www.iva.co.uk

Hi

A quick question is taking car insurance on a monthly payment classed as credit?

The reason I ask is that I have just sold my car to free up some money and thought about cancelling the insurance but what if I can't pay monthly again due to my credit history.

They do charge something ridiculous like 22% interest and they do check your credit file but just wondered as otherwise I would have to pay the whole year in one go.

Thanks in advance.

Mel

Car insurance is offered on terms but if you fail to make a payment the policy is cancelled. This also applies to house insurance and IPs are not interested. If your current insurance company refuses to offer the terms for the cover you should shop around as plenty of companies are not worried about your credit file as they are effectively secured and there is no risk.

I pay my contents, buildings and car insurance on a monthly basis and have never had trouble switching providors.

Mine is all monthly and I actually changed buildings insurance provider this year and had no problems at all.

Just a note on the insurance front, the IVA company I am with have sent me details of car breakdown and house insurance (which includes boiler cover etc) for £15 per month.

Be very careful if you are with Aviva (Norwich Union) as they have cancelled the insurance policies of people who are BR, and I don't know what their take on IVAs is.

Hi all

Thanks for replies. My mind is eased, just one of those things that suddenly springs into your mind.

House insurance is with Aviva, but they aren't the best anyway and we are not considering bankruptcy so should be fine until the renewal date. At least I know I can change when its up for renewal.

Thanks again.

Mel

I wouldn't touch Aviva now - when my OH (who isn't BR) tried to get contents insurance with them they wouldn't do it as I was BR at the time. One of their questions was 'does anyone at the property have a criminal record or are they BR?' as if it was the same thing!

And if that wasn't enough I wouldn't use them on account of their stupid adverts!

That is awful. How can the two possibily be asked in the same question?

Its companies like them that attach a stigma to being in financial difficulties. As we all know there are lots and lots of reasons why people are in difficulties, not just being reckless and frivilous with money.

I had to make a claim with them earlier in the year and it was the most long winded, painful experience for something that was very straightforward. Thats why I am changing in January.

Mel

Our contents insurance is with Aviva and I have just claimed for a damaged laptop. Within three weeks I had a brand new one delivered.

Couldn't fault them.