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T O P I C    R E V I E W
frosie90 Posted - 16 April 2009 : 20:40:57
Hi all,

I will be talking to the OR at my telephone interview the week after next about this but wondered if anyone else has same situation. I moved into rented a couple of weeks before BR. The Letting Agency put their recommended Insurance Company in contact with me for the Contents Insurance for the rented property. I dealt with it over the phone etc. Just going through paperwork ready for my meeting and noticed on the agreement from the contents insurance that it is a "Credit Agreement". It is called a "Running Account"? The monthly payments are only £8.41 but the agreement is going on about have a Credit Limit of £1500?? I have never operated insurance in such a way and assumed that all I do is pay the £8 a month? I just wondered how this would be viewed as obviously now BR i cannot have credit of more than £500. I know I signed up to it prior to BR but did not put it on my SOA as I did not know realise it was classed as Credit. Has anyone else had insurance on this basis? It it normal? Sorry if it is a daft question but yet another niggle causing me anxiety of not wanting to inadvertently do anything wrong.
4   L A T E S T    R E P L I E S    (Newest First)
frosie90 Posted - 18 April 2009 : 22:38:23
Thanks Skippy. I think I may wait to see if the OR gives me the go-ahead to keep the insurance I have got with this strange Rolling thing. They did not ask me about BR during the sign up and nothing written on the agreement, unlike the buildings insurance which I have for my vacated mortgaged property??!! I currently have pet insurance with Lloyds but am a little worried as they are (whilst up-to-date always with the cat insurance) my main creditor in my BR. Can't wait to get all these niggles sorted.Thanks Skippy.
Skippy Posted - 18 April 2009 : 22:32:53
Be warned that some insurance companies aren't interested in insuring you if you're an undischarged bankrupt. Our contents insurance is in my partner's name, but when he tried to change it when we moved he was turned down by a couple of companies. In the end we went with Lloyds TSB through the AA.

Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.

View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/

22 IPA payments made, 14 to go - on the home straight!
frosie90 Posted - 18 April 2009 : 20:05:07
Thanks for the advice Gettingoutofdebt. Yes I think i should seek out alternative insurance. All seems a bit bizarre the way the insurance works. I will let OR know about it all. Good news though today NatWest have said I can keep my account going so no need to panic about salary going in and Direct Debits. Thanks again.
gettingoutofdebt Posted - 18 April 2009 : 07:55:12
Definitely a strange sounding insurance agreement. Mention it to the OR on the call and just say that you have only just noticed the 'Credit Limit' part of the insurance details.

I would also look to change your Contents Insurance provider. A lot of the firms that are recommended by Letting Agents are not the best and you will pay a similar monthly amount with other firms i.e. Direct Line, Tesco, etc. although you may find you need to pay the yearly amount in one go rather than paying monthly.

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