Just some advice for people who are paying monthly for their car insurance. I am out of my IVA and this October (6 years after my IVA started) my credit file will be sorted, it seems that car insurance companies are starting to credit check people who pay monthly for their insurance.
I've always paid monthly with no problem but this year I've been told I can't do this only pay up front the whole amount for the year (lucky I am able to afford this way) Also on checking my Equifax file they have checked this.
It's strange this has only happened now probably the industry is tightening up. I was paying them every month through direct debit.
Last edited by madwales on Tue Jun 21, 2011 9:28 am, edited 1 time in total.
do you know this happened to my friend when hers was renewd last month they said she had a rubish credit rating so had to pay full year and she not even in debt.
god knows what i will do if i have to pay mine all in one go because IVa won't drop of mine till aug 2013
Honestly this makes me so angry. People in IVA's are probably the safest people to have paying monthly. And also, if you don't pay a monthly payment they just cancel the policy. So they are not going to lose any money. Madness.
Hi Lesley, I think if you pay monthly and haven't been refused with the company you are with and don't change company you should be OK.
If you change company you are at a higher risk of being credit scored and refused monthly payments, so really if you can stay with the same company. It's a pain especially as when you are used to paying monthly for something.
Hi Kazzafunk sbusby2004 it's a nightmare I agree. Even if someone doesn't pay a monthly direct debit payment all they have to do is cancel the insurance so there aren't really loosing out.
The advantage they have then if you can't change due to your credit rating is they'll hike up those prices knowing we can't go anywhere else. Craziness x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
oooh I luckily renewed my home insurance the Friday before my IVA was accepted, but clearly I'll have to worry about it next year, what a nightmare making life even harder for people in IVA!
Also as pointed out above, if you stop paying they cancel the policy anyway, crazy!
"It is never too late to be what you might have been"
Fiona
You do wonder sometimes don't you! It makes it all the more important to save those monthly allowances for the next 12 months to pay for next years bills doesn't it.
We didnt have any problems renewing the house insurance. In fact i made a point of telling them we are in a IVA before parting with any money just in case we do have to claim!
As for car insurance ive stayed with the same company,BUT instead of renewing at their quoted price i just logged on as a new customer and saved around £120 off their renewal quote.
Its probley worth seeing if you can get a new policy if the price is right on line first then if not your gonna probley have to stay with the same company and swallow their rip-off renewal price!
One thing about being in the IVA it makes you look at everything price wise, you just have to spend some time trying to get a good price.Its always worth a look on here because people post all the good companys who you can do buisness with which is a great help.
