insurance problem

jetcat

please can anyone help?

I was recently going to be given a very old car, just as a means to an end while i saved for a newer one. I arranged insurance etc the day i was supposed to get it. But, there was a problem with it which meant i didnt actually receive the car.

I have today rang to cancel the insurance (has been about 2 weeks - i stuggle with making phonecalls and needed someone with me) and they are going to charge me £150. I expected to have to pay something, and havent got a problem with that. The problem is they are going to take it out of my bank in 7 days, and if the money is not there, they will apply to take it every day, and if it is still not there, they say i will get charged by my bank. I have no problems in paying this money, but it will be about 2 weeks before i can scrape together the full amount. They said they cant accept a cheque.

Please can anyone help? I am really scared that they will simply keep applying to my account, and as there will be no money there, i am going to end up with loads of bank charges

mrjam

OK, Cancel the direct debit, thats the first thing/ Second thing, send them a cheque recorded delivery and post date it for the date you will have the funds, send an accompanying letter stating cheque is the only method you can or will pay by, that the DD has been cancelled and you consider it the end of the matter, i guarantee you they will cash the cheque. They dont want to go to both the expense, and hassle of having to chase you so they will cash the cheque wether they say they accept them or not and once they have done that, your problem is solved. Learnt from experience.

jetcat

thanks mrjam. I dont know if i can cancel the d/d, as it doesnt show up on online banking until the first payment comes out. Would the bank be able to do it?

mrjam

It will show up prior to first payment, keep checking until it shows and as soon as it does cancel it.

Mark_In_Hampshire

... and log into online banking daily for a while to make sure they don't simply set it up again in order to take the money.

jetcat

mrjam wrote: »

It will show up prior to first payment, keep checking until it shows and as soon as it does cancel it.

i know it used to with my old bank - Halifax, but with the natwest, it doesnt i dont think. I will keep checking though as you say, and thanks for your help. I am in such a state over this

thatsean

With Natwest it will NOT show until it is 1st claimed. To cancel before then you'll need to call the service centre (before 8pm as the system they need goes down then), or get a branch to do it.

Oh, and don't send a post dated cheque, they can still present it, and the bank will still attempt to clear it - incurring your a bounce fee.