Argyll Posted January 17, 2009 Share Posted January 17, 2009 Has anyone had any problems with Adrian Flux insurance? I took out a policy at the beginning of this month and decided to pay by monthly instalments. I specifically asked the guy what the APR rate was, he replied 16%. I've just received my credit agreement from Premium Credit Ltd which it states the APR is a whopping 37%! I had other problems last week where they forgot to add my allow wheels to the policy and an incorrect figure for the value of the car. I'm beginning to get suspicious now. Quote Link to comment Share on other sites More sharing options...
martinmac Posted January 17, 2009 Share Posted January 17, 2009 Will get in touch and ask them to reply. Quote Link to comment Share on other sites More sharing options...
3FIDDYZ Posted January 17, 2009 Share Posted January 17, 2009 With them and do it the same way ( wish I had paid upfront though). 37% is more than I am paying... Get the calculator out and work out if it is 16%, if not then go back as you have a cooling off period and they should have your call recorded for proof... Quote Link to comment Share on other sites More sharing options...
Sarnie Posted January 18, 2009 Share Posted January 18, 2009 16% will be the flat rate, 37% will be the APR. Two totally different things, hence why they give you the lower figure to blind you into thinking its a decent rate....... Quote Link to comment Share on other sites More sharing options...
Ekona Posted January 18, 2009 Share Posted January 18, 2009 If you can pay the debt off quicker than monthly payments but still can't afford to do it in one lump sum, you're better off putting it on a credit card that pays cash back and paying it off over 4-5 months than you are taking out one of the insurer's credit agreements. Thing about AF that I've found in the past is that they will insure anything and everything and usually a good amount cheaper than anywhere else, but you do suffer a bit in regards to customer service. It's up to you whether you're prepared to put up with the ballache of it to save a few hundred quid: I did when I insured a previous car with them, but not so on the Zed. Quote Link to comment Share on other sites More sharing options...
lotuscc Posted January 18, 2009 Share Posted January 18, 2009 16% flat rate or 37% APR is complete extortion! If you are able to get out of the policy then ditch these loan sharks now! Quote Link to comment Share on other sites More sharing options...
Argyll Posted January 18, 2009 Author Share Posted January 18, 2009 Responding to a couple of reply's above. I only received my credit agreement the other day so it was out with my cooling off period however I would think in this circumstance it would not apply as I specifically asked the guy what the APR rate was. Quote Link to comment Share on other sites More sharing options...
Stew Posted January 18, 2009 Share Posted January 18, 2009 Sound like bandits to me. I've always paid upfront for insurance and I don't think I'll change that looking at this! Quote Link to comment Share on other sites More sharing options...
nurrish Posted January 18, 2009 Share Posted January 18, 2009 Sound like bandits to me. I've always paid upfront for insurance and I don't think I'll change that looking at this! Yes this is the way to go....even if you pay it on a credit card then pay it off in lump sums every month .Will save alot more money than the monthly installments from isurance companies Quote Link to comment Share on other sites More sharing options...
Argyll Posted January 18, 2009 Author Share Posted January 18, 2009 Will get in touch and ask them to reply. Martin do you work for them? Quote Link to comment Share on other sites More sharing options...
stanski Posted January 18, 2009 Share Posted January 18, 2009 I used to work for a famous high street broker - golden rule - never take an insurance policy out via direct debit - pay via the full amount (even as mentioned its on a credit card) they have many sneaky get out clauses ... be careful! Also some unscrupulous sharks take out 13 months via direct debit - apologise only if you have noticed it and then take a few weeks to return your money - in the meantime they have made interest on your money! multiply that by x number of times - its easy money! Quote Link to comment Share on other sites More sharing options...
martinmac Posted January 18, 2009 Share Posted January 18, 2009 Will get in touch and ask them to reply. Martin do you work for them? No bud, its just that any trader on here pays for the privelege and I am keen that they have a right to reply. They dont post on here but if there are issues like this I am keen to have them addressed. I dont think that this is a very good situation, any costs like this should be pointed out initially so will ask them if they wish to comment. The forum is here to benefit traders and members so we need to make sure the system works. Quote Link to comment Share on other sites More sharing options...
Argyll Posted January 20, 2009 Author Share Posted January 20, 2009 Okay no problem. I rectified the problem today anyway. It turns out the APR is 16% but the credit company send out their generic paperwork with the 37% APR printed on it. Apparently Adrian Flux have a deal with them at this special rate. So the problem was with the credit company not Adrian Flux. Quote Link to comment Share on other sites More sharing options...
marzman Posted January 20, 2009 Share Posted January 20, 2009 I pay monthly direct debits to Direct Line, and there is no interest charge on this. Quote Link to comment Share on other sites More sharing options...
Toon Chris Posted January 21, 2009 Share Posted January 21, 2009 I`ve used Adrian flux many time over the years and have never had a much of a problem with them. They often beat other peoples quotes Quote Link to comment Share on other sites More sharing options...
Trev-the-Rev Posted January 21, 2009 Share Posted January 21, 2009 They were the cheapest quote I received at my last renewal. Quote Link to comment Share on other sites More sharing options...
matth76 Posted January 25, 2009 Share Posted January 25, 2009 About to pick up my new 350z next weekend and Admiral were by far the cheapest quote for my details. I'm currently with A Flux on my current car and are very cheap for modified cars. I paid A Flux with one annual payment for 12 months and have just under 6 months left on my insurance which I'm about to cancel when I move to my 350. Do A Flux give a refund on the un-used months because I paid for a full 12 months? Quote Link to comment Share on other sites More sharing options...
Trev-the-Rev Posted January 25, 2009 Share Posted January 25, 2009 Most if not all insurers will refund you for unused periods of prepaid cover, but usually levy an admin charge that varies from one company to another. Quote Link to comment Share on other sites More sharing options...
matth76 Posted January 25, 2009 Share Posted January 25, 2009 Thanks Trev. Quote Link to comment Share on other sites More sharing options...
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