What will happen if I miss my monthly car insurance payment?
If we can’t take your monthly payment we’ll automatically try to take that payment again within 5 working days (if your bank lets us). There’ll be a default fee charged.
If the second try is also unsuccessful, we’ll then ask for you to make the payment to us within 14 days. We ask for the payment to be made within this time to make sure your account is kept up to date and your policy stays in force.
We’ll ask you to contact us urgently to bring your policy up to date by making a payment by credit/debit card either online or through our call centre
If we don’t receive payment to bring your account up to date within 14 days, then your policy will be cancelled, and you’ll not be covered. This may results in an outstanding balance still to pay.
We’ will work with you to agree an affordable solution based on your personal circumstances.
After your policy has been cancelled, arrears markers may be added to your credit file to reflect the outstanding balance. If the balance is subsequently settled these will be updated to reflect the arrears have been cleared. Arrears markers can have a negative impact on your credit file.
If the debt continues to remain unpaid, your account may be transferred to a Debt Collection Agency and a default will be registered on your credit file. A default can negatively impact your credit score and impact your ability to access further credit. This will be available to any other organisations that perform searches on you at the Credit Reference Agency. The default will be registered with the Credit Reference Agency and remains for 6 years. If the balance is paid, the default marker will be marked satisfied but will remain on the credit file for the 6 year period
The Debt Collection Agencies that we use are Creditlink Account Recovery Solutions (CARS) and Credit Resource Solutions (CRS).
Just so you know, once we have asked your bank for payment, there’s nothing we can do to stop that request.