Remita direct debit attempts to charge a user’s bank account via the debit instruction three to four times a day.
It is automatically activated on the due date of a loan. This ensures that if a user doesn’t repay their loan manually or if their card payment fails upon loan repayment, the system can still initiate collection. In other words, if a card payment for a due loan fails, the system promptly switches to Remita DD to recover the balance.
For example;
Let’s say a borrower’s loan is due on the 17th of July. If the user has not made a repayment by that date, the system first attempts to charge the registered debit card. If that fails, it automatically activates Direct Debit (Remita DD). This then makes three to four attempts during the day to charge the user’s bank account for the outstanding loan amount.
Also read: How to use Remita for your loan repayments on Lendsqr