Missing car insurance payment

xvickyx

Hi

Ok, so my car insurance was due to come out this month (I pay monthly) and I don't have enough money in my bank account to cover it.

I have phoned Kwik Fit to see if I can pay half this month, and tag the rest onto next months, but they said they can't do it, as the bank has already called for payment (which will be declined as I don't have the money) then they said I will get a missed payment letter, and a date when I have to pay it by.

Is there anyway that they will let me pay half now half later, as I am desperately trying to find money to pay it all (which is £163 a month, for a 1.2 Punto - seems a rip off) :mad:

Just really nervous about them cancelling my policy, are they really this uncoperative :eek:

Thanks
Vicky

cabbage

Your car insurance is £163 per month!!! are you sure this is not the annual fee.

The problem goes deeper than the car insurance as it seems its a debt/budgeting issue. Why not post your SOA on this forum (should be a sticky telling you how at the beginning of the forum) so that others can make suggestions. Its also helpful to list what benefits you are getting to make sure you are not missing out on any.

Finally, shop around for cheaper car insurance quotes

xvickyx

Yep, thats my monthly cost.

I had just passed my test (december 2009 & I was 24 with 0 no claims) first I had a gold gti cabrioley which was £120 a month, then I got this Punto, thinking it would be cheaper, but went upto £163, my insurance runs out in December so no point in cancelling now, as I need my years no claims, but its fricking crippling me every month with the £163, its ridiculus

Anyway, any answers on my questions about missing a payment?

BigCraigJohn

Check the terms and conditions see what happens if you miss a payment.
If it says they will cancel the cover you may have issues but if it does not then just pay it asap as and when you can afford to.

lisawood78

And when it comes up for renewal for goodness sake, Go Compare :-) (only without the annpying song man)

Percy1983

I fear I might get shot here. A payday loan would probably be cheaper and easier than bouncing direct debits.

By all means that can be the start of a slippery slope, so only do it if you 200% sure you can afford it next month.

Something sounds very wrong that your payments wen't up with that change of car, have they got the details right? are you now insuring both cars?

saltnvinegar

Percy1983 wrote: »

I fear I might get shot here. A payday loan would probably be cheaper and easier than bouncing direct debits.

Percy not only consider yourself shot but consider yourself nuked!:D

This is not the answer

Vicky lets deal with the immediate issue. First I assume the DD is due to come out in the next couple of days? If its early next week (e.g. Mon/Tue) then can you get to a car boot and sell enough stuff to cover the direct debit?

If this isn't possible you will get a letter and in this they will tell you how the reapply for the payment. Its usually something like 7-14 days later. Sometimes they may even apply a third time before cancelling your policy so you a little time yet.

Percy is right though that you may incur charges but this is the usual glossy marketing spiel Payday loan companies use to justify their services. Please do not fall for it and I will explain why (though I will make some assumptions around your circumstances so apologies for this)

If this important DD is getting bounced this indicates an imbalance between your income/outgoings. Taking out a payday loan is not going to help you address this and will only make things worse as you will end up in the situation where your cashflow will mean you cannot repay the payday loan, you will rollover the interest and get caught in the same trap that you see countless times on this fourm (myself included).

If you get paid weekly then there is a good chance you may have enough cash to cover the DD the next time they apply for it.

You may also be able to sell some stuff on eBay and get some money that way before the next DD is attempted.

In short - I would look at anything other than a payday loan to cover this DD and then I would look at the I/E cashflow issue to stop this from happening again.

Post a statement of affairs on here if you like, there will be lots of people who can give you advice on making savings.

SnV

Oneday77

Vicky do you normally keep your bank account in good order.
If so you could call you bank and state it is a one off over sight, worth a try.

£163 a month for insurance for a 24 year old is seriously wrong. I would question the cost of the cover and get it checked to be the right amount. If they have your details wrong, ie your DOB you may not be covered anyway. Not trying to make you anxious but please check all your details on the certificate of insurance. Have they stupidly put on no claims dicount protection, you don't have one but it could be adding 20% to the policy.

DarkConvict

I'm 23 with 0 years no claims bonus (but have 3 years claim free driving), and insurance on a Mini cooper (not s) is ~£900 a year.

So £163 is very high.

Gemmzie

How new is the car? Does it have modifications?

sammy115

It is high but whatever you do pay that insurance. Don't miss a payment like I did and then get 6 points and £200 fine for no insurance.

Borrow it if you need to but get it paid and then go looking for new insurance. My daughter and her OH (who got banned for speeding) don't pay that much!!!