The Direct Debit Guarantee is a protection that applies to every Direct Debit in the UK scheme, including the one that collects your Credicorp repayments. It gives you the right to advance notice of collections and an immediate refund from your own bank if anything is taken in error.
What it guarantees
You must be told the amount and date in advance, and given notice of any change to either. If an error is made — the wrong amount or date — you are entitled to a prompt refund from your bank. And you can cancel the Direct Debit at any time by contacting your bank. See what the Direct Debit Guarantee covers.
Using it correctly
The Guarantee protects against genuine errors — it is not a way to reverse a payment that was correctly due. Clawing back a valid collection leaves the payment unpaid and the account in arrears. See what a Direct Debit indemnity claim means.
Related terms
See Direct Debit notice periods and why a Direct Debit amount changes.
Credicorp lends to companies rather than to you personally, so this is business finance outside the consumer-credit regime. That does not change the practical steps below.
See also: What the Direct Debit Guarantee covers, Direct Debit indemnity claims explained, Direct Debit notice periods.