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Annual or monthly insurance?
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![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Hi
I was made bankrupt in 07/12, discharged 07/13.
Since then I have had a basic current account with Nationwide a credit card from Vanquis and a Utility package from Virgin. All have been kept up to date and no payments missed to try to build up credit rating.
I have always paid car insurance in one annual payment because I don't want to get refused with a search on file. Question is: If I applied for monthly payment and was granted, would this be seen in 13+ months time, as a loan that was paid without any missed payments, thus helping my cause, or would it not show, so I would be just paying charges without any gain?
I can afford both options comfortably.
Thanks
I was made bankrupt in 07/12, discharged 07/13.
Since then I have had a basic current account with Nationwide a credit card from Vanquis and a Utility package from Virgin. All have been kept up to date and no payments missed to try to build up credit rating.
I have always paid car insurance in one annual payment because I don't want to get refused with a search on file. Question is: If I applied for monthly payment and was granted, would this be seen in 13+ months time, as a loan that was paid without any missed payments, thus helping my cause, or would it not show, so I would be just paying charges without any gain?
I can afford both options comfortably.
Thanks
0
Comments
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Hi [Deleted_User]
That's a tricky one to answer conclusively, as ultimately it comes down to what individual lenders make of the information they see about you and how you rate against their (not publicly available) criteria.
Personally, I'm not convinced that any info about monthly insurance premium repayments would make an enormous difference to your creditworthiness in the eyes of potential lenders. After all, they could look at it the other way round - being able to pay that insurance policy in full means you have one less regular monthly commitment, which would improve how you do on any affordability checks.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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