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Car Insurance pay monthly


Lilythepink
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Why does my insurance company who gave me a quote, not allow me to pay monthly because I was truthful and said I had a CCJ,they didn't even do a credit search.

My sister who is financially connected to me, got insurance from the same company, and got monthly payments.

Surely if I didn't pay they could just cancel the insurance?

 

Very frustrating

LilythePink

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not is because pay monthly required a credit agreement from their pet loan co.

 

they [the finance co.] can refuse to lend if you have a CCJ

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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all about risk (well profit from risk)

 

 

When you pay monthly the insurer sells you a loan with another company.

That company pays the insurer the annual premium plus a nice little introduction fee of about £40 and as the monthy cost is about £120 a year more than the one off payment the loan co makes a few quid as well and both co's have a nice little cashflow over the year that makes the books look better.

 

As you have a CCJ the loan co dont want to lend you money just so you can give it away to their customer, the insurance co because you may well stop paying the premium and it is they, the loan co who get clobbered the most as they still have to settle a couple of months worth of premiums and the arrangement fee out of the pittance you gave them as the instalment at the beginning.

 

Your sister is not you so despite being financially linked she doesnt have a CCJ so the computer says yes to her and no to you.

 

 

This is not a reflection on the true risk you give to the proposer, just they cant be bothered to dig any deeper as that menas employing people to do the digging. It will only get worse in the future.

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