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Discussion Starter · #1 ·
Hi All
I did cancelled my DD last month as soon I found out about Alpha bankruptcy.My broker One Insurance Solution haven't advised me to do so but I didn't care.They said in that case cancellation fees may be applied.
Few days after my DD was due I received email from Close Brothers(Bank)saying that my DD agreement is in arrears.When I called them,after trying explain my situation I only heard We'll try to check what we can do for you and they hang upCalled them back again spoke to other advisor...she said I should have calceled my policy with One she also said that late payment fee will apply and advised me to call the broker.I called One and they tried to convince me that the email I recieved it's just standard procedure and I have nothing to worry about as they currently dealing with this problem but can't tell my how long it gonna take.I have a feeling that they trying to fool us big time.Question is how many of you have the same problem?If there are hundreds of us we should team up and do something.What do you guys think?This situation f#$% stressing me as I need clear credit history in near future.Regards to all
 

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8,065 Posts
Hi All
I did cancelled my DD last month as soon I found out about Alpha bankruptcy.My broker One Insurance Solution haven't advised me to do so but I didn't care.They said in that case cancellation fees may be applied.
Few days after my DD was due I received email from Close Brothers(Bank)saying that my DD agreement is in arrears.When I called them,after trying explain my situation I only heard We'll try to check what we can do for you and they hang upCalled them back again spoke to other advisor...she said I should have calceled my policy with One she also said that late payment fee will apply and advised me to call the broker.I called One and they tried to convince me that the email I recieved it's just standard procedure and I have nothing to worry about as they currently dealing with this problem but can't tell my how long it gonna take.I have a feeling that they trying to fool us big time.Question is how many of you have the same problem?If there are hundreds of us we should team up and do something.What do you guys think?This situation f#$% stressing me as I need clear credit history in near future.Regards to all
Problem is that you have financial agreement with Close Bro's and they are the one who are collecting money on behalf of your broker and paying insralments to your Insurance underwriter.
One Insurance had a duty to find you a another underwriter at same t&c.

All you need is to deal with One Insurance not Close Bro's.

When Alpha went bust you should have called One Insurance and sort that out with them to find you another underwriter with same t&c and then if not cancel as of next month.

Try to do it now if not too late.
 

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Registered
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Discussion Starter · #3 ·
Problem is that you have financial agreement with Close Bro's and they are the one who are collecting money on behalf of your broker and paying insralments to your Insurance underwriter.
One Insurance had a duty to find you a another underwriter at same t&c.

All you need is to deal with One Insurance not Close Bro's.

When Alpha went bust you should have called One Insurance and sort that out with them to find you another underwriter with same t&c and then if not cancel as of next month.

Try to do it now if not too late.
Hi
The problem is when I first called One Insurance they provided me with quote 700 more expensive than original one.Thats why I went for another broker.Now they said my premium been cancelled automatically as J&M/Alpha bankrupt but from another side Bank is still demanding payments as if policy haven't been cancelled.What a mess
 

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Premium Member
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8,065 Posts
Hi
The problem is when I first called One Insurance they provided me with quote 700 more expensive than original one.Thats why I went for another broker.Now they said my premium been cancelled automatically as J&M/Alpha bankrupt but from another side Bank is still demanding payments as if policy haven't been cancelled.What a mess
That's ok, u went for another broker but you had to push One to cancel your d/d not yourself.

Present your case to Financial Ombudsman as your agreed to pay instalments with One and One is that broker that need to take Alpha loss.
 
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