I cancelled my policy after 6 months.
My insurance was £650 + 30 tax and an installment fee so £715.94 for the year.
I payed £169.94 up front.
And then over 6 payments I payed £292.02
So £462.02 in total.
So I only had £253.92 left to pay.
So the way I see it is.
12 months insurance at £715.94 ÷ 10 months payments is £71.60 a month.
Times that by 6 months = £429.60
Is this correct?
If so I payed £462.02
Take away £429.60
Leaves £32.42 Owing To Me.
Minus cancellation fee of £20 leaves £12.42 owed to me.
So why is it they say I owe them £140?
I'm confused and they are closed until Monday so cant phone them..
Have I worked that all out wrong. Do they do it different?
I only used 6 months of a 12 month policy so really I should only pay for those 6 months?
So my workings out of the payments over 10 months maybe should be spread over 12 months which then means I have over paid by more..
It's taken them 4 months to contact me about this also.
Anyone got any insight about this please?