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Credit agreements for Insurance??


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Our car insurance is due for renewall,so we searched around for a cheaper as this year it's gone up £150.00:!:.

 

We found a cheaper quote which we accepted,paid the deposit and opted for DD payments over 11 months.

 

A third party company sent us a credit agreement to sign,they pay the full cost of the policy to the insurance company,effectivly it's a loan.

Admin fees added and an APR at 11% variable.

 

Fee's to be charged at £12 for a missed payment.

 

The same scenario happened with our public liability insurance,a credit agreement sent from a third party.

 

Not only i not come across this before,i am not willing to sign a running credit agreement to pay our insurances.

 

After contacting both insurance companys, we paid for the liability in full by card directly to them.

 

We cancelled the new car insurnce and have decided to stay with the previous company,in the long run it's cheaper to do so,and no credit agreement.

 

We were not informed that we would be expected to sign a credit agreement from a third party company when opting for DD payments.

 

I actualy find this pratice disturbing,how long has this been happening?,as i said before i have not come across it when applying for insurance.

 

If you default you not only loose your cover,i assume your credit file will be marked and DCA's chasing for the remainder outstanding monies.

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