Car Insurance with an IVA

shaolinfire

Hi all,

I just tried to renew my car insurance online (with the same insurer I had last year) and have been told my credit history is not good enough to pay by monthly installments! I am currently in an IVA but do not have any CCJ's. I cant afford to pay the whole amount in one go. Anyone else had this problem?

What can I do?

RedTulip

When insurance companies let you pay monthly it is a form of credit agreement, ie - they are extending credit to you. As such they are able to do what they have to you and although you have no CCJ's your IVA shows to the lender you are a risk.

Who was it with? I know Virgin offer 0% on monthly payments however not sure if this is an 'across the board' thing or if they check you too? I went with Direct Line and was also worried they might decline the monthly payment option as I was on a DMP. They accepted me, just on a higher apr as I am seen as a higher risk.

FoggyBrain_2

I have just renewed with Direct Line with no problems -- but don't think they re-credit check renewals. New business might well be different.

headstuckinsand

I changed this year to Elephant and they had no problems with monthly payment.

adfax

I had a similar problem when I tried to take out a policy with Co-op insurance (even though I bank with them). However, I telephoned them and explained my circumstances - I was totally honest and said I was in an IVA and therefore wouldn't have passed the credit check.

They were incredibly helpful - in fact they didn't seem at all surprised that I had experienced this problem - they were able to manually override the credit check and set me up with monthly payments.

FoggyBrain_2

Always better to speak to a person rather than rely on a computer / drone :-)

shaolinfire

Sorted now thank you eveyone. It was Hastings Direct that wouldn't re-insure me. Managed to get covered through swiftline.

robbies_gal

i never thought about it myself had a iva in august when i was looking for more insurance i got a quote and they pased me for credit

i hope they dont refuse me this year