Help & FAQs    Search BCF    Members    Groups    Events Calendar
Resend my activation email : Register : Log in 
BCF: Bike Chat Forums


MCE Insurance

 Reply to topic
Bike Chat Forums Index -> General Bike Chat Goto page 1, 2, 3  Next
View previous topic : View next topic  
Author Message

jagory
L Plate Warrior



Joined: 04 Mar 2015
Karma :
PostPosted: 16:56 - 04 Mar 2015    Post subject: MCE Insurance Reply with quote
Hello, I took out an insurance policy on my R125 in September 2014 which was £143.18 monthly , and I wanted to cancel it on 15/dec 2014 because I sold the bike and so MCE sent me a cancellation declaration to sign and send back to them which I did. I was checking my bank statement the other day and saw that they took money (£143.18 which is the monthly cost of the insurance) on 02/03/2015 so I checked for Jan and Feb and saw that they took money for the 2 months too, which means that they haven't cancelled my policy so I called them about it and told them I was still getting charged they said that they didn't receive my cancellation declaration but I told them I have proof that I sent it and so I send them pictures of my outbox showing that I did sent it on 15/Dec. I called them today for an update about it and now they are telling my that I need to pay them an additional £288 to cover the outstanding balance.

I am so confused why I need to pay them an additional £288, since they owe me £429 because my policy should have been cancelled on 15/Dec/2014.

Can someone shed some light as to what is going on please.
 Back to top
View user's profile Send private message You must be logged in to rate posts

P.
Red Rocket



Joined: 14 Feb 2008
Karma :
PostPosted: 17:06 - 04 Mar 2015    Post subject: Reply with quote
£143 monthly. Why the fuck would you agree to pay that.

That insurance policy was actually a loan. You pay that loan off and agree to its terms and conditions.

Still, £143 a MONTH. They saw you coming. Neutral
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Llama-Farmer
World Chat Champion



Joined: 23 Jan 2012
Karma :
PostPosted: 17:09 - 04 Mar 2015    Post subject: Reply with quote
Monthly insurance isn't monthly insurance.

It's annual insurance paid in full up front by a finance company. What you pay monthly is the repayment + interest to the finance company.


I can't really offer you much help or advice, other than in future try to pay insurance in full. And if you can't afford to, get a 0% credit card and pay it in full, then pay off the credit card a bit each month.



Also, that much for a 125... ouch.
____________________
Current Bike: 1999 Honda CB600 FX Hornet
Next Bike: I want a CBR-RR. And I want an F800 GS-A. And a VFR 800. Can I have all 3?
Dream Bikes: Honda VFR750R RC30, Honda NSR500, Ducati 996 R
 Back to top
View user's profile Send private message You must be logged in to rate posts

chris-red
Have you considered a TDM?



Joined: 21 Sep 2005
Karma :
PostPosted: 17:11 - 04 Mar 2015    Post subject: Reply with quote
Right firstly you aren't paying for your insurance monthly. Well not as you think you are anyway.

You took out a loan on a years insurance. You are paying back that loan.

If you cancelled it after a month you don't simply stop paying the payments, you are not square. How they handle a cancellation will be documented in your T&Cs but normally there is a fee to cancel and you will also likely have to still pay some/all of the interest on the loan you took out.

i.e. the total amount insuring monthly cost you - the lump sum cost.

Paying for insurance monthly is a mugs game. Get an interest free credit card, wack your insurance on that, divide the cost of it by 12 and set up a direct debit.
____________________
Well, you know what they say. If you want to save the world, you have to push a few old ladies down the stairs.
Skudd:- Perhaps she just thinks you are a window licker and is being nice just in case she becomes another Jill Dando.
WANTED:- Fujinon (Fuji) M42 (Screw on) lenses, let me know if you have anything.
 Back to top
View user's profile Send private message You must be logged in to rate posts

notbike
World Chat Champion



Joined: 02 Apr 2014
Karma :
PostPosted: 17:15 - 04 Mar 2015    Post subject: Reply with quote
Holy shit £1.7k on an R125 with MCE? Where do you even live lol I was only paying £500 odd and I live in London. Unless you went fully comp or something.

Also yeah I had this issue with MCE. Keep hassling them and complaining and threaten them with legal jargon and eventually they should roll over and leave you alone.

They did it to me, I got a refund through the bank and they never charged me for the remaining crap that was left or whatever.

Good luck, they're cunts and will not budge until you're hassling them daily.
 Back to top
View user's profile Send private message You must be logged in to rate posts

mentalboy
World Chat Champion



Joined: 05 May 2012
Karma :
PostPosted: 17:20 - 04 Mar 2015    Post subject: Reply with quote
chris-red wrote:

Paying for insurance monthly is a mugs game.


But, but, but ... Sad

My £8.25 a month may include a premium but ... £8.25 Mr. Green
____________________
Make mine a Corona.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

chris-red
Have you considered a TDM?



Joined: 21 Sep 2005
Karma :
PostPosted: 17:27 - 04 Mar 2015    Post subject: Reply with quote
mentalboy wrote:
chris-red wrote:

Paying for insurance monthly is a mugs game.


But, but, but ... Sad

My £8.25 a month may include a premium but ... £8.25 Mr. Green


I imagine you are still paying at least ~20% more than if it were paid in a lump sum.
____________________
Well, you know what they say. If you want to save the world, you have to push a few old ladies down the stairs.
Skudd:- Perhaps she just thinks you are a window licker and is being nice just in case she becomes another Jill Dando.
WANTED:- Fujinon (Fuji) M42 (Screw on) lenses, let me know if you have anything.
 Back to top
View user's profile Send private message You must be logged in to rate posts

jagory
L Plate Warrior



Joined: 04 Mar 2015
Karma :
PostPosted: 17:29 - 04 Mar 2015    Post subject: Reply with quote
Llama-Farmer wrote:
Monthly insurance isn't monthly insurance.

It's annual insurance paid in full up front by a finance company. What you pay monthly is the repayment + interest to the finance company.


I can't really offer you much help or advice, other than in future try to pay insurance in full. And if you can't afford to, get a 0% credit card and pay it in full, then pay off the credit card a bit each month.



Also, that much for a 125... ouch.


So Is it the same is not cancelling it? since I have to pay off the loan anyways?
 Back to top
View user's profile Send private message You must be logged in to rate posts

jagory
L Plate Warrior



Joined: 04 Mar 2015
Karma :
PostPosted: 17:30 - 04 Mar 2015    Post subject: Reply with quote
Meef wrote:
Holy shit £1.7k on an R125 with MCE? Where do you even live lol I was only paying £500 odd and I live in London. Unless you went fully comp or something.

Also yeah I had this issue with MCE. Keep hassling them and complaining and threaten them with legal jargon and eventually they should roll over and leave you alone.

They did it to me, I got a refund through the bank and they never charged me for the remaining crap that was left or whatever.

Good luck, they're cunts and will not budge until you're hassling them daily.


I live in west London, I got fully comp since it was a 64 plate R125 ( I paid £4400 for it)
 Back to top
View user's profile Send private message You must be logged in to rate posts

arry
Super Spammer



Joined: 03 Jan 2009
Karma :
PostPosted: 17:32 - 04 Mar 2015    Post subject: Re: MCE Insurance Reply with quote
jagory wrote:


Can someone shed some light as to what is going on please.


Afraid only you can shed light on it. Read all of the paperwork including cancellation conditions, finance agreement forms etc that you would have agreed to either by signing or by remaining silent ie not reading them and rejecting them.

So, first jobs first - read it. What have you agreed to?


Tough lesson in life I'm afraid chum
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

andyscooter
World Chat Champion



Joined: 30 May 2009
Karma :
PostPosted: 18:07 - 04 Mar 2015    Post subject: Reply with quote
jagory wrote:


So Is it the same is not cancelling it? since I have to pay off the loan anyways?


Yes because the loan company paid a year so need that money back

And the policy probably has been cancelled but loan companystill need the money back it not there problem that you cancelled is it
____________________
gilera runner vxr200 (chavped)
if its spelt wrong its my fat fingers and daft auto correct on my tablet
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

mentalboy
World Chat Champion



Joined: 05 May 2012
Karma :
PostPosted: 18:09 - 04 Mar 2015    Post subject: Reply with quote
chris-red wrote:


I imagine you are still paying at least ~20% more than if it were paid in a lump sum.


Not quite, you roused my interest so I checked my policy... ready Wink

ZZR1100, fully comp, compulsory excess £250, no voluntary excess:
annual premium... £91.66;
interest...£12.93 (just a little over 14%)
total for the year... £104.59
(I don't think I can begrudge them 13 quid, bit different from paying 14% on 145 quid/month though!) Mr. Green
____________________
Make mine a Corona.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

DRZ4Hunned
World Chat Champion



Joined: 15 Apr 2014
Karma :
PostPosted: 18:15 - 04 Mar 2015    Post subject: Reply with quote
More money than sense… oh no wait. Laughing
____________________
DRZ400-SM
FZS600
 Back to top
View user's profile Send private message You must be logged in to rate posts

andym
World Chat Champion



Joined: 16 Nov 2010
Karma :
PostPosted: 18:23 - 04 Mar 2015    Post subject: Reply with quote
Shocked £143 a month for a 125

I have a nasty mark on my licence and paid just slightly more for the year..... for 2 bikes
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

iooi
Super Spammer



Joined: 14 Jan 2007
Karma :
PostPosted: 19:07 - 04 Mar 2015    Post subject: Re: MCE Insurance Reply with quote
jagory wrote:
on 15/dec 2014 because I sold the bike and so MCE sent me a cancellation declaration to sign and send back to them which I did.

they said that they didn't receive my cancellation declaration but I told them I have proof that I sent it and so I send them pictures of my outbox showing that I did sent it on 15/Dec.

I called them today for an update about it and now they are telling my that I need to pay them an additional £288 to cover the outstanding balance.
.


Forget about the fact its a loan to start with.
I take it hat you mention outbox that the form was emailed back to them. (address correct)???
If it is them raise it as a complaint with them and do not let them resolve it till YOU ARE HAPPY....
8 weeks or deadlock and you can go to FOS with the complaint.

And in future when you cancel anything monthly that is paid via DD. Make sure you cancel the DD with the bank yourself...
If they want further payments they can ask you 1st them Thumbs Up

As well as getting into the habit of checking you bank account on a more regular basis... Rolling Eyes
____________________
Just because my bike was A DIVVY, does not mean i am......
 Back to top
View user's profile Send private message You must be logged in to rate posts
Pol Anorl This post is not being displayed because the poster is banned. Unhide this post / all posts.

Rogerborg
nimbA



Joined: 26 Oct 2010
Karma :
PostPosted: 20:06 - 04 Mar 2015    Post subject: Re: MCE Insurance Reply with quote
First thing that you do is to get on to your bank and tell them that you require them to make a full and immediate refund of both those direct debit payments under the direct debit guarantee, because MCE have refused to do so. Be patient, ask them if they are refusing to honour their obligation to fulfil the terms of the guarantee, and on what grounds. They should cave. If not, tell them that you want to escalate it to a complaint against them (the bank).

https://www.directdebit.co.uk/DirectDebitExplained/Pages/DirectDebitGuarantee.aspx

iooi wrote:
raise it as a complaint with them and do not let them resolve it till YOU ARE HAPPY....

Ha, they don't even have a clearly published address for complaints. They don't give two shits.

But yes, do everything in writing from now on, head everything as COMPLAINT (in as large a font as you like).

First though, do what arry said and read your actual contract, then work out what you think is owed to whom, and why.

So, what exactly is your basis for complaint?
____________________
Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike
 Back to top
View user's profile Send private message You must be logged in to rate posts

Doovy
World Chat Champion



Joined: 21 Jul 2008
Karma :
PostPosted: 21:17 - 04 Mar 2015    Post subject: Re: MCE Insurance Reply with quote
Rogerborg wrote:
So, what exactly is your basis for complaint?


That companies have taken his money after him instructing them to do so.
____________________
Yamaha RXS 100 > Honda CD 250 > Honda Hornet 600 > Honda CBR 600RR > Yamaha RXS 100 > Kawasaki ZX6R J2 > Yamaha FZ1
 Back to top
View user's profile Send private message Send e-mail Visit poster's website You must be logged in to rate posts

arry
Super Spammer



Joined: 03 Jan 2009
Karma :
PostPosted: 21:21 - 04 Mar 2015    Post subject: Reply with quote
To be fair he's paying MCE for an advisory service. If they've not explained the correct manner in which he needs to deal with the products that they've arranged on his behalf then it's still unfair.

Going soft in my old age.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

jagory
L Plate Warrior



Joined: 04 Mar 2015
Karma :
PostPosted: 21:30 - 04 Mar 2015    Post subject: Re: MCE Insurance Reply with quote
Rogerborg wrote:
First thing that you do is to get on to your bank and tell them that you require them to make a full and immediate refund of both those direct debit payments under the direct debit guarantee, because MCE have refused to do so. Be patient, ask them if they are refusing to honour their obligation to fulfil the terms of the guarantee, and on what grounds. They should cave. If not, tell them that you want to escalate it to a complaint against them (the bank).

https://www.directdebit.co.uk/DirectDebitExplained/Pages/DirectDebitGuarantee.aspx

iooi wrote:
raise it as a complaint with them and do not let them resolve it till YOU ARE HAPPY....

Ha, they don't even have a clearly published address for complaints. They don't give two shits.

But yes, do everything in writing from now on, head everything as COMPLAINT (in as large a font as you like).

First though, do what arry said and read your actual contract, then work out what you think is owed to whom, and why.

So, what exactly is your basis for complaint?


This is an email I just received from them,

with the short term cancellation rates set out by your insurer they would return 37.5% of the gross premium to themselves. This results in a return of £453.67 to be used towards the remaining balance to Close Brothers Premium Finance.

A pro rata refund has also been given from the set up charge on the policy, giving a further return of £19.80, and again a pro rata refund on the add ons you had, a further £122.18.



This results in a total of £595.65 to use to settle the balance with Close Brothers.



The total remaining balance to Close Brothers on December 15th 2014 was £1145.44 plus a £25 cancellation charge. Since this date you have made a further 2 payments of £143.18, reducing this figure to £884.08.



When off set with the return premium from the policy, the final balance owing to Close Brothers Premium Finance following the cancellation of your policy with the effective date of December 15th 2014, would be £228.43.

But iv made 3 payments of £143.18 not 2 as they are saying (jan, feb, mar), wouldn't that bring the final balance down to around £145? Or what is going on. I have no idea why there are so many cancellation fees.

Edit: I have checked the documents they send me when I started my insurance policy with them, The only thing they say about cancellation is if I cancelled the policy within 14 days, I will be charged £32 for admin work. Nothing else

Last edited by jagory on 22:29 - 04 Mar 2015; edited 1 time in total
 Back to top
View user's profile Send private message You must be logged in to rate posts

Flatbadger
World Chat Champion



Joined: 07 Apr 2012
Karma :
PostPosted: 21:41 - 04 Mar 2015    Post subject: Reply with quote
Shit, I was going to post my lower annual premium, but you lot are making me feel like a mug with yours. Now I'm posting..

https://i.imgur.com/289PR64.jpg

https://i.imgur.com/6YX73x6.jpg

Rogerborg's the legal eagle round here, take his advice first.
____________________
If you can keep your head when all about you
Are losing theirs and blaming it on you,
You're in ISIS
 Back to top
View user's profile Send private message You must be logged in to rate posts

dydey90
World Chat Champion



Joined: 01 Oct 2013
Karma :
PostPosted: 22:15 - 04 Mar 2015    Post subject: Reply with quote
What does it say in the cancellation section of your contract?

Also, is the R125 really so bad that you sold it after two months?!
____________________
This post is probably not serious and shouldn't be taken literally.
Past: CBR125,ER6f NINJA 650, ZZR600 Current: VFR750
 Back to top
View user's profile Send private message You must be logged in to rate posts

el_oso
World Chat Champion



Joined: 17 May 2008
Karma :
PostPosted: 22:16 - 04 Mar 2015    Post subject: Reply with quote
arry wrote:
To be fair he's paying MCE for an advisory service. If they've not explained the correct manner in which he needs to deal with the products that they've arranged on his behalf then it's still unfair.

Going soft in my old age.


I don't think he is.

Most companies will explicitly say they are not providing advice as to what insurance they are offering you.
____________________
Duke 390
Previous: '05 XR125L | '96 XJ600S Diversion |'05 Suzuki GSXR1000 | '05 Honda CBR125-R | '97 YZF 600R Thundercat | '11 Honda CBR250
Car: Jeep Wrangler 4.0L
 Back to top
View user's profile Send private message You must be logged in to rate posts

BigShow
Spanner Monkey



Joined: 01 May 2014
Karma :
PostPosted: 22:24 - 04 Mar 2015    Post subject: Reply with quote
They did the exact same thing to me. Pretended they didn't receive the notification twice and subsequently charged me two more times. Bastards.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

jagory
L Plate Warrior



Joined: 04 Mar 2015
Karma :
PostPosted: 22:26 - 04 Mar 2015    Post subject: Reply with quote
BigShow wrote:
They did the exact same thing to me. Pretended they didn't receive the notification twice and subsequently charged me two more times. Bastards.


Did they charge you a cancellation fee?
 Back to top
View user's profile Send private message You must be logged in to rate posts
Old Thread Alert!

The last post was made 10 years, 334 days ago. Instead of replying here, would creating a new thread be more useful?
  Display posts from previous:   
This page may contain affiliate links, which means we may earn a small commission if a visitor clicks through and makes a purchase. By clicking on an affiliate link, you accept that third-party cookies will be set.

Post new topic   Reply to topic    Bike Chat Forums Index -> General Bike Chat All times are GMT
Goto page 1, 2, 3  Next
Page 1 of 3

 
 You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum

Read the Terms of Use! - Powered by phpBB © phpBB Group
 
Debug Mode: ON - Server: birks (www) - Page Generation Time: 0.16 Sec - Server Load: 0.85 - MySQL Queries: 14 - Page Size: 135.55 Kb