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Hi there

 

I have recently cancelled a property insurance policy and have now received a letter saying that there is a balance outstanding.

 

I don't understand why this is as the premiums were paid monthly by Direct Debit so I can't see how there is anything to pay.

 

They have written and said : "The cancellation amount from, the finance company, for your monthly payments is £155.15.

The refund from Gresham Underwriting Ltd, the insurer is £107.59.

 

Therefore that leaves a shortfall of £47.56 which you are required to pay for the insurance. Please can you contact me to make this payment".

 

There seems to be a lot of companies involved in this one little policy. I presume I am missing something here but if anyone can shed some light I would appreciate it.

 

Many thanks

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You have signed up for 12 months cover, so if you cancel the finance company will have paid the total premium to the insurer, so have the balance to the Finance Company. You are lucky to get any rebate as a lot of insurers will demand the whole years premium.

Their calculations are I think correct.

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If you are unhappy about it, write to your brokers/insurers asking them why there is a balance owing and for a breakdown of the calculation.

 

As Brig says, it may be that the terms of your policy require the full year to be paid or there may be parts of the policy that have to be paid in full or there may be cancellation fees due. This should all be written in your policy documents somewhere.

 

But you are entitled to request for a breakdown of the calculation and if this is provided, you should pay the amount due.

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