katy1981 Posted February 10, 2011 Share Posted February 10, 2011 Because you will have signed up for a year's insurance....short term insurance is more expensive..I'm not siding with the company,just pointing out the reality of what happens...put the boot on the other foot..what would you have done if the ins. company had cancelled your policy out of the blue?Would you expect them to honour the policy for it's full 12 months? i get ya now, im not saying i disagree with the cancellation fee but i think that fee is a bit much but will pay it and in futre will read every word on all paper work. i shall use it as a learning curve this is only my second insurance policy. Link to comment Share on other sites More sharing options...
Tess Posted February 10, 2011 Share Posted February 10, 2011 Don't get me started. A very large insurance company once took money out of my fella's account AFTER he had cancelled the policy - think it was only about £20 but they said they would send him a cheque for £10 to repay him less any costs it has incurred doing so. So THEY took the money out without his consent, then THEY charged him a tenner to get it back again! Link to comment Share on other sites More sharing options...
emerald1978 Posted February 10, 2011 Share Posted February 10, 2011 this is why i cancel a direct debit as soon as i have cancelled anything with a company so they dont have the chance to rip me off Link to comment Share on other sites More sharing options...
chem1st Posted February 10, 2011 Share Posted February 10, 2011 People can't afford to drive because of the insurance. Yet we have the NHS, and other public services ready to pick up the pieces if there is an accident. What the hell are we paying for? Link to comment Share on other sites More sharing options...
truman Posted February 10, 2011 Share Posted February 10, 2011 People can't afford to drive because of the insurance. Yet we have the NHS, and other public services ready to pick up the pieces if there is an accident. What the hell are we paying for? I'm not sure what your point is..could you clarify please? Link to comment Share on other sites More sharing options...
L00b Posted February 10, 2011 Share Posted February 10, 2011 this is why i cancel a direct debit as soon as i have cancelled anything with a company so they dont have the chance to rip me off+1 (having prealably ensured, of course, that no monies are owed for any intervening period - see below) @ OP, regarding "ibuyeco" this is after my renual date and they have sent no policy docs. so i says to my OH, "lets get the direct debit cancelled, i think they are going to try and take the money"..........direct debit due on the 8th, policy date was the 3rd.Was the direct debit on the 8th to cover (i) the previous month (8th of month before, until policy date of 3rd in month after), or (ii) the next month (policy date of 3rd in current month to 8th of month after)? If it was the first (i) one, technically you would still owe them that month (i.e. you should have cancelled the DD on the 9th of the current month, after their DD on the 8th came out). If it was the second (ii) one, you wouldn't own anything. Simple check is whether this last DD was the 12th or the 13th. Next: Did you sign and send a renewal form? Even just an email? Anything? If you did not, and you informed them (as you stated) that you were not renewing the policy, they have no grounds to demand a cancellation fee (they have no instructions from you to maintain/restart the policy after the renewal date). You should certainly not sign the credit agreement. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted February 10, 2011 Share Posted February 10, 2011 Yet we have the NHS, and other public services ready to pick up the pieces if there is an accident. You hope …………. You hope my son was at A&E last night and there wasn’t a wheelchair in sight to get him from the car to the reception where he had to wait 2 ½ hours in excruciating pain. Link to comment Share on other sites More sharing options...
maxofe Posted February 10, 2011 Author Share Posted February 10, 2011 this is why i cancel a direct debit as soon as i have cancelled anything with a company so they dont have the chance to rip me off we did that, but the company in question either ran a new mandate code or we had more than on D/D with them i dont understan how they still took the money (£133.00). fortunately after several irate calls to the bank, they stopped it and credited the money back to us the following day. so BEWARE!!! i'm sure what they are doing must be illigal? and i just checked the yearly amount they want. paying monthly the premium is over £1600!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! either they are very stupid or they think we are:loopy: Link to comment Share on other sites More sharing options...
maxofe Posted February 10, 2011 Author Share Posted February 10, 2011 +1 (having prealably ensured, of course, that no monies are owed for any intervening period) @ OP, regarding "ibuyeco" Was the direct debit on the 8th to cover the previous month (8th of month before to policy date of 3rd in current month), or the next month (policy date of 3rd in current month to 8th of next month)? If it was the first one, technically you would still owe them that month. Next: Did you sign and send a renewal form? Even just an email? Anything? If you did not, and you informed them (as you stated) that you were not renewing the policy, they have no grounds to demand a cancellation fee (they have no instructions from you to maintain/restart the policy after the renewal date). You should certainly not sign the credit agreement. we havent signed anything, and i'm not going to! i am going to send them the unsigned credit agreement back today with a letter telling them exactly what i think of them :/ Link to comment Share on other sites More sharing options...
Grandad.Malky Posted February 10, 2011 Share Posted February 10, 2011 (they have no instructions from you to maintain/restart the policy after the renewal date). Its common practice for policies to be “rolling / continuous” with the emphasis being on you to cancel it. Link to comment Share on other sites More sharing options...
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