In today's fast-paced and busy world, managing our finances is crucial. Auto-Debit Arrangement is one way to simplify our financial obligations and ensure timely payments. With this convenient and secure method, we can streamline our bill payments, get peace of mind, and improve control over our finances.

So, let's dive in and discover what Auto-Debit Arrangement is and its advantages in this modern financial era.

**What is Auto-Debit Arrangement?** Auto-Debit Arrangement (ADA) is an arrangement of you and your biller (Home Credit for example) that authorizes them to take money out of your current or savings account on the recommended payment date, which is three days before the payment is due.

Following are some advantages of enrolling to ADA:

**1. Hassle-free and a worry-free mode of payment** Due to our hectic schedules, we frequently forget to pay our monthly obligations, including loans, water, and power bills. To solve this, ADA is the best choice for you. Aside from its convenience, this eliminates the need to manually process individual payments, and the need to visit a physical store saving time, effort, and costs. Once set up, payments are made automatically.

2. Goodbye penalties and charges When we forget to pay our Home Credit bill, we incur fees like late payment fees, collection charges, and interest. Since ADA is a scheduled payment, we don’t need to worry about delayed payments or charges adding up to our loan.

**3. Avoid service charge in every transaction** Other payment centers charge us a service fee for every transaction. It truly costs us a lot if we include the transportation fee and the time we invest in each manual payment. That’s where ADA can make it simple for us! It does not impose any additional fees on top of secured and safe transactions.

**4. Unposted and Misposted payments will be avoided** Upon enrollment to ADA, all contract details will be verified, so incorrect loan details will be avoided, and payments will be posted on your correct contract/account number. No need to worry if you forget your loan account number because ADA has it for you! You can now have peace of mind paying your loan regularly!

**5. Keep your record ** Auto-Debit Arrangement offers improved record-keeping capabilities. Electronic receipts and transaction histories can be easily accessed and reviewed.

**6. Enhances credit score ** Consistently making on-time payments through automatic debits positively impacts an individual's credit score. Timely bill payments reflect responsible financial behavior and can improve creditworthiness.

**7. Helps you balance your finances** Auto-Debit Arrangement can help you better manage your finances and budget and allocate funds for other expenses. This allows you to gain control over your cash flow and reduces the likelihood of overspending or falling behind on payments.

Taking responsibility in our bills is a major challenge in our financial life. But with the help of Automatic-Debit Arrangement, achieving financial balance, reducing stress, and having greater control over our finances become a lot more achievable. Home Credit values your effort in taking accountability on ensuring an updated and on-time payment. Be smart and enroll your Home Credit account to Auto-Debit Arrangement!

Download the My Home Credit App on Google Play Store to know more.