Can I set up direct debits?
It is possible to use your Lydia IBAN to receive direct debits. To do this, simply provide your IBAN to the service provider wishing to receive payment and sign the corresponding direct debit mandate. You will then be debited directly from your Lydia balance.
If there are insufficient funds at the time of payment, you will receive a notification and an email to inform you about the failure of the direct debit attempt. A new (and final) debit attempt will be made 6 hours later, which gives you time to top up your account so that the payment can be validated.
To learn more about your Lydia IBAN, read this article.
