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What is the £1 direct debit that StepEx is asking me to set up in my application?

The primary reason for introducing the monthly fee is to resolve a common technical issue with direct debit payment whereby the candidate was double-charged by the payment platform.

What is a direct debit?

Put simply, Direct Debit is an automated payment method that people and businesses use to pay for things like household bills; services you might use (such as a mobile phone or the gym); or large purchases, where it's easier for you to spread the cost rather than make one big payment.

For the duration of your contract with SepEx, you will be charged a monthly fee of £1. This is a membership fee and does not count towards your programme fee repayments.

How does it work?

You set up a Direct Debit Instruction with an organisation that's allowed to collect money this way. This Instruction tells your bank that you've agreed the organisation can request the payment from your bank account, and that the bank has your authority to pay it.

The Instruction might be processed online, over the phone, or submitted on paper. Whichever it is, it will have the name and address of the organisation you're paying; your name and address; your bank account details; the date you made the agreement; a number for the collecting organisation (called a service user number); and a reference for the payment. It will also contain information on the Direct Debit Guarantee.

A monthly membership fee of £1 per month for the use of the StepEx platform for the duration of your Agreement with them will be collected by Direct Debit monthly in advance on the Repayment Date. For the avoidance of doubt, this includes Repayment Years, Partial Repayment Years and Non-Repayment Years.

Why do I have to set up the £1 direct debit with StepEx?

The primary reason for introducing the monthly fee is to resolve a common technical issue with direct debit payment whereby the candidate was double-charged by the payment platform.

Here's an example:
1. The candidate would receive their first invoice on the 1st of the month.
2. They would then set up the direct debit later, say, on the 25th of that same month.
3. As a result, the candidate would be charged twice: once on the 30th of that month and again on the 1st of the following month.

With the new £1 subscription fee, the direct debit will be set up right after the candidate signs the StepEx contract so the mandate is already in place when the student begins to be invoiced for the repayments, effectively preventing any double charging.