Direct Debits setup against my explicit instructions

davidka1

I basically didn't think at the time, this is the first time this has happened to me.

davidka1

colsten said:

There are no laws for Direct Debits. But you can report them for their sharp practices. 

BTW, somebody telling, or stating on their website, that they are FCA registered doesn't mean they actually are. You have to verify it on the actual FCA site.

So turns out they are regulated by the FCA, and my case is not unique - looked them up on Trustpilot. Ugh!

Thank you very much everyone who took the time and trouble to reply and inform me.

eddddy

Were the direct debits being collected by the broker, or directly by the insurance company that the policy is with?

If it's the insurance company (rather than the broker), it might be worth contacting them directly to explain what's happened and why you stopped the direct debits.

Otherwise they might assume that you're at fault - i.e you willingly set up the policy, but are now refusing to pay, resulting in a black mark against your name ('insurance cancelled due to non-payment'). 

colsten

davidka1 said:

So turns out they are regulated by the FCA, and my case is not unique - looked them up on Trustpilot. Ugh!

I would generally not be guided by Trustpilot when making decisions about financial products

davidka1

eddddy said:

Were the direct debits being collected by the broker, or directly by the insurance company that the policy is with?

If it's the insurance company (rather than the broker), it might be worth contacting them directly to explain what's happened and why you stopped the direct debits.

Otherwise they might assume that you're at fault - i.e you willingly set up the policy, but are now refusing to pay, resulting in a black mark against your name ('insurance cancelled due to non-payment'). 

Directly by the insurance company ... ugh! did not think of this, what a pain. Thanks for the tip.

davidka1

colsten said:

davidka1 said:

So turns out they are regulated by the FCA, and my case is not unique - looked them up on Trustpilot. Ugh!

I would generally not be guided by Trustpilot when making decisions about financial products

No, this I just checked after the fact.

AnotherJoe

colsten said:

davidka1 said:

So turns out they are regulated by the FCA, and my case is not unique - looked them up on Trustpilot. Ugh!

I would generally not be guided by Trustpilot when making decisions about financial products

I probably would be if there were many negatives

colsten

Thing is, Trustpilot is a generalised platform on which people comment on just about any product and service you can think of. It is certainly not the place in which people with financial expertise gather on a regular basis. If I want expert opinions on financial products for consumers, MSE is hard to beat. There are some other specialist places, such as Monevator or Which? Personal Finance that I would consult. Before I would go to Trustpilot for info on financial products or services, however, I'd even ask the fat bloke down the pub. YMMV, of course