Insurance Refund Mess
Discussion
I’m looking for some help from you guys on this. I know PH is probably not the best place to post this but it’s my first go before signing up to a money website.
I cancelled my insurance early March as I got a new car and the quote from the old insurer wasn’t competitive. I cancelled the insurance and was told I’d be receiving a refund of £390.40. Cool!
Problem is, they wanted to refund the money onto a debit card that is no longer active as the bank account was closed down last year. Due to money laundering they say they have to make one attempt to return the money to the bank and if it bounces I can give them a new card to have the money credited too.
I left it 10 days and then phoned them back to give them the new card number but they’re telling me the refund was successful and I need to go to my bank. I called my relationship manager at the bank and she confirmed that Natwest do not utilise reserve, holding or any other account for refunded transactions and as the account was closed it would have been returned unpaid.
I got an ARN number from the insurer and gave that to her but she said it was pretty useless and I need a faster payment reference number which the insurer won’t give me.
The insurer is continuing to tell me that I need to go to the bank and that as far as they’re concerned the refund went through in March.
Is there any way for me to fix any of this? I don’t want to write off the £390 but I’m at a point now where I just feel like shouting expletives down the phone at whoever picks up which just results in them terminating the call.
The insurer is Diamond my bank is Natwest.
I cancelled my insurance early March as I got a new car and the quote from the old insurer wasn’t competitive. I cancelled the insurance and was told I’d be receiving a refund of £390.40. Cool!
Problem is, they wanted to refund the money onto a debit card that is no longer active as the bank account was closed down last year. Due to money laundering they say they have to make one attempt to return the money to the bank and if it bounces I can give them a new card to have the money credited too.
I left it 10 days and then phoned them back to give them the new card number but they’re telling me the refund was successful and I need to go to my bank. I called my relationship manager at the bank and she confirmed that Natwest do not utilise reserve, holding or any other account for refunded transactions and as the account was closed it would have been returned unpaid.
I got an ARN number from the insurer and gave that to her but she said it was pretty useless and I need a faster payment reference number which the insurer won’t give me.
The insurer is continuing to tell me that I need to go to the bank and that as far as they’re concerned the refund went through in March.
Is there any way for me to fix any of this? I don’t want to write off the £390 but I’m at a point now where I just feel like shouting expletives down the phone at whoever picks up which just results in them terminating the call.
The insurer is Diamond my bank is Natwest.
I've handed over all the information to the senior banker at my branch who deals with my stuff. Hopefully she can track down the transaction.
I've also complained to the Financial Ombudsman.
I also managed to get through to someone who set up a call with the 'UK Quality Team' at the insurer for sometime tomorrow between 9-5.
I don't really think walking into the bank and asking to see a manager will help much as all they will do is get on the phone just the same as I would. Hopefully the above will help to move things along.
I've also complained to the Financial Ombudsman.
I also managed to get through to someone who set up a call with the 'UK Quality Team' at the insurer for sometime tomorrow between 9-5.
I don't really think walking into the bank and asking to see a manager will help much as all they will do is get on the phone just the same as I would. Hopefully the above will help to move things along.
Hammer sausages in to the floor of Admiral building foyer? Would have been easier had they not ruined a pleasant green space in Cardiff city centre by erecting their monstrosity!
In all seriousness, I had a similar situation with Aviva in Feb/March. Had closed account I paid annual premium on and switched banks. They were pleasant about it but explained money laundering regs meant cannot refund to different card/account, and sent a cheque instead. When it hadn't arrived in the 10 days promised, phoned and made a small fuss and they subsequently sent another cheque by recorded delivery, and refunded the cancellation fee of £53 on top for my trouble.
In all seriousness, I had a similar situation with Aviva in Feb/March. Had closed account I paid annual premium on and switched banks. They were pleasant about it but explained money laundering regs meant cannot refund to different card/account, and sent a cheque instead. When it hadn't arrived in the 10 days promised, phoned and made a small fuss and they subsequently sent another cheque by recorded delivery, and refunded the cancellation fee of £53 on top for my trouble.
ashleyman said:
Problem is, they wanted to refund the money onto a debit card that is no longer active as the bank account was closed down last year. Due to money laundering they say they have to make one attempt to return the money to the bank and if it bounces I can give them a new card to have the money credited too.
Ask them for details of the specific legislation they reply upon to insist upon this course of action.PurpleMoonlight said:
ashleyman said:
Problem is, they wanted to refund the money onto a debit card that is no longer active as the bank account was closed down last year. Due to money laundering they say they have to make one attempt to return the money to the bank and if it bounces I can give them a new card to have the money credited too.
Ask them for details of the specific legislation they reply upon to insist upon this course of action.Proceeds of Crime Act 2002
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