Video guide: setting up your direct debit

What the video covers

1. Finding the direct debit section (0:00–0:25) — sign in to the portal, open your loan summary, and locate the Payments section.
2. Entering your bank details (0:25–1:00) — entering the sort code and account number for your UK business bank account, and confirming the account name matches.
3. Authorising the mandate (1:00–1:35) — the Direct Debit Guarantee and what it means, and how to confirm the mandate electronically.
4. Confirmation and first collection (1:35–2:05) — where to find confirmation that the mandate is active and when the first collection will occur.

Key points to remember

• The direct debit must be from a UK business bank account in your company's name.
• Allow at least 3 banking days between setting up the mandate and the first scheduled collection.
• If you change your business bank account, you must set up a new mandate before the next payment date.
• The Direct Debit Guarantee means any erroneous collection is refunded immediately by your bank.

See also: How to set up a direct debit, My direct debit has not been collected, Video guide: updating your business bank account details.