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Motor insurance turns out to be finance without my knowledge
Hi all
Some advice needed please.
Long story short, I took out some motor insurance a while ago opting to pay monthly as I always do. Never received any paperwork but payments began coming out of account and naively i never asked for copies. I sold the vehicle so cancelled the insurance through my bank only to receive a letter from finance co saying I had been making payments to them under a credit agreement. I have never signed any paperwork to state I agree to credit and am very surprised I got it as I have a bad credit record. Neither the insurance co nor the finance company are able to supply me with any copies of docs with my signature on it and even tell me that the initial docs that were sent to me incurred a £10 charge back in July due to them not being returned within 14 days (i never rec'd them). I'm horrified that I am now being told that to cancel the policy I need to pay £84 plus £40 charge for the missed payment in January as I'd cancelled the DD with my bank.
Is this correct or is something I can do about the fact that having never received the T&C's, I genuinly had no knowledge of the credit agreement.
Thanks in advance.
Some advice needed please.
Long story short, I took out some motor insurance a while ago opting to pay monthly as I always do. Never received any paperwork but payments began coming out of account and naively i never asked for copies. I sold the vehicle so cancelled the insurance through my bank only to receive a letter from finance co saying I had been making payments to them under a credit agreement. I have never signed any paperwork to state I agree to credit and am very surprised I got it as I have a bad credit record. Neither the insurance co nor the finance company are able to supply me with any copies of docs with my signature on it and even tell me that the initial docs that were sent to me incurred a £10 charge back in July due to them not being returned within 14 days (i never rec'd them). I'm horrified that I am now being told that to cancel the policy I need to pay £84 plus £40 charge for the missed payment in January as I'd cancelled the DD with my bank.
Is this correct or is something I can do about the fact that having never received the T&C's, I genuinly had no knowledge of the credit agreement.
Thanks in advance.
Bank charge Victories 07:MBNA:£205.77.Natwest Credit Card:£250.A&L Bank:£549.68.First Direct:£1183.50.Natwest:£112.33+£200 compo.Marbles CC:£298.Providian CC:£181.Capitol One CC:£388.46.PPI requests:A&L credit card/First Direct loan: At Court stage.Marbles CC:£213.02 refunded.GE Money:£562.34 refunded.First Direct credit card:£747.83 refunded.
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Comments
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Hi all
Some advice needed please.
Long story short, I took out some motor insurance a while ago opting to pay monthly as I always do. Never received any paperwork but payments began coming out of account and naively i never asked for copies. I sold the vehicle so cancelled the insurance through my bank only to receive a letter from finance co saying I had been making payments to them under a credit agreement. I have never signed any paperwork to state I agree to credit and am very surprised I got it as I have a bad credit record. Neither the insurance co nor the finance company are able to supply me with any copies of docs with my signature on it and even tell me that the initial docs that were sent to me incurred a £10 charge back in July due to them not being returned within 14 days (i never rec'd them). I'm horrified that I am now being told that to cancel the policy I need to pay £84 plus £40 charge for the missed payment in January as I'd cancelled the DD with my bank.
Is this correct or is something I can do about the fact that having never received the T&C's, I genuinly had no knowledge of the credit agreement.
Thanks in advance.
Which insurers, how did you get the quote/take out cover and how can you not know that not paying for anything upfront and paying in installments is credit?!I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
I don't think I have signed anything for years with an insurance company.
Unfortunately you are at fault here OP and if you didn't receive your policy etc you should have chase it up. You should also have read the T&C's if you bought online.0 -
Your probably all correct and I'll have to pay them anyway, but I have always taken out car and bike insurance on a monthly payment basis and never been told before it was as a finance agreement.
I just find the wording the company used when I spoke to them a couple of months ago quite underhand, they called the other company close brothers when they're actually called close finance. There's never been any mention of finance on speaking to them and i think this has been done quite deliberately however i just wanted to get the general consensus of opinion from here before deciding my next course of action.Bank charge Victories 07:MBNA:£205.77.Natwest Credit Card:£250.A&L Bank:£549.68.First Direct:£1183.50.Natwest:£112.33+£200 compo.Marbles CC:£298.Providian CC:£181.Capitol One CC:£388.46.PPI requests:A&L credit card/First Direct loan: At Court stage.Marbles CC:£213.02 refunded.GE Money:£562.34 refunded.First Direct credit card:£747.83 refunded.0 -
Your probably all correct and I'll have to pay them anyway, but I have always taken out car and bike insurance on a monthly payment basis and never been told before it was as a finance agreement.
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You may not have been told it but paying monthly is invariably a finance arrangement0 -
Your probably all correct and I'll have to pay them anyway, but I have always taken out car and bike insurance on a monthly payment basis and never been told before it was as a finance agreement.
I just find the wording the company used when I spoke to them a couple of months ago quite underhand, they called the other company close brothers when they're actually called close finance. There's never been any mention of finance on speaking to them and i think this has been done quite deliberately however i just wanted to get the general consensus of opinion from here before deciding my next course of action.
If you buy a £500 sofa and pay monthly it's finance.
If you buy a £500 insurance policy and pay monthly it's finance. You should have been made aware of any interest charges at the very least.
Again, which insurer is it and how did you take out cover?I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
Tbf to the OP, the sofa comparison doesn't add up. You buy a sofa you get ALL the sofa there and then. You 'use' insurance on a monthly basis so why insurance companies can't allow you to pay on a monthly basis without making it a finance agreement is beyound me.0
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Tbf to the OP, the sofa comparison doesn't add up. You buy a sofa you get ALL the sofa there and then. You 'use' insurance on a monthly basis so why insurance companies can't allow you to pay on a monthly basis without making it a finance agreement is beyound me.
No you don't. If you 'use' the insurance by claiming after 2 months, the full premium is still due, in the same way that if you cut the sofa in half 2 months after taking delivery you still have to pay the full premium.
It's not like gas/electricity/water consumption.I was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
Tbf to the OP, the sofa comparison doesn't add up. You buy a sofa you get ALL the sofa there and then. You 'use' insurance on a monthly basis so why insurance companies can't allow you to pay on a monthly basis without making it a finance agreement is beyound me.
LOL, its still finance regardless as already mentioned.
The only difference between the sofa and insurance is one is clearly visible when you get home the other you never need to see until you have an accident, either way they still need to be paid.
As for insurance its very rare to sign any paperwork, also you don't need to sign any documentation to agree to finance it can be all done over the phone or the internet. Some insurers do charge a % extra for paying over monthly instalments and some don't (not many!!).Everyones opinion is the most important.....no wonder nothing is ever agreed on.0 -
You CAN pay/insure on a monthly basis, but it'll cost you a fortune. The finance company gives all the money to your insurer up front then collect it from you.0
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Close Brothers is the parent company of Close Premium Finance.
(Close brothers sounds like two brothers who come from Norfolk lol)0
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