I agree. Even though the companies do a check, which will show up to you on credit record if you check it, it doesn't show up to anyone else - good job really as I check prices with loads of insurance companies!
Being turned down for credit is not the same as having insurance refused. They're not saying you can't have insurance, just that they won't let you pay for it on the drip.
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 always paid my car insurance monthly during my IVA with no problems.
Recently while sorting out my CRF post IVA, the insurance co. had made a search upon reneweal of my policy even though I have been with them nearly 10 years!
I did hear that they only check CRF for identity purposes though rather than financial... Not sure if that's correct?
I do agree in principle but if you applied for monthly payments because you didn't have the lump sum available and you were declined due to a failed credit check, I still think you would still have to declare that you had insurance refused which then makes it almost impossible to get any mainstream insurer to insure you!
Since being in the IVA I've always saved up on a monthly basis to ensure that I have the lump sum available come renewal time and would love to be able to spend that on me and go back to monthly payments now I've completed via F&F but daren't take the risk of being declined!
I'm a known worrier, strangely only since being in an IVA, and have posted on another forum (with insurance experts on) who will hopefully prove me wrong. I can then spend the money I have saved on something nice!
Personally if I only failed due to the credit check I wouldn't consider that being refused insurance - if the insurer was happy to insure me if I paid in a lump sum then they're not actually refusing, and I'm choosing not to insure with them.
I've swapped from monthly (pre-IVA) to annual (in IVA). Now that I budget properly I know that this is going to be OK from a cashflow perspective but more importantly it's cheaper. Some companies charge very high APRs (over 30%) for monthly payments. In my case paying annually saves approximately £50 over a year - enough for a Christmas present or two
Debt problems, what debt problems? I'm not in De Thames, I'm in De Nile.
A failed credit check is not the same as being refused insurance.
If you went to the same company and were able to pay upfront, then you would get it no problem.
We pay ours monthly and MP I think you are right - a lot of checks are carried out purely for identity purposes.
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
