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Car Insurance Renewal, DMP & Credit
Issuma
Posts: 137 Forumite
Dear All
A quick question, we've been on our DMP (self managed) now for nearly 12 months and our car insurance is up for renewal at the beginning of May, we currently pay by DD monthly and everything is fully up to date however we decided to 'shop around' this year as the premium is going up every year despite my OH being a mature driver, got maximim no claims, car is parked securely at night and we've never made a claim and been with the same company for years but we now understand that loyalty doesn't appear to count for anything these days.
Anyway my concern is could we be declined paying monthly with a new company as this will be classed as credit and our credit rating is shot to pieces but we don't have spare money at the moment to pay in full and have found a 'like for like' quote with a different company over £200 cheaper..............any advice welcome.
Thanks
A quick question, we've been on our DMP (self managed) now for nearly 12 months and our car insurance is up for renewal at the beginning of May, we currently pay by DD monthly and everything is fully up to date however we decided to 'shop around' this year as the premium is going up every year despite my OH being a mature driver, got maximim no claims, car is parked securely at night and we've never made a claim and been with the same company for years but we now understand that loyalty doesn't appear to count for anything these days.
Anyway my concern is could we be declined paying monthly with a new company as this will be classed as credit and our credit rating is shot to pieces but we don't have spare money at the moment to pay in full and have found a 'like for like' quote with a different company over £200 cheaper..............any advice welcome.
Thanks
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Comments
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Hi
I have been in a DMP since 2009 and have 'shopped' around every year for insurance and pay monthly. Obviously there is the credit charge for paying this way but I have not been refused yet and CCCS know that these are paid monthly.0 -
Hi bluemonday3, thanks for your reply, hopefully it should be ok then, just got it into my head that if they credit check you then we could get refused unless we can pay in full, think I'm just getting a bit paranoid in my old age !!!0
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reassuring response as this what i was worried about just setting up my dmp now and was concerned about when my car insurance was dueDMP started 1st July 2012
Total debt £24,000
Balance at 17/04/17 £3496
Total Paid to date £12000 :beer:
DFD Dec 2017 :money:
4 1/2 years in and all is well feeling good:j1 -
Same here, been in a DMP since 2009 and have had no problems getting car insurance and paying monthly
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