Help, Cancelled home insurance may hurt credit rating

gogo2013

Thanks everyone, solved this issue

Fruit_and_Nut_Case

hue? Did you mean hurt?

gogo2013

Fruit_and_Nut_Case wrote: »

hue? Did you mean hurt?

Yes, hurt, sorry , too worry to spell the word right:(

gogo2013

Anyone could help with this?

angelsmomma

Have you checked the CRA's to see if it is on there?

gogo2013

angelsmomma wrote: »

Have you checked the CRA's to see if it is on there?

I checked it, no, currently my report is excellent. But I do worry they may report it sometime. We are waiting for completion in 3 weeks' time.

katielouisej

Usually insurance doesn't go on there.... credit ratings are usually any credit cards, bank accounts, electricity, credit agreements like car loans...

But you do have to declare you've had home insurance cancelled by a company for 5 years... I work for car/home/van insurance and it can invalidate it, so contact your new insurer and make them aware!

Buzby

I would be most surprised if any insurer reported a CRA. You would have to have given your permission for this to be done - and since your policy simply lapsed (no defaulted) you have nothing to worry about.

What does concern me, is the fact folk are running scared of any late payment whether or not it is reported or registered anywhere. The CRA's will be lapping this up as proof positive they have us under their control.

You do not have to declare you had any insurance cancelled voluntarily - only f you are asked this question. Further, if this was an assurance policy (as opposed to insurance) that isn't relevant either.

katielouisej

gogo2013 wrote: »

I called HSBC afterwards, the man transferred me to their account department. The staff there checked the insurance and said it was cancelled due to cancellation of direct debit.

Indicated thats not a voluntary cancellation, as a cancelled direct debit, contrary to popular belief, does not end a contract. Call them and find out whether you or they cancelled it, if they did (which sounds like the case) then declare this to your new insurer.

gogo2013

katielouisej wrote: »

Indicated thats not a voluntary cancellation, as a cancelled direct debit, contrary to popular belief, does not end a contract. Call them and find out whether you or they cancelled it, if they did (which sounds like the case) then declare this to your new insurer.

Oh, thanks a lot, I don't know this and will definitely contact the new insurer on monday. But will they cancel my insurance or increase my premium accordingly then according to your experience? Thanks again!

gogo2013

Buzby wrote: »

I would be most surprised if any insurer reported a CRA. You would have to have given your permission for this to be done - and since your policy simply lapsed (no defaulted) you have nothing to worry about.

What does concern me, is the fact folk are running scared of any late payment whether or not it is reported or registered anywhere. The CRA's will be lapping this up as proof positive they have us under their control.

You do not have to declare you had any insurance cancelled voluntarily - only f you are asked this question. Further, if this was an assurance policy (as opposed to insurance) that isn't relevant either.

Thanks very much, this makes me feel much better:rotfl: