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Insurance loan problems
Stephen83
Posts: 1 Newbie
I bought a car insurance last year October, I wanted to pay in monthly instalments so my insurance company kindly offered me a third party company to do this! I went ahead, this month i sold my car and cancelled my insurance! Now my company is forcing me to pay for the whole year saying that i had a loan(same like with a bank) with this third party company so i have to pay for the loan! I dont really understand how i have to pay for something i dont use, a loan for me means upfront cash or something similar... there are no claims on this policy, anybody knows what should i do? i really dont want to pay for something i dont use/have(£300)! Any regulations, laws? i dont know where to start looking, thank you for any help!
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Comments
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Is the Octagon Insurance by any chance ? Were you sold the Insurance as part of the loan package ? It will be the loan company that is looking for the full years premium and not the Insurers. I suspect that the arrangement breaches OFT rules. Normally for Car Insurances, provided you have not claimed, you just pay the relevant time on risk, plus a cancellation admin fee of £50. I would threaten to involve the OFT, as you believe there is unfair trading involved. Tell them that you are only prepared to pay the time on risk, plus a cancellation admin fee of up to £50. If they do not agree, enter into a complaint with them, involving the FOS and OFT if you have to.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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a#nd remind them that if the ombudsman takes up your case they will have a £500 fee to pay to the ombudsman whether they win or lose.make the most of it, we are only here for the weekend.
and we will never, ever return.0
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