Is is safe to gave a stranger my account details?

td_007

smjxm09 wrote: »

The problem with going through the insurance it that I take a hit. My insurance is due soon so I put in my details into a comparison site with and without the accident. Even with a protected no claims discount my premium still goes up with me at no fault. I then have to declare the accident for the next 5 years. For the repair cost of £125 I would rather him pay me.

Why can he not pay you cash? or send you a cheque?

MattHawkins

Go through the insurance.

Do not accept money to help him out. Sod his policy. That's his problem. If there are any other costs that crop up you will be stuffed.

He may claim to his insurers you reversed into him and then extorted the money out of him. Then you will have to explain how you were accepting his money on the quiet while avoiding reporting it to the insurance company. Could get messy.

As someone else has pointed out if your insurer finds out at any point in the future your insurance will be invalid. In a bad accident that might cost you far more than £125 or the increase in premiums.

Don't risk it. Do it the right way.

I definitely wouldn't give someone my bank details. Wherever they are from ...

Voyager2002

I would not worry about giving out my bank details, but I monitor my account closely and I know that my bank (Smile) is very good about recalling direct debits if I don't agree with the amount.

I also have a savings account that does not allow direct debits. I can't see any risk in giving out details of this account.

katsu

Ask him to give you a cheque or even better send him to the post office to get a postal order, then get him to send it to you. No risk to you that I can imagine from a postal order.

I've paid a person privately, and been paid privately for an accident by cheque, and never had any problems.

smjxm09

The guy has agreed to drive over from Wales tomorrow with the cash so I think I will go down that path. Don't see why my insurance company should also make me pay a higher premium when I was faultless.

Bela

check your bank account for any new direct debits or standing orders.
If any direct debits went out your are covered by your bank and under Direct Debit agreement you can ask for refund. In the future if you happy settling claims privately go with them to cash point

zppp

smjxm09 wrote: »

The guy has agreed to drive over from Wales tomorrow with the cash so I think I will go down that path. Don't see why my insurance company should also make me pay a higher premium when I was faultless.

Maybe, but you still need to inform your insurance company that the accident happened. This will be in your policy wording. As I stated at the start of this thread it is a requirement.

samjef11_2

Bela wrote: »

check your bank account for any new direct debits or standing orders.
If any direct debits went out your are covered by your bank and under Direct Debit agreement you can ask for refund. In the future if you happy settling claims privately go with them to cash point

I would not do that even he could just attack your or look and see the pin number you put in very risky.

DizzleUK

If the accident was not your fault it will not affect your premiums or your no claims discount. If you were at fault or partly at fault then you would. You would also see increased premiums and reduction of NCD if you made a claim where the insurer could not recoup the cost from the 3rd party (eg vandalism)

Regardless of whether you get money from this guy you should still report the claim to your insurer. I used to work for a big insurance company and the amount of people who end up with a world of grief later down the line when they thought they had sorted it all out between themselves and the other person is quite high.

You have insurance for a reason.

Oh, and don't give your personal financial information out to anyone you don't know.

I'm sure you are aware there are people out there that cause accidents deliberately for the benefit of one scam or another.

albacookie

samjef11 wrote: »

I would not do that even he could just attack your or look and see the pin number you put in very risky.

But surely he'd be the one taking the money out not the OP?