Andy Stocker
Member
Registered: 31st Aug 00
Location: Herts Drives: Porsche 911
User status: Offline
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Rang up earlier to cancel my insurance.
Was ina 10 month bonus accelerator of which i've made 5 monthly payments of £202
Thought i'd be ringing up & it would be a case of cancel insurance & cancel direct debit.
Cancelling the insurance did ok, but was informed i'd have to carry on paying the £202 for the next 5 months as by paying monthly I was in a finance agreement with the finance company.
So please explain how I will now pay a total of £1010 over t he next 5 months for a car i'm not going t o be using & only get a refund of around £350 in 5-6 months time????
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Thoday
Member
Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
User status: Offline
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dnt think that sounds right but with every aggreement which are usually a year like ... phone bill u usually have to keep it for a year
thought insurance was different.. check the small print 1st
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Andy Stocker
Member
Registered: 31st Aug 00
Location: Herts Drives: Porsche 911
User status: Offline
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But i cannot understand how I cancel the insurance & NOT use the car for 5 months, but only get a month & a half's money refunded 
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PaulW
Member
Registered: 26th Jan 03
Location: Atherton, Greater Manchester
User status: Offline
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did you sign a finance agreement for the insurance premium or made aware of such finance contract?
from my own experience I've never been caught in a loop like that, I cancelled one policy 3 months into it & didnt have to pay any extra
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Drew
Banned
Registered: 24th Nov 01
Location: County Durham
User status: Offline
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cancel direct debit and let them run after ya for the pennies 
thats wot i would do
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Andy Stocker
Member
Registered: 31st Aug 00
Location: Herts Drives: Porsche 911
User status: Offline
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Gonna ring Monday & ask.
I can't see why I should be paying basically £700 to not use the car
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Thoday
Member
Registered: 12th Jan 03
Location: Drove kitted corsa b now standard corcs c exclusiv
User status: Offline
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check small print it may say u cannot leave the agreement til after a year
ring office of fair trade or sumat similar to see where u stand
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Drew
Banned
Registered: 24th Nov 01
Location: County Durham
User status: Offline
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when i have cancelled insurance before (usually paid up in full for 12 month)
they have refunded say around 60% of the money for the remaining months
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Andy Stocker
Member
Registered: 31st Aug 00
Location: Herts Drives: Porsche 911
User status: Offline
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I have the following letter at home
We have been notified by Adrian Flux Insurance of your new insurance premium and therefore have pleasure in enclosing your new payment schedule.
PLEASE NOTE : IF YOU DO NOT WISH TO RENEW THIS INSTALMENT FACILITY, IT IS IMPORTANT THAT YOU CONTACT YOUR INSURANCE BROKER AND can do finance AS SOON AS POSSIBLE.
FAILURE TO NOTIFY US WILL RESULT IN YOUR DIRECT DEBITS BEING COLLECTED AUTOMATICALLY ON THE DATES SHOWN IN YOUR PAYMENT SCHEDULE.
On the payment schedule
cancelling your insurance policy, will also affect your loan agreement. If you wish to cancel, notify your broker who will ensure you recieve the appropriate returned premium from your insurer. Please do not cancel your direct debit mandate before t he end of t he term of your loan agreement.
Am I being dumb or have they contradicted themselves???
[Edited on 20-12-2003 by Andy Stocker]
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Drew
Banned
Registered: 24th Nov 01
Location: County Durham
User status: Offline
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u will receive a return in premium
but dont cancel DD
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Andy Stocker
Member
Registered: 31st Aug 00
Location: Herts Drives: Porsche 911
User status: Offline
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FAILURE TO NOTIFY US WILL RESULT IN YOUR DIRECT DEBITS BEING COLLECTED AUTOMATICALLY ON THE DATES SHOWN IN YOUR PAYMENT SCHEDULE
Please do not cancel your direct debit mandate before the end of t he term of your loan agreement.
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