Unauthorised withdrawal for Insurance

Hi -

I am currently having problems with banco de valencia regarding 'insurances'.  I had to take their policies last year as part of my mortgage conditions but was told that after the first year I could use other companies.

I contacted them at the end of August to ask for a renewal date but got no answer despite several emails.  I then emailed them on the 9th Sep categorically stating that i didn't want their policies & that they shouldn't withdraw any funds from my account for this.  I was aware of the Milenium buildings cover & had arranged a quote from Intasure for contents cover.

I have just received my monthly statement & 490 euros has been taken from my account for Buildings, Contents, Life/Critical illness cover.  I have phoned them twice and sent three emails today but not had a reply despite being promised an urgent callback.

This un-authorised withdrawal will leave my account short of funds as I had sent enough to cover my mortgage, community fees & electricity etc which are all due on the 5th Oct.

Can anyone offer any suggestions or advice ?

Thank you.

Hi,

although not totally sure (so if i'm wrong please do not be offended) I believe you have to give 3 months notice before renewal and provide evidence of the new cover before they will stop the dd and cancel for the next year.

I have not changed as yet, but I did look into changing (left it too late) and so had to bite the bullet again for this year.

Again sorry if I am mistaken; but this is what I was told when I first had the mortgage with banco de valencia.

Regards

Neil

Thanks Neil !!

If thats the case then I will accept it and send across the additional funds.

Its infuriating that they cannot seem to give me a straight answer when asked a simple question - their customer service is atrocious.

p.s. - did you have to take all 3 insurances ?  (buildings, contents, life/illness ?)

Thanks again.

I didn't need to give 3 months when moving from Zurich this year...although this was done through the Polaris Insurance team.

Different companies will have different cancellation procedures and 90 days used to be the norm.

SSH 1 don't take this the wrong way or anything but did you write to them in Spanish or English? I know most companies say that they have English speakers but I have always found that the only way to ensure something is done right is in Spanish.

Dave

I sent the cancellation request in English as in the past - whenever I have needed to contact them - I have always used English.  The lady who looks after my account  (who I have dealt with a number of times in the past ) has a very high standard of English and has always accepted requests I have emailed to them - none of them in Spanish.

I will try calling the branch (Torre Pacheco)  again tomorrow morning & ask to have this sorted once & for all.

Was unaware of the 90 day notice required so will question this tomorrow.  (All the paperwork I have relating to the insurance policies are in Spanish & I find it difficult to fully understand).

I am an IFA and if this was England you would get your money back and also the lenders can't force you take insurances with them it is against FSA regulations. I would suggest you contact the mortgage advisor you used in the first instance or find out their complaints procedure.

Hi BFR

Thanks for your response.

I arranged the mortgage myself through BdV last year.  I have tried emailing them directly through their website but they keep directing my query through to the local banch from whom i am getting no response.

Hi SSH1

I was asked to take all 3 insurances. all 3 have been taken again, as I was too late in changing. We took the insurances as it was easier and also had been turned down once; so did not want to upset anything this time.

Now that we have the mortgage and (i should have doen it this time) we can change knowing the rules. I do beleieve if you make sure 3 months before you have all the info (new policies etc) then you will be ok.

I am sure that this sort of practice did happen in UK, but has stopped now....Spain may need a few more years to catch up.

I see you live in Brum!  Naff weather today eh!

Cheers

Neil

Thanks Neil !!

Will pencil into my diary to get the insurances sorted earlier next year.  BdV are actually coming back to me to offer me lower prices as I let them know that their charges were too high.  Could end up getting quite a good deal in the end !!

You're right about the weather in Brum  - its awful today.

Wish I was back in CDA !!