Motor insurance turns out to be finance without my knowledge

mark5

How could you cancel the insurance through your bank?

You cancelled your d/d payment through the bank, you needed to contact the insurance company to cancel the insurance cover.

Elsie2_2

The insurance was through MCE insurance.
Thanks for all your words of advice, it seems I was a bit of a naive plonker. But hey ho, thats the beauty of this site, you get to know the full story.
Thanks guys.

dacouch

Close are very aggressive at collecting money they are due, they do not think twice about issue county court proceedings.

If you ring them up and speak politely and offer to settle the outstanding if they reduce the £40 admin charge to £20 they will sometimes do this is you speak to the right person in the right way.

If you speak to MSE and send them proof you sold the car earlier than they have actually cancelled the policy they MIGHT refund more money which will reduce the outstanding amount

motorguy

rev_henry wrote: »

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 buy the insurance policy up front for the year.

The reason they do it like that is to get the premium in up front. An insurance company is different from a finance company and is regulated differently. Paying monthly for your insurance would invariably mean hiked insurance premiums for everyone, whereas with the current system only those who dont pay in full for their insurance get charged interest.