be fine. Maybe you wish to change your DSTV payment method. Or maybe you wish to move over to a cheaper bouquet.
Some people cancel their debit orders because they can no longer afford the monthly deductions. If that is the case, the best approach would be to reach out to the service or credit provider to make adjustments. Simply deciding to cancel can be unhealthy on your financial standing.