BR & Insurance

[mish1953]

Hi folks
this may be an easy one... Im BR ( Tuesday 10/7) and I have just got my car insurance renewal form .. yuck !
Anyway as Im BR Im not allowed any credit over £500 and I must notify anyone that I get credit from that I'm BR .
My car insurance is around £300 , normally I would do it on D/debit at around £33 a month ... but thats technically credit , I dont have the money to cough up the cash ( £50 to last till payday ), Im tempted to just let the d/d continue and not say anything as its already on d/d from before BR.
I guess the same applies to my buildings & contents insurance ..

Any thoughts

Slainge
Mish

[MelanieGiles]

This is fine for your insurances Hamish. Basically if you miss a payment, the insurance company will null and void your policy from that time forward, so you're not really taking credit for services you have received but not paid for.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[mish1953]

Phew - thanks Melanie that's a weight off .. I just had visions of saving £30 a month for 10 months to get car insurance --

I really want to live totally credit free and the insurance aspectr was one that I hadn't thought of before.

slainge
mish

[CoverItAll]

Hi Mish

It is vitally important that you declare your Bankruptcy to any Insurer with whom you have any type of insurance policy, and ask them to confirm to you in writing that you have declared this to them and that this does not affect your cover in any way at all.

If you do not declare it, and they consider this to be a “material fact” they can refuse a claim on the basis of “non-disclosure”.

If you declare this to them and they cancel your insurance it is far better to find this out now whilst you can seek cover elsewhere, than it is to leave it until a claim arises, then to find that you are uninsured !

Most Household and Motor Insurers will not be concerned with your Bankruptcy, but I have personal experience that some will.

In your own interest, you must find out what they position is now.

If I may be of any assistance, please ask.


John Tegg
Accident and Sickness cover that pays for up to 60 months for Clients within IVA's.
Tel: 0845 673 9999
e-mail: quotemeplease@asu4iva.co.uk
www.asu4iva.co.uk

[Oliver]

Good post by Coveritall. I had to sit General Insurance Exams in my last job and know that insurers do soometimes ask now whether you have been made bankrupt or entered into a voluntary agreement with creditors. This is sometimes skimmed over by insurance sales people but needs to be answered honestly.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp