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Car insurance on a DMP
OrganisedNic
Posts: 27 Forumite
Hi everyone, long time no speak!
I am wondering about my car insurance policy, it's up fro renewal in a couple of months. Usually I pay this all off in one go and pay back my CC each month but this year, I'm not going to be able to do that.
My premium is pretty high as I'm young and the area I live hikes up the price enormously. Have any of you been refused paying monthly car insurance as it is a credit agreement? Worrying about this as there's absolutely no way I'll be able to afford the annual premium.
Thanks!
I am wondering about my car insurance policy, it's up fro renewal in a couple of months. Usually I pay this all off in one go and pay back my CC each month but this year, I'm not going to be able to do that.
My premium is pretty high as I'm young and the area I live hikes up the price enormously. Have any of you been refused paying monthly car insurance as it is a credit agreement? Worrying about this as there's absolutely no way I'll be able to afford the annual premium.
Thanks!
DMP with Stepchange, paid off 6% to date :money:
Current debt:[STRIKE] £49,271.24[/STRIKE] £46,474.48
Current debt:[STRIKE] £49,271.24[/STRIKE] £46,474.48
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Comments
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Most people can pay for insurance monthly, I did on an IVA, you should have no trouble.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Hi
As sourcrates says you should be able to pay it monthly as it's paid monthly in advance, so if you don't pay it you won't be covered, hope that makes sense
Max0 -
Before we started our DMP we used to pay certain service type bills up front -then had to pay by monthly direct debit afterwards and we never had a problem setting up any sort of policy. I've also changed mobile providers over the years and never had an issue - basically because (as Max and Sacha has said) with most policies of that type you are paying in advance and even if one month in arrears, if you fall behind they'll cut you off - so at the most service providers would only be out of pocket for one months worth of 'whatever'. It's much less of a risk for them overall.
Do make sure you check out those comparison sites so that you can get the best deal
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Thank you all,
Suseka97 that gives me a lot of hope, I'm expecting the monthly payment to be higher than I'm used to because of added interest but it was a moment of panic last night when I realised I won't be able to pay up front. Your signature is very encouraging - well done!!DMP with Stepchange, paid off 6% to date :money:
Current debt:[STRIKE] £49,271.24[/STRIKE] £46,474.480 -
Hi,
Just to add my two-cents. I am on a DMP and have been for a few years and have had no issues with paying car insurance monthly, once was through M&S and the other has been Esure.
C0 -
I've been on a DMP and had no bother getting car insurance.0
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