forums.moneysavingexpert.com/showthread.html?t=256
I quote: "Authorising a regular payment off a credit card known as a ?Continuous Payment Authority? is much more dangerous a bank account ?direct debit?. !The problem is you can?t cancel it, only the company its set up with can. !
The major, but not exclusive, culprit of such dodgy dealings are internet porn sites leaving people taking !?embarassed? monthly payments."
Continuous Payment Authorities only apply to credit cards, but, apparently, they cannot be cancelled by the card holder.
Strange, but true.
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I quote: "Authorising a regular payment off a credit card known as a ?Continuous Payment Authority? is much more dangerous a bank account ?direct debit?. !The problem is you can?t cancel it only the company its set up with can. Continuous Payment Authorities only apply to credit cards but apparently they cannot be cancelled by the card holder. Strange but true.
I have previously been informed by a large insurance business owned and operated by a Friend NOT to make the payment authority by card. If he/they have said it I can GUARANTEE that the gripes here are true.
You have been warned, sorry, advised.
Best regards to all.............MD
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It is rumoured, that the only thing that made AOL attractive as a purchase, and the reason its being sold off, is that the 30 million people who signed up using a credit card after getting one of those damn free cds in the 90's cant remember the userid and password to cancel the subscription.
Think of it. 30 million people paying every month and only 6 using it.
What a business model.
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only thing that made AOL attractive as a purchase, ....
Think of it. 30 million people paying every month and only 6 using it. ...
What a business model. >>
Begs the question: why the decision to sell?
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Many thanks for everyone's input, I think I can see a picture forming here, and that is when I contract insurance I think it is for one year, but for the insurance company it is for life. Hence I talk about not renewing at the end of the years contract and they talk cancellation!
The machines carry out all the operations automatically, sending out renewals, taking the money from accounts until instructed to stop. I had assumed my instruction that I was not going to renew was a direction to cease the 'continuous payment authority'. what I did not know about was the secret condition of not refunding money taken until the return of the certificate of insurance.
I clear my credit card account every month using it as a charge card, thinking it gave my certain security, but from this little episode I may as well use a direct debit which will give the control back to me.
I would also question the so called value/importance of the insurance certificate which seems to me to be little more than a receipt. The police will not take one at face value, you don't now use it to tax your vehicle, and other insurance companies know all about you.
This has been quite an unnecessary business, and many posters have had poor quotes mine was reasonable at £182 for two drivers,full comp, full EU cover. Shame some of their staff were not up to scratch.
sumpnut
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A DD does NOT give you 100% control - you still have to tell people to stop taking money out of your account and they have to comply with your instruction The only thing you have control of, along these lines is a standing order, where you just tell your bank to stop payments to people. If they don't comply it is their problem, not yours
Edited by Armitage Shanks {p} on 04/08/2009 at 23:54
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A DD does NOT give you 100% control - you still have to tell people to stop taking money out of your account and they have to comply with your instruction
Not true - I can cancel direct debits via internet banking. The next thing that happens is that you get a letter from them usually, which starts "We notice uou have recently cancelled your direct debit...". Can be dangerous if you actually owe them money as they will usually demand immediate and full payment, but for something like an annual subscription, it stops them taking money by "mistake" with the subsequent hassle of you trying to get it back.
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'...I'm currently awaiting the release of (my) funds for a Mortgage/Life Protection policy that matured on 01 July...'
Seemingly resolved overnight!
Drinks are on me/E350 Coupe on my drive in Sept (delete whichever inapplicable/inappropriate, etc.)
Best...
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.... E350 Coupe on my drive in Sept .......
*ENVY* - You have a very good taste in cars.
IMHO, Ownership will be all the sweeter for the fact that it comes as a result of honest saving and not "easy money". (Well, it would be for me, anyway)
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Pretty good experience with Elephant this week. Got the renewal through for £530, which isn't too bad in the first place, but tried putting the quote into their sister company Admiral.
Price dropped by over £100, and when I called them they matched it without a quibble, and added my dad to the policy for a mere £1 extra.
Don't know why he pushes the price up, he does have a single SP30 but that's it. The chap on the end of the phone said that they weight even single speeding offences quite heavily.
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Hi David. 10 million people have one SP30 and a lot of insurance companies can't afford to dismiss that many people from their list of potential customers or penalise them when quoting. I do accept that some do but I think they are the minority.
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Don't know why he pushes the price up, he does have a single SP30 but that's it. The chap on the end of the phone said that they weight even single speeding offences quite heavily. >>
Adding Mum, or Sister, or occasionally Dad, usually reduces the premium.
So in your case it may be that adding Dad reduced premium say by £35, but his having SP30 pushed it up by £36; net result = £1 increase !
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So in your case it may be that adding Dad reduced premium say by £35 but his having SP30 pushed it up by £36; net result = £1 increase !
It was exactly the same for me with one SP30 (now gone, touch wood) on daughter's car with Admiral - the premium drops adding me, then put in the speeding penalty and it went up.
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Price dropped by over £100 and when I called them they matched it without a quibble
When you call an Admiral group company - Admiral, Elephant, Bell and Diamond - you're speaking to the same call centre and they can access quotes done on the other company.
One of my kids is with Admiral and the other with Bell. I knocked a clear £100 off the Bell renewal by using an Admiral quote and we saved a lot on the Admiral one too, although the details escape me at the moment. Wierd thing is that every comparison site (and of course they own Confused.com) seemed to give different quotes.
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Clearly the next step is a Price Comparison Site Comparison site!
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Probably not so daft an idea, AS.
I wonder how many people realise that many of these comparison websites actually gain commission when people switch and that some actually take payment from the companies featured in their searches to enable them to be featured, if the company doesn't pay then it doesn't appear........
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I had the same with bingle and bongle insurance.
I phone up a month before automatic renewal time to say I didn't want to renew.
Organised insurance elsewhere and lo and behold, a "thank you for renewing" from B&B.
Phone calls and them insisting on a £25 cancellation fee.
Letter to their complaints dept in the end sorted it out eventually....
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after reading this post I had a worry.
I sold my car about 3 wks ago , and my insurance runs till aug 19th 2009 , hardly worth cancelling?
my insurance was on a monthly installment plan , but i fell behind , my father bailed me out (I was out of work) , by using his debit/credit card to pay the last 7-8 installments in one.
this thread had me worried that they might renew it , using his card?
I emailed them on tue evening , basicly saying I have sold car NO RENUAL.
email recieved this morning
Dear Mr XXXXXX
Thank you for your recent communication regarding your Saga Motor Insurance, policy number, XXXXXXX.
I am writing to confirm that I have arranged for your policy to be cancelled from your renewal date, as requested.
May I take this opportunity to thank you for your past custom and I hope you will continue to consider Saga in the future.
If you have any further queries regarding this matter please do not hesitate to contact our Customer Services Department on 0845 366 1601.
Yours sincerely
Mrs Michelle Gallagher
Customer Service Advisor
Saga Services Limited is authorised and regulated by the Financial Services Authority
so at least one company knows what they are doing?
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Print out the email and keep it, and get your Dad to check his bank/credit card account and make sure the debits do stop.
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