Ecar insurance & Panacea Finance woes

[des8]

Re: Ecar insurance & Panacea Finance woes

And did you read ALL fifteen pages of terms and conditions!!!!!!!!!!!!!!!!:doggieyes:!!!!!!!!!!!!! without going google eyed?

[wales01man]

Re: Ecar insurance & Panacea Finance woes

If you don't read the terms and conditions why are you ticking the box,how can they be difficult to read its in English and you can enlarge the text,dont think that is much of an excuse

[labman]

Re: Ecar insurance & Panacea Finance woes

If you don't read the terms and conditions why are you ticking the box,how can they be difficult to read its in English and you can enlarge the text,dont think that is much of an excuse

I do! It's hard going reading the full version. I wonder how many of us can hand on heart say we ALWAYS read the T&C's before ticking the box when on-line? I don't. Computer programs are the worst - I blindly tick next saying I've read their Privacy Policy etc...

I know I should read them, but I don't .

[des8]

Re: Ecar insurance & Panacea Finance woes

I didn't say it was an excuse, but these T&Cs are designed deliberately, so in fact, despite the words used, the person perusing the site is invited to skip reading them. If the proposer actually read and understood that he would be charged £75 for cancelling a policy, do you really think it would often be accepted.
It is akin to PPCs saying you agree to their inordinate parking charges,It's like catalogues that charge £12 for late payment, it's in their terms and conditions but it bears no relationship to their costs.
These charges, from all sorts of organisations, are attempts to mug the unwary with unfair penalties, no matter what wording they use to disguise it.
Rant over:violin:

[wales01man]

Re: Ecar insurance & Panacea Finance woes

Ofcourse their designed to confuse but there are subsections regarding charges fees etc the should be read,we all have a choice to read or not to read same as the choice to accept the terms and conditions this is why a solicitor or barrister is needed in complex legal case they DO read everthing,i was chased by a DCA for an ibsurance cancellation charge I didn't replu they eventually went away my choice cant advise others to do the same

[des8]

Re: Ecar insurance & Panacea Finance woes

You're right on there.. SHOULD is the operative word.
BUT it still isn't morally right that companies can impose these charges, and hide them in the small print, knowing that the majority of people will neither read nor possibly understand them.

[wales01man]

Re: Ecar insurance & Panacea Finance woes

Morals and insurance companies Banks etc. no its money if you cant understand the small print they would say seek advice ,on websites for insurance and many other things it says you tick the box if you have read and accepted the terms and conditions,if you don't you cant buy the insurance if you don't understand don't tick the box simple as that

[labman]

Re: Ecar insurance & Panacea Finance woes

If information is really difficult to find or understand, there is the issue of it potentially being misleading or misrepresenting issues. They tread a fine line if they choose to hide important information in their T&C's.

[Smasher]

Re: Ecar insurance & Panacea Finance woes

Thanks for the replies guys, I really appreciate it

It's not the £75 cancellation fee itself that I have such a problem with (wrong as it may be..), it is the fact that I was forced to cancel the policy and take out insurance somewhere else so that I can drive my car and go to work.
I needed to transfer the policy onto my new car by the following day, so that I could go to work. Their website simply didn't work and it is not possible to contact them.
The service I paid for was not fit for purpose.

It is now 6 days since I emailed their 'customer service' and 5 days since I emailed their complaints department (if indeed such a department exists), no reply as yet..

Found this report about them on BBC. Nuff said eh?..

http://www.bbc.co.uk/news/business-15640340

[labman]

Re: Ecar insurance & Panacea Finance woes

It's really one where you need to decide whether you're going to fight (and I think you have the ammunition to do so), or whether you're going to put it down to experience. If you fight, I'm sure we'll give all the support we can; if you decide to take it on the chin, it's understandable.

[Smasher]

Re: Ecar insurance & Panacea Finance woes

Ah there was a time when you wouldn't have had to ask me that question, but these days I work such long hours, I doubt I'll get the time to make a fight of it.

I'll see what I have on over the next week or so, but I guess I'll try & go thru their cancellation process online & take the £75 hit, then complain to someone about them..

Appreciate your input guys

Just to add, that I'll need to check thru the finance T&C's aswell now. I'm hoping I'm not going to be liable to pay the remainder of the balance of the policy given that monthly installments are provided by Panacea finance..

[labman]

Re: Ecar insurance & Panacea Finance woes

Make of this what you will:

If any policy mentioned in the Credit Agreement is cancelled before the end of the annual period of cover for which the loan (the 'Premium on Finance') was given, this agreement will also be cancelled and any balance outstanding on the loan will become due and payable (less any premium returned by the insurance provider and received by the Lender) by the Borrower to the Lender on demand (in writing) by the Lender. The Borrower is informed that the insurance provider's refund at cancellation may not cover the outstanding balance due from the Borrower under this agreement.

There you go, clear as mud. All written in size 4 font! Ridiculous.

I think it means if the money from your insurance refund to Panacea doesn't cover what you owe Panacea, then Panacea can write to you asking you to pay the difference between what they've had from the insurance company and the total owed by you. Hope that makes sense?

[des8]

Re: Ecar insurance & Panacea Finance woes

Spot on Labman
What it means is that when the insurance policy is cancelled the insurers will calculate the return of premium due. As the full annual premium has been paid by the loan company the return premium will be paid to the loan company. If the return of premium is insufficient to clear the amount still due to the loan company, the loan company will look to the borrower to make up the shortfall.

As the insurance company calculations will be based on short period insurance rates there will inevitably be a shortfall.....any guesses on how large.