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    • nattergirl
    • By nattergirl 11th Oct 16, 12:06 AM
    • 2Posts
    • 1Thanks
    insurance company liquidating, will have to pay double
    • #1
    • 11th Oct 16, 12:06 AM
    insurance company liquidating, will have to pay double 11th Oct 16 at 12:06 AM
    My hubby is a black cabbie, so has public liability insurance. He took out a policy in June, and opted to make monthly payments. He signed a deal where the first month was 240 then 9x 120 monthly payments are due and then it is paid out for the year. We were informed about a month ago that the insurance firm is liquidating, but to do nothing as of yet and wait to be informed as to what the next step is. We had a phone call today to inform us that the he will be insured until 26th Oct. They can recommend another insurance firm who will give him the same deal that he had now. However because he took the pay monthly option he still has to continue paying the 120 a month for the original policy until the end of the contracted period because the policy has been paid in full by a loan company and our agreements are for payments to the loan company and not the insurance company. So he will have to pay the rest of the existing 'loan' and pay for new insurance on top. They advised we may get some of the money back but I realise that we might not. It feels like we should stop paying, but were informed today that we would have debt collectors involved if we just stopped paying. Has anyone experienced anything like this, and is there anything we can do to get out of this, as paying double is going to cripple us
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    • Mr Poves
    • By Mr Poves 13th Oct 16, 7:09 PM
    • 237 Posts
    • 89 Thanks
    Mr Poves
    Thanks for the input Quentin , I'm really now considering ringing my broker and cancelling the policy as if it were a normal mid term cancellation , all I am getting from them is "keep paying the direct debit to close brothers" But it just feels like I'm being mugged off somewhat .
    What if I actually genuinely needed to just cancel the policy mid term for any other reason ?
    Surely it would be treated as normal with some kind of penalty or charges on top of the pro rata cover I have had upto now , the policy is only 3 month's old .
    • Mr Poves
    • By Mr Poves 13th Oct 16, 7:12 PM
    • 237 Posts
    • 89 Thanks
    Mr Poves
    thank you for your replies, sorry you are going through the same problem Mr Poves, yes it is Enterprise. Thank you edddy for your link, I suppose we are paying for a product at the end of the day and they aren't delivering so it will apply. I will find out about new cover offered and like Mr Poves said, Im not sure who is financing it, it may be Close Bros also. I don't think we can cancel once they have announced liquidation, thats the bit Im unclear about.
    Originally posted by nattergirl
    I'm sorry any of us are having to put up with this cr4p , seriously just considering cancelling the policy .
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