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Need advice
I'm just starting to miss payments on the CCs I have with lloyds bank with the plan to default before starting a dmp
I've just realised I got my car insurance via lloyds but its actually provided by BSI LTD
I pay monthly and my policy ends in Sept.
I've changed my DD for the payments to my new basic account away from lloyds group
I just want a bit of reassurance that I'm not going to end up driving round uninsured really
Comments
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If you are paying the car insurance premiums (regardless of what account they come from) then your insurance remains valid. For future reference all types of insurance (car and home) are cheaper if you pay annually. As you start to get on top of your budget put money aside monthly to pay for it in full on renewal and you will save a lot.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
The 365 Day 1p Challenge 2025 #1 £667.95/£472.78
Save £12k in 2025 #1 £12000/£124501 -
Honest answer, who knows…. If it was me I would change insurance providers just to be 100% on the safe side.
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There is no need to change insurers. Your insurance with Lloyds has no bearing on you owing them money elsewhere on credit cards or overdrafts. The insurance group will only be interested in whether you are paying premiums or not. They are different arms of the same organisation but there is no right of offset from insurance premiums to debt owed elsewhere to the group.
I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
The 365 Day 1p Challenge 2025 #1 £667.95/£472.78
Save £12k in 2025 #1 £12000/£124502 -
Honest answer is as ES has already stated…changing insurer would almost certainly incur costs for the OP and be entirely unnecessary.
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1
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