Why you shouldn’t use auto renewal for your annual services

A major investigation by a British newspaper has found that many banks, insurance companies and utility providers are giving customers the wrong information about their rights when it comes to cancelling auto renewal annual payments for their products. Millions of Britons pay for things like car, home or travel insurance; breakdown cover; subscriptions; and even gym memberships by direct debit or standing order. But millions of others enter into so-called auto renewal continuous payment authorities – which are also called recurring payments – to pay for these services. These payments are set up using either a credit or debit card. This means you are authorising the service provider to take the payments for the service directly and without notifying you of its intention to do so. Wrong advice Many companies the major high street banks included have apparently told customers that once a continuous payment has been authorised neither they nor the customer concerned can cancel it. The
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