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Posted: Wed Jul 27, 2011 3:32 pm
by Pauline.dns
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.
Posted: Wed Jul 27, 2011 3:37 pm
by RRones
That would be new to me as my car insurance is monthly. Where did hear that ?
http://dev2.iva.co.uk/forum/topic.asp?TOPIC_ID=37649
This may help
Posted: Wed Jul 27, 2011 3:40 pm
by ginger3232
Pauline - wonder if its is because of the IVA that they dont want to offer the monthly instalments -
What company are you with?
Try the Co-op - onLine and if that fails - phone them as they can often overide the system.
Let the forum know how you get on - it may just help someone else
Posted: Wed Jul 27, 2011 4:18 pm
by antm
Ive just renewed mine, and monthly payments not a problem. I have stayed with the same insurance company for 5 years, which may help.
Posted: Wed Jul 27, 2011 4:23 pm
by lukeofyorkshire
I think it is a case of they do not want to offer you monthly payments plain and simple and rather than be honest they made this up.
I worked for Tesco/Direct Line/Churchill for 6 years and we offered monthly premiums to everyone.
Shop around you will find someone!
Posted: Wed Jul 27, 2011 4:24 pm
by Adam Davies
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
Posted: Wed Jul 27, 2011 4:24 pm
by parjay
I pay mine monthly to swift cover hope this helps
Posted: Wed Jul 27, 2011 4:26 pm
by kallis3
I pay all of my insurance monthly and have never had a problem - even changed companies whilst in my IVA.
Posted: Wed Jul 27, 2011 4:31 pm
by Goosed
Yes, I pay Mine monthly too, but I have stayed with the same insurance company for my first renewal since starting my IVA.
Posted: Wed Jul 27, 2011 5:20 pm
by kat68
I have renewed my car insurance since starting my iva, and have been able to continue with monthly premiums, I am with esure
Posted: Wed Jul 27, 2011 5:35 pm
by mattyboy
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
Posted: Wed Jul 27, 2011 5:38 pm
by mattyboy
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.
Posted: Wed Jul 27, 2011 5:55 pm
by kallis3
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.
Posted: Wed Jul 27, 2011 5:57 pm
by Broke of London
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).
Posted: Wed Jul 27, 2011 6:04 pm
by kallis3
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.