My car insurance renewal came through this week, I obviously can't afford to pay nearly £600 in one go so I said monthly as I always have, paid a deposit and all was fine
Now I've had a letter through from Premium Credit saying I've applied for a loan through my car insurance company and they've refused it
How can this be? I've paid my car insurance monthly every year and I'm only 3 months away from finishing my IVA. I'll be glad when the whole thing is done to be honest - it's been a horrible experience
That's not good fuzzy, unfortunately it does seem to be happening more often at the moment.
The only thing I can suggest is that you phone round as there are companies willing to do monthly payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It's,very silly and, let's face it, if you don't pay then your insurance just gets cancelled.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We have made a few claims over the past three years and have still had no problems with the insurance.
Be interesting to see what happens this year when it needs renewing!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
More insurers are using a 3rd party companies for the credit part of car insurance policies so more people will be turned down. We used swinton without any such troubles.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Well our renewal with Kwik fit was over 100% more than last year, but they were offering interest free monthly payments (paid for in the extornionate increase no doubt) so we went with LV instead which was 100% cheaper than Kwik fit but they wouldn't offer monthly payments so we had to pay it in one go.
Not sure what will happen when the house insurance is due in July
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London
I used Diamond last year so will await my renewal with trepidation! All this is so unnecessary!
Totally this BoL,if you opt to pay monthly and dont pay they cancel the insurance. Even if they asked for 2 months payment in advance then the rest of 10 monts(as some do).
To expect people to pay a year up front is just plain silly!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I don't mind paying the lot upfront if I can afford it and have done so in the past.
They should not penalise those of us who can't at the moment, especially when they can just cancel the insurance if you don't pay!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think a lot of the policies are changing though, I know with one I had a couple of years ago was if you cancelled the policy after the 14 days cooling off period, you still have to pay 75% of the premium plus an admin fee of £50, after 9 months of payments you still have to pay 100% of the premium, so I don't think a lot of policies now are just as cut and dried as only paying per month for what you have used.
I think the insurer pays the full year up front and so lends us the money which we repay monthly so there is the element that they 'lose' money is we default on our loan repayments. But who doesn't pay their car insurance...I'd rather go without electricity!
It depends upon how the deal is financed. Some insurance companies, simply allow monthly repayments and take the risk themselves. These aren't always credit checked. However, many companies finance the policy by you taking out a loan, through them, with a 3rd party finance company -- who will credit check.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
