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Posted: Tue Apr 19, 2011 9:18 pm
by lokopaul
now i,m sure this will have been asked before but.......
how do you stand with renewing car insurance and paying monthly as the insurer normally takes a loan on your behalf to pay the years fee then you you pay the repayments on the loan as your monthly payments, is this classed as credit? will the insurer even let you pay monthly as surely a credit check must be done somewhere
Posted: Tue Apr 19, 2011 9:21 pm
by Shining
It's fine to pay your insurance monthly lokopaul, I do this with car, buildings and contents insurance with no problem.
If you defaulted on your payment your insurance would become void.
Posted: Tue Apr 19, 2011 9:21 pm
by kallis3
No problem at all Lokopaul - I think most of us do monthly insurance and the checks are not normally credit checks but just to check your address details.
Posted: Tue Apr 19, 2011 9:26 pm
by lokopaul
thats good then thanks, it was just the "DO NOT TAKE ANY NEW CREDIT OUT" condition of an iva that concerned me as i think technically thats what you are doing, arent you?
Posted: Tue Apr 19, 2011 9:28 pm
by Adam Davies
Hi
Creditors understand that you need to pay for such things over a monthly plan. The insurances are structured so that if you default they will cancel your plan and you will owe only a small amount
Regards
Posted: Tue Apr 19, 2011 9:32 pm
by lokopaul
that makes sense thanks, just worrying a bit in my first month i think, dont want to do anything wrong [:)]
Posted: Tue Apr 19, 2011 9:39 pm
by kallis3
If in doubt then it is always best to ask but you will be fine with monthly insurance. As Andy says, if you don't pay then the policy will be cancelled.
Posted: Tue Apr 19, 2011 9:43 pm
by kazzafunk
Oh - just 1 thing I forgot - we pay for our heating oil monthly (just gone up to £100 pcm!) I presume I would be able to carry on doing this? There is a credit facility that allows you to go £200 in debit (ie if you get a bad winter). Would I be able to keep that I wonder? It's a handy buffer to have as last winter I was off sick for 3 months and being registered disabled with limited mobility I have to be kept warm.
Posted: Tue Apr 19, 2011 9:45 pm
by kallis3
No problem with paying for your utlities monthly either. I pay gas and electric, phone, broadband, mobile and insurances monthly with no problems at all.
Posted: Tue Apr 19, 2011 9:51 pm
by kazzafunk
Thanks kallis. This damn libya thing is making the oil price so expensive! Had to pay for some today and it costs the same for 500l what it costs me for a 1000 2 years ago
Posted: Tue Apr 19, 2011 9:56 pm
by kallis3
It's awful what we are having to pay for any sort of fuel these days. You keep thinking it can't get any worse but it does!
Posted: Tue Apr 19, 2011 9:59 pm
by ginger3232
We in the same boat with LPG - it now work out about the same per unit of energy as electric - we have seen the price go from 38p/lt to about 56p/lt
so work out about £140 extra every time they fill the tank.(about 6 times a year).
So in the not to distant future this will be going to the scrap heap.
Posted: Tue Apr 19, 2011 10:01 pm
by lokopaul
spare me a thought when you are taliking about fuel, i,m spending £1000 a week on diesel for one truck at the moment, 18 months ago it was £650
Posted: Tue Apr 19, 2011 10:02 pm
by kallis3
That's a lot of money!!!!!!!!
Posted: Tue Apr 19, 2011 10:03 pm
by Judo
lokopaul wrote:
spare me a thought when you are taliking about fuel, i,m spending £1000 a week on diesel for one truck at the moment, 18 months ago it was £650
Ouch![:0]