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Paying Monthly

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RobinRed
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Joined: 06 May 2012
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PostPosted: 18:45 - 07 May 2012    Post subject: Paying Monthly Reply with quote

Hi,

If i pay monthly instead of in-full, meaning (i think) it was a deposit of £92, then 9 monthly payments of about £41

What problems could i face doing this? i would have about 4 of the payments set aside, then just work to get the last bit...

or is it a bit risky??
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shereen
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Joined: 15 Mar 2011
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PostPosted: 18:50 - 07 May 2012    Post subject: Reply with quote

Are you talking about insurance?? Would help if you clarified a bit Shocked
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iooi
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Joined: 14 Jan 2007
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PostPosted: 18:50 - 07 May 2012    Post subject: Reply with quote

Confused

Depends on what IT is....

If its insurance then DON'T....
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Kickstart
The Oracle



Joined: 04 Feb 2002
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PostPosted: 18:50 - 07 May 2012    Post subject: Reply with quote

Hi

Fairly normal for insurance. Note that most of the time you have bought a years insurance and have effectively taken out a load for the payments, so you can't just stop paying.

All the best

Keith
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CaNsA
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Joined: 02 Jan 2008
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PostPosted: 18:52 - 07 May 2012    Post subject: Reply with quote

FFS Again!

Is there a need to start a new thread for :-

what bike
insurance
been offered a bike
what helmet
what gear

seriously....

stop filling bcf up with crap, one thread would suffice!
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McfcChris94
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Joined: 15 Jan 2012
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PostPosted: 18:53 - 07 May 2012    Post subject: Reply with quote

It depends on the financial situation, if you say you have the money to pay for the deposit and 4 payments

that would be 92 + (4* 41) which would equal about £256

a lot of TPO cover is about 360, so perhaps waiting, or selling something to earn another 100 quid would be a better option?
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CaNsA
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Joined: 02 Jan 2008
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PostPosted: 18:55 - 07 May 2012    Post subject: Reply with quote

Oh and..


https://www.bikechatforums.com/viewtopic.php?t=85257
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Derivative
World Chat Champion



Joined: 03 Aug 2010
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PostPosted: 18:58 - 07 May 2012    Post subject: Reply with quote

Paying monthly is basically like taking out a loan and paying it back.
When you take out the policy, a finance company pays the insurance co the full annual amount, then you pay back the finance company bit by bit.

Sometimes they're both the same company but the deal is the same.

Generally you pay 30% interest or so to pay monthly, so a £300 policy costs about £400 total.

So the only real issue is that you lose £100 due to impatience.
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