insurance. monthly payments + credit file

[U_W v2.0]

so i was wondering.

i pay my insurance monthly and have a credit agreement with premiumcreditservices which i assume is classified as a loan as they paid the insurance company the money and i repay it to the PCS (although if i dont pay my insurance can be affected)

so i was wondering, would this help build my credit rating once the amounts fully paid?

or would it not even touch my credit file?
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[Islander]

Yes, it all goes towards building your credit profile. It's a consumer credit agreement.

[U_W v2.0]

ooo handy. im actually trying to sort my credit file as its a total shambles.

doesnt help i seem to have stuff on it thats to do with my old man so need to fill out a disassociation form or something and send off to the credit company to get that sorted.

sick and tired of not even being able to get a mobile phone contract (yes, its really THAT bad)

so if this goes onto the file as a green blob instead of another black or red blob i'll be rather happy!
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[BG5067]

Are you sure about that. I work for a major insurance company and we don't do credit checks or anything like that.
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Current. Kawasaki ZX9R.

Theory passed 17/01/2014. Mod 1 Passed 03/02/2014 (0 faults) Mod 2 10/02/2014 Passed (0 faults)

[U_W v2.0]

there wasnt a credit check.

but theres definatly a credit agreement between myself and PCS. had to sign it and return it and the words "credit agreement" where splattered around all over the place
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[Islander]

[Islander]

[daemonoid]

[U_W v2.0]

i have a payg mobile. dont want a contract phone just thought they was easier.

either way, i need to get it sorted out so anything that helps build my file the better.

so even though you pay a little extra monthly, it has added benefits for me. woot
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[chris-red]

[daemonoid]

[angryjonny]

So if I understand this right, the insurance company involves a credit company who finances the insurance policy in full and then you make payments to the credit company...?

So if you stop paying, you're still insured (as the policy has been paid in full)? The insurance company won't cancel your policy? Because I bet they will.

Begs the question why they charge you 20% apr on the loan then, if the risk to the insurance company is nil and (assuming the insurance company refunds the remainder of the cancelled policy to the credit company) there is no risk to them either.

[Islander]

[U_W v2.0]

you might find that theres a contract between the company and the credit service that if you default on a payment they get thier money back and the insurance policy is cancelled.

that seems relatively fair way of doing it
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[Rogerborg]

I don't know if "fair" comes into it. We've seen plenty of cases where a policy has been cancelled mid term (e.g. bike sold, total loss), the broker has billed them an admin fee, and then they've been pursued for the outstanding credit amount.

Granted, that's not much worse than not getting a refund after having paid up front, but it does catch out a lot of people who thought they'd bought "monthly insurance" rather than borrowing the money for an annual policy. Kudos to U_W for knowing the score.
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[U_W v2.0]

well i nearly threw the agreement back at them because it stated

"by signing this agreement you agree to pay the interest first and the credit amount second" which is a little cheeky! so it looks like they got wise to you paying the borrowed amount off first to pay less interest over time.

still, i should be selling this thing soon so if they get funny over the money side of cancelling the policy i'll just tell them "the policy was not fully met therefore a refund is required, by this stage the interest has been paid in full, so you can keep what little of it is technicaly due for a refund and you can stop harassing me for any more money."

that actually worked for my nan the other week hehe.
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[colicabcadam]

it does not go on your credit file, not one had shown up on mine, i do not see how the insurance company would get the money upfront - if you stop paying, your insurance gets cancelled

not 100% sure, but anyone with the poorest crediting rating with debts and ccj's can get monthly payment plans for insurance

remember it is not a physical item and can be cancelled with a simple e-mail - so it's not like they are at risk if you chose not to cough up !
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