£980 posst office car insurance cancelation fee!!!!!!

retrocircles

Hmm. I thought cancellation fees were standard as one month's payment? So you might be looking at around £200.

dacouch

Cancellation fees vary dramatically between Insurers and brokers / intermediaries also take a charge as well.

You need to read the Terms and Conditions as this should identify any fees and often the cancellation charges

pink_princess

This is awful,we cancelled ours with a different company (direct line ) not long ago and got a £14 refund.

kentlad2

dacouch wrote: »

BISL are not an Insurance company they are a broker / intermediary

well the insurance papers are from post office but the direct debit that comes out my bank is BISL

dunstonh

Hmm. I thought cancellation fees were standard as one month's payment? So you might be looking at around £200.

No. Cancellation fees tend to be under £50 otherwise the FOS take a bit of a dim view. However, as mentioned already, the cost of pro-rata cover and remaining period to next cancellation point is the killer here.

This is awful,we cancelled ours with a different company (direct line ) not long ago and got a £14 refund.

Did you pay annually?

pink_princess

dunstonh wrote: »

Did you pay annually?

No but only had 3 months left to run,from reading your posts im summising that may be why.

dacouch

kentlad2 wrote: »

well the insurance papers are from post office but the direct debit that comes out my bank is BISL

What is the name of the Insurance Company, it will be on the Certificate of Insurance.

daveyjp

£276 x 3 is £828 so this is the bulk of the "fee" as it's actually what you owe them. You bought an annual policy, they lent you the money to do so and you are paying them back monthly. Even if you cancel it's still an annual contract.

They want their cash back. Cheaper to let it run it's course.

lisyloo

i am on jobseekers currently £40 a week and outta that i have to pay other bills etc and survive so i dont no what i am going to do

What they will probably do is pass it on to a debt collection agency.
They will write you letters, call you and generally hassle you a lot.
If you don't pay then they might take it to court and if they win, then they might try to get balliffs in to seize any goods you have.
This will take a while but in your posistion I'd be reading up on exactly what my rights were
i.e. I don't believe balliffs can force entry without a warrant.
They WILL tell you otherwise so you need be well read up on your rights.
If you live with anyone else then you need to be getting yourself informed about what they can seize because you don't want them taking stuff beloging to your family, partner or mates.
I don't know what the rules are there, but in your posistion I'd be getting well informed.
I'd also be making sure they understood I could not pay as there is a possibility they might give up if they know you genuinely have no wy to pay (of course they also might not believe you as everyone will say that).

kentlad2

lisyloo wrote: »

What they will probably do is pass it on to a debt collection agency.
They will write you letters, call you and generally hassle you a lot.
If you don't pay then they might take it to court and if they win, then they might try to get balliffs in to seize any goods you have.
This will take a while but in your posistion I'd be reading up on exactly what my rights were
i.e. I don't believe balliffs can force entry without a warrant.
They WILL tell you otherwise so you need be well read up on your rights.
If you live with anyone else then you need to be getting yourself informed about what they can seize because you don't want them taking stuff beloging to your family, partner or mates.
I don't know what the rules are there, but in your posistion I'd be getting well informed.
I'd also be making sure they understood I could not pay as there is a possibility they might give up if they know you genuinely have no wy to pay (of course they also might not believe you as everyone will say that).

well i have plenty of letters from the job centre regarding the benifits and bank statements etc.i have to send back my certificae of insurance so will be doing that tomorrow and will also be ringing them to ask them about where we go from here and explain the situation