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Stealth interest charge Aviva
May be being naive but found out after receiving my annual statement from Aviva for car insurance that I was being charged interest alongside my monthly direct debits, when I called them they said they were effectively giving me credit by letting me pay over 12 months , hence the charges which amounted to well over £100 , advice/thoughts pls, Thx
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May be being naive but found out after receiving my annual statement from Aviva for car insurance that I was being charged interest alongside my monthly direct debits, when I called them they said they were effectively giving me credit by letting me pay over 12 months , hence the charges which amounted to well over £100 , advice/thoughts pls, Thx
And you're surprised by this? Don't you open your post or read important documents or do you have someone else to do that?0 -
That is how insurance works.
The whole year's premium is due at the start, if you "pay monthly" they lend you the money, and expect interest when you pay it back.
You should always pay up front......I want to go back to The Olden Days, when every single thing that I can think of was better.....
(except air quality and Medical Science
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Every website and comparison website I've ever been on is pretty clear how much it costs annually and monthly and states the interest chargef0
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How can it be a stealth charge when it is explained in plain English before you click to purchase that paying off a monthly loan costs more than a single payment?0
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Idiot tax?All matter is merely energy condensed to a slow vibration, we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.0
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About as stealthy as a cruise liner. A cruise liner you were told was coming.
God, do people not read or check anything these days?0 -
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May be being naive but found out after receiving my annual statement from Aviva for car insurance that I was being charged interest alongside my monthly direct debits, when I called them they said they were effectively giving me credit by letting me pay over 12 months , hence the charges which amounted to well over £100 , advice/thoughts pls, Thx
Yes, pay the premium in full at the start of the policy and you won't pay a penny in interest.0 -
Just looking at my Aviva house insurance renewal - full breakdown of monthly payment option showing payments, total cost, credit charge and APR (cunningly hidden on page 2 though).0
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Just looking at my Aviva house insurance renewal - full breakdown of monthly payment option showing payments, total cost, credit charge and APR (cunningly hidden on page 2 though).
They're required by law to give you this information where credit is involved.
Probably why posters are in disbelief at the OP not realising they were paying extra.You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride0
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