Urgent: Buildings Insurance and Voluntary Repo

Florence22

Hi All,

Just before I decided to go BR (Hopefully will happen mid-feb), I took out a new buildings insurance policy.

I've just opened my new cashminder a/c ready for BR (it's ready to use today), and stopped using my other one.
The next DD payment is due out of my old a/c on tuesday (it's likely to bounce), and I'll then be out of the cooling- off period.
I can't see Ins Co being able to set up the new DD debit in time for tuesday (31st) - big no-no, new policy, bad payer!
I do have one cc I could pay the lot with but how on earth would this look to the OR, and I feel it would be morally wrong too.

I'll be handing in the keys to my mortgage provider as soon as I've had my OR interview - should I just cancel this insurance?

I'm on benefts and it's going to be a struggle to keep the insurance going.......I feel I would be better off contributing to the undoubted hike in premium of the person who's taking me in.

I'd be so grateful for any comments - I need to call the Ins Co this afternoon to sort it out.

Many thanks in advance

Flo :undecided

WantToBeFree

Are you not able to just leave enough in your old account to cover the first of the DD payments or have you actually closed your account already?

Florence22

WantToBeFree wrote: »

Are you not able to just leave enough in your old account to cover the first of the DD payments or have you actually closed your account already?

Tbh it's very overdrawn although I haven't actually closed it down. I have a feeling that the old bank may allow it but they may well be looking at it at the moment as I've canc DDs and asked for bank statements etc.

I'm wondering if the OR would think I was entering in to a credit agreement (monthly premium payments) when I knew I was insolvent........but then do I need bldgs Ins when the house is empty to be on the safe side?

Many thanks for looking at this.

Ineedaname

Did you know the Co-Op would have transferred all your DDs for you, all you would then have needed to do is cancel any debt DDs on the old account so they didn't get transferred.

Perhaps ring up the insurance company and apologise in advance, ask them if it does bounce can they give you sort code and account details to make a direct payment to the following day. At least that shows responsibility to them. You don't need to say you are going BR, people change bank accounts all the time for various reasons.

Florence22

INAN thank you - I'll do that (duh - didn't think to ask for their details) - I think I must have pre BR befuddled brain....PBRBB??!

Thanks so much to you and WantToBeFree for such quick answers