www.iva.co.uk

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.

Good question Whu, but paying for insurance monthly will not be constituted as taking credit.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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Hi
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.
IT,s a little bit like "pay as you go"

Andy Davie
IVA.co.uk Spokesperson

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http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

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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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.