I have an IVA in place and have been informed that due to new legislation I can not get monthly car insurance. My current insurance runs out at midnight tonight. I urgently require advice.
Hi
I don't think this is universal, speak with other companies. Worse case scenario is that you may have to take a payment break from your IVA and pay the insurance for the full year, then increase your payments by the monthly amount allowed in expenditure
Regards
I pay all of my insurance monthly and have never had a problem - even changed companies whilst in my IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I pay monthly too no issues but I did find some insurance companies do an experian check and when I clicked on buy now they declined me for any insurance. That was esure but most companies I have found good quotes for were happy to take me. The thing is with car insurance if you dont pay your not covered so either way they dont lose! Just try a different company
"Just when you think that you can make ends meet, somebody moves the ends."
You may receive a credit agreement with your monthly car or home insurance, this is not like taking out a loan. If you pay monthly it just means your payments are regulated under the Consumer Credit Act giving you protection under the financial ombudsman scheme. Its not taking a loan and wont appear on your credit report. You are paying for a service monthly, if you stop paying they cancel your insurance and you wont owe any money. You therefore wouldnt be in breach of your IVA further borrowing clause to the best of my knowledge but maybe someone more experienced can verify this.
"Just when you think that you can make ends meet, somebody moves the ends."
As others have said - if you don't pay then your insurance will be cancelled so I really hate it when people get refused.
Do try several other companies, you should be able to find one.
It isn't classed as credit at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Diamond didn't have any problem with ms paying monthly and I only just got car insurance a couple of weeks ago. Why not give them or Admiral a try...same co so shouldn't be a problem there either (just in case you're a bloke).
Diamond are fine with male drivers (I don't think they can discriminate!) so just try a lot of companies - the searches should not show up on your credit record as they are mostly to do with address searches.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
