Does a new insurance policy alert debt collectors.

debtout

Hello, I am hoping to have some of my debt statute barred by next year. Now if I was to move adress, and change my insurance adress, would it alert debtors to my new address? please.

InsideInsurance

How do you think it would alert them?

Insurers increasingly do checks on the CRA files for either ID verification or for a basic credit score to feed into the rating engine but these just show up as soft searches. Few insurers actually report to the CRAs even if you do take out credit with them but there are exceptions to that, mainly those that use 3rd parties to provide credit for monthly installments rather than doing it themselves.

Insurers themselves would never phone round every debt collector in the country to advise them that they've had someone do a quote with them. Your credit providers may be subscribing to changes to your CRA file and so they may get an update if your CRA file is updated

debtout

InsideInsurance wrote: »

How do you think it would alert them?

Insurers increasingly do checks on the CRA files for either ID verification or for a basic credit score to feed into the rating engine but these just show up as soft searches. Few insurers actually report to the CRAs even if you do take out credit with them but there are exceptions to that, mainly those that use 3rd parties to provide credit for monthly installments rather than doing it themselves.

Insurers themselves would never phone round every debt collector in the country to advise them that they've had someone do a quote with them. Your credit providers may be subscribing to changes to your CRA file and so they may get an update if your CRA file is updated

So debt collectors might findout?, as its not really clear on your much appreciated reply?

InsideInsurance

Youd need to be unlucky but in theory they may if you are paying for your insurance by installments.

Of cause you have other issues of not updating bank details, insurance etc to your correct home address than just debt collectors finding you.

David_InsDef

It's possible, based on the type of search an insurer (or their credit provider) does against your credit file and therefore what type of footprint it leaves. It could potentially create a linked address.

debtout

Hmm, so am pretty much in sticky waters as was hoping to move in with my aunt, till my debts are sorted and the last thing I wanted was debt collectors coming to knock on her door. It would freak her out, grrr.

David_InsDef

Ah ok, hadn't realised the address move was in the future. Very few insurance companies do a CRA check mid-policy, it's mostly at new business and renewal stages. i.e. you're less likely to have a search done when you ring up and change to your aunt's address mid-policy.

That said, they will check at renewal stage (likely 11 months after the policy first starts) - so if your debt hasn't been SB'd at that point, there's still a risk.

InsideInsurance

If the credit is being provided by a finance house rather than the insurer then a mid term change may also reflect on the CRA file as they are much closer to being regular lenders and so do things like CRA updates.

David_InsDef

InsideInsurance wrote: »

If the credit is being provided by a finance house rather than the insurer then a mid term change may also reflect on the CRA file as they are much closer to being regular lenders and so do things like CRA updates.

Agreed. Then the trick is for the OP to pick an insurance provider who provide their own instalment facility or to pay in full.

Nasqueron

Wouldn't moving house and telling the bank / utility companies / phone provider etc (assuming mail is not going to be left to go to old house) risk updating the debt collectors? If you leave your forwarding address with the new people they might accidentally tell the debt collectors too - seems a lot of risk (if it will upset your aunt) to try and avoid paying debts by moving - may well be something unforeseen that puts the new address on the credit record. Plus if they get a CCJ or something and you don't respond won't that cause issues for another few years?

Mallotum_X

Or why not deal with your creditors, and come to some arrangement before they come knocking?