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Query on direct debit

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  • 24-08-2017 5:35pm
    #1
    marriedcouple
    Registered Users Posts: 6 ✭


    Have an insurance policy out with a new broker I haven't previously dealt with since last September. There's been ongoing issues with the direct debit - first few went out fine then due to a glitch on their system it stopped. I was unaware for several months till they contacted me. I rang and it they admitted fault was at their end and at the time I was at work so they were to ring me back re setting up direct debit again. I completely forgot about it which I accept responsibility for. Direct debit comes out if a joint account specifically for household bills and we have money going into it on a regular basis so I'd rarely check it as there's usually no problem. Now I got another letter today seeking monthly payment which prompted me to realise they never rang back and the direct debit mandate was never sorted out. Now we are facing a 700 plus outstanding balance with the insurance up next month. I haven't a hope of paying it off in one whack. This is a new broker newly set up and to be honest I think they are a disaster - won't be going with them again. My point in posting is what do people think should happen here? Just want some perspective before I ring them. Should they write down the outstanding balance substantially given the short time frame to the renewal date ? On a side note insurance is up next month and we haven't received a renewal letter though there's a month to go. I will obviously be making this month's payment ASAP as I'm afraid they'll say the policy would be null & void though they were okay about that when I last spoke to them. Just to recap policy taken out in Sept this kind the first 4 payments went through OK then lapsed we didn't hear anything from them re missed payments till we got a letter about april/may and they failed to ring back then to set it up again (but hands up I forgot too) ...and now this letter with a month to go and 700 plus outstanding


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,720 Mod ✭✭✭✭Henry Ford III


    Your debit is with your insurer surely?


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    #3
    marriedcouple
    Registered Users Posts: 6 ✭marriedcouple


    This has been over and back the past few days with the broker.
    So broker (newly established company) paid premium to the insurance company then financed our policy with a different finance company let's call them PC. There was an error in setting up the direct debit mandate with PC and it never went through so I completely missed it as it wasn't on our banking system at all - it wasn't a case of missed direct debits or debits returned - it simply never existed so it went completely out of my head. I accept our part of responsibility for that and am willing to pay. BUT
    The broker is now existing on one of two things - either I renew policy with them and take the direct debit option (at an added interest rate) and roll the two years in together or pay the full outstanding balance immediately. he is threatening to withhold the no claims bonus if we don't take either of those options. I wanted to make a payment plan for the existing policy going forward at an affordable rate and keep the renewal policy seperate as I want to shop around (as I always do) to further complicate that - the policy is out on the 19th September but we haven't received any renewal quote yet although he told me on the phone today it's going to be around 700 plus and he hadn't posted it out yet as "we were discussing it on the phone" (not true as today was really the first time the renewal policy came up as in they want to tie me into them again next year)
    I'm just frustrated at this point with them. They accept no responsibility that their office never chased up on the outstanding amount and in spite of notification from the finance company that x amount was outstanding - I can't understand why they didn't chase it up. As I said it was missed from our end as it wasn't in our account system at all. We are a decent family on a low wage who do pay our bills and we are not looking for a free pass here.
    So now I have two questions- what is the renewal notice they are meant to give us? (I will goggle it in amin) and if the insurance company was paid already in full has the broker the right to write to them asking them to without the no claims bonus ?
    Does anyone have any advice on who to contact for assistance?


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