Bike insurance

I took out insurance on Saturday with the intention of riding Suzi this coming week (before I knew she was SORN,) but, that's not the point.

I got a letter through today from some finance company supposed to be the under-writers for MCE insurance, I got a good quote from MCE (£243.75 TPF&F per annum.)

Well, I thought that was all good, but, the letter informs me, because I want to pay it over 10 months and not straight away, they want to charge me 57.7% APR on the outstanding debt

I mean w.t.f.!? 57.7%!?

I am gonna phone them tomorrow and just pay it outright, have to go easy on riding Suzi for another month while my money catches up with my activities, but, f*** to 57.7%...


Anyone ever heard of or is paying something silly like this?

Ddiolch

sound's wrong but i wouldnt know i always pay mine outright.

57.7% is a bit steep!!!!

You'd be better off paying it from overdraft (if you can) than pay that kind of APR. They should also have told you the rate when you took the deal.

I am now, I am phoning MCE tomorrow to pay it outright and telling the finance compant to go self fornicate...

Originally Posted by simesb

57.7% is a bit steep!!!!

You'd be better off paying it from overdraft (if you can) than pay that kind of APR. They should also have told you the rate when you took the deal.

They should, but, they didn't. They just said there would be 'some interest'...

That's a mis-print. 5.57% sounds more like it. I believe my one when paying monthly was personally about 11%.

Now I have a £240 premium which is like £23 a month. Jejej.

Originally Posted by Jamiebridges123

That's a mis-print. 5.57% sounds more like it. I believe my one when paying monthly was personally about 11%.

Now I have a £240 premium which is like £23 a month. Jejej.

It is no mis-print dude, it says it 4 times on three different documents, 57.7%! Ouch!

Wow... I'd consider complaining that's just tight.

Well, my first complaint will be how ridiculous that rate of APR is, my second is that I was never told it and third will be that they still haven’t sent me my certificate of insurance (which I need to un-SORN Suzi!)

Anyway, I happen to have £190 spare (I paid about £60 deposit,) so, I will just pay the insurance outright and go from there, but, 57.7% is a freaking joke!

Credit Crunch Britain

[yorkie_chris]

Have you got a particularly bad credit rating or something?