Premium Credit

[kregrs]

Apologies if this belongs somewhere else, I wasnt sure where to post it.

 

Premium Credit, one of those companies who provide credit for insurance policies, where you pay in installments.

 

I had a policy last year for a classic car, paid in installments via the above company, from Aug 14 to May 15 (10 installments).

 

The policy auto renewed in August, and so has the agreement with Premium Credit.

 

I cancelled the policy with the broker as I found a much better deal elsewhere, renewal was £20 more than last year, £185.70, and I managed to find cover for half that amount.

 

There seems to have been an issue with the broker, and the policy didnt get cancelled when I requested, I cancelled by phone, but has now been cancelled by the broker for some other reason, I am in the process of dealing with that aspect.

 

Today I had a letter from Premium Credit, demanding payment of the total amount of £185.70, which got me to thinking.

 

Is this a credit agreement?

 

Can it be carried on from last years details, even though last year was paid in full by the end of the instalents

 

, given that the amount of 'credit' has changed, and that I havent signed any agreement for this year. I dont actually remember signing anything for last year.

 

I'll be contacting them tomorrow anyway to inform them I had cancelled the policy via the broker, and as such will only pay for the 14 days my car was on cover with the insurer, not the full years premium when I wont be using it.

 

I just wondered how I stood with them, considering they have sent me a default notice,

 

Thanks

[dx100uk]

Yes its a CCA

But as you didn't renew but cancelled

 

Then it should not be still running

 

If they took money get it back by the DD guarantee with your bank

 

Dx

[unclebulgaria67]

Apologies if this belongs somewhere else, I wasnt sure where to post it.

 

Premium Credit, one of those companies who provide credit for insurance policies, where you pay in installments.

 

I had a policy last year for a classic car, paid in installments via the above company, from Aug 14 to May 15 (10 installments).

 

The policy auto renewed in August, and so has the agreement with Premium Credit.

 

I cancelled the policy with the broker as I found a much better deal elsewhere, renewal was £20 more than last year, £185.70, and I managed to find cover for half that amount.

 

There seems to have been an issue with the broker, and the policy didnt get cancelled when I requested, I cancelled by phone, but has now been cancelled by the broker for some other reason, I am in the process of dealing with that aspect.

 

Today I had a letter from Premium Credit, demanding payment of the total amount of £185.70, which got me to thinking.

 

Is this a credit agreement?

 

Can it be carried on from last years details, even though last year was paid in full by the end of the instalents

 

, given that the amount of 'credit' has changed, and that I havent signed any agreement for this year. I dont actually remember signing anything for last year.

 

I'll be contacting them tomorrow anyway to inform them I had cancelled the policy via the broker, and as such will only pay for the 14 days my car was on cover with the insurer, not the full years premium when I wont be using it.

 

I just wondered how I stood with them, considering they have sent me a default notice,

 

Thanks

 

Insurers or brokers outsource the collection of premium payments. The brokers will have passed on the auto renewal amount to premium credit, but then not informed them of the policy cancellation or it has taken awhile for this to be noted.

 

Sounds like you were late in informing of the cancellation i.e 14 days after renewal. Therefore the brokers will charge for time on risk, plus cancellation fees.

 

You need to resolve the cancellation with the brokers and make a complaint about not being informed of being entered into a credit arrangement with premium credit. Premium credit may inform the credit reference agencies, if the default is not resolved. So you need to be careful to make sure this does not happen.

 

The brokers are responsible for making sure you have the information needed and if they have failed in this, then make sure you register a complaint. Use it as leverage to see if you can get cancellation fees waived.