Missing 1 insurance payment and full amount demanded

[Jamie86]

Right basically through my own fault (seperate bills account not checked and all that ) I missed a monthly payment on my insurance..

Due to post as it is at the moment just recieved a letter dated 20th informing me of this.. also stating that unless full payment of the policy is paid by the 30th that my policy will be cancelled..

Naturally I called them and they gave me the standard answer of can't do anything and I have to pay up or have the policy cancelled..

I did offer to pay the amount outstanding and a next months early as well as also pointing out the 3years previous with them having never missed a payment.. Only to get the same pay up or gtfo

Now I wouldn't be that bothered except that i'm losing out on another years NCB's if I cancel it..

All seems a bit unreasonable to me?

Any ideas?

Don't really fancy forking out the payments left on it in one go...

Cheers

 

[Ben.]

It does seem unreasonable but i guess its up to them at the end of the day. Im sure they get so fed up of people missing payments they have to get strict...not a good way to keep business though

Maybe get a 0% credit card and pay off the balance with that?

I guess you have threatened you cancel etc?

 

[Struggler]

i got caught something like this last year,

your best off grinning and bearing it, find a better company next year and when they ask....'so why are you leaving us can i ask' give them a right earful.

 

[Swingh*_PH1]

they usually add it on next months payment so would have to pay double

 

[Da]

If you break the credit agreement they are well within their rights to demand full and final payment as they believe you now to be a higher risk payment wise.

 

[Daniel]

Joys of the credit crunch mate. There are so many people demanding money at the minute. It seems the bigger the company the harder they come down on you!

You will have to declare it if they cancel the insurance too. Not a good thing come renewal time.

 

[Jamie86]

Yeah I just noticed about declaring that when getting quotes elsewhere..

Just seems like you no longer get any favours for loyality etc these days..

Yeah said about cancelling, I actually said to them so you would rather that I didn't pay and went to another insurer and let them have my premium every month..

Looks like i'll just have to pay up and make the missus live on beans on toast this month hey!

 

[Beef-Mc]

What company is it?

 

[Ben.]

Just seems like you no longer get any favours for loyality etc these days..

Nah insurers couldnt give a s**t about you, they just want money

 

[Jamie86]

What company is it?

Admiral

 

[jenic]

Admiral

I'm with bell, same company though.

Within the last 6-7 months i have found their prices have gone up and their service has gone down, a lot. When i started with them I always talked to British people, now its always indian/american people who dont care no matter what time i ring.

If it were me, and the quote was a good one, i would pay up and just change companies at the end.

 

[Jamie86]

Yeah i'm going to just have to pay up and take it I guess :dapprove:

 

[jenic]

Will this save you money in interest on paying monthly? Could be a good thing, obviously depending on your circumstances.

 

[Jamie86]

Will this save you money in interest on paying monthly? Could be a good thing, obviously depending on your circumstances.

Hmm that's a good point as obviously paying monthly costs more than one lump sum so they shouldn't be able to charge me the full amount on a pay monthly it should be adjusted to suit right?

That make sense?

 

[Da]

There may be a 'penalty clause' though for breaking the agreement. That might cancel out any rebate as such.

 

[jenic]

Just had a word with my dad (worked in insurance over 30 years).

He said in this case his company would charge the full amount including the interest that would have been charged up until the end of the policy :dapprove:

 

[Jamie86]

Arse, ah well lesson learnt I guess..

 

[DMS]

I was with elephant.co.uk (again, part of the Admiral group).
Their terms and conditions said exactly the same thing and mentioned that if you fail to make a monthly payment they will request the full amount outstanding including any interest that would have been charged, and will terminate your policy with immediate effect if you don't pay it. It will also be recorded on your credit file as a missed payment, even if you do pay the outstanding amount in full.

 

[jenic]

It will also be recorded on your credit file as a missed payment, even if you do pay the outstanding amount in full.

This is the worst bit imo

Could affect you getting finance in the future.

 

[Da]

Yeah Admiral/Elephant/Bell are one of the few insurance companies that keep records with the main CRA's.

Also when you get a quote from them, it shows up as an enquiry on your credit file.

 

[jenic]

Yeah Admiral/Elephant/Bell are one of the few insurance companies that keep records with the main CRA's.

Also when you get a quote from them, it shows up as an enquiry on your credit file.

I noticed this when i did a free credit profile check the other month, but when i spoke to the credit company they said they dont affect your score, they are just identity checks. Which is a good job with the amount of quotes i have done in the last year!

 

[Da]

Yeah it's only visible to you (I think), but looks awful untidy when you have a look at your file!

 

[Ben.]

s**t I have done so many quotes with them,bit woried now!