van insurance, seen as taking out credit?

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Post by whu » Thu Jun 14, 2007 10:25 am
Hello i have recently had an i v a approved. The question i have is to do with my van insurance which i wish to pay monthly. But does this count as taking out credit? as they seem to charge credit for paying monthly.


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Post by Oliver » Thu Jun 14, 2007 10:30 am
Good question Whu, but paying for insurance monthly will not be constituted as taking credit.

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Post by Adam Davies » Thu Jun 14, 2007 2:19 pm
This i a common question and the answer is that because of the way that the insurance s paid you are always "ahead" in terms of insurance used and insurance paid.You do not actually owe money so you are actually not taking any credit.If you fail to make a payment the company cancels your insurance before you owe them anything.
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Post by Skippy » Thu Jun 14, 2007 3:19 pm
I wanted to pay for my insurance monthly but when I advised them I was BR (as I was advised to do) I was told I had to pay in one lump sum.

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Post by kallis3 » Mon Aug 17, 2009 10:11 am
The majority of insurance companies are quite happy for you to pay monthly.

It is not classed as credit. If you miss a payment, then the insurance is normally cancelled.

All of my insurance is paid monthly.
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