Home insurance - Monthly payment interest rate unreasonable
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One way of making the cost of your insurance more manageable is to put the upfront annual cost on a purchase credit card that offers a generous initial interest-free period. But you will need to be disciplined enough to pay off the entire balance before the interest-free period ends. If you don't, you'll be hit by much higher interest payments than your insurer would have charged you.
If you are concerned about the interest rates which you are being charged for paying for your insurance monthly you should either seek other quotations and consider changing your insurance policy, or contact your insurer setting out your concerns as to the rate you are being asked to pay and seeking a reduction. This will be more effective if you can demonstrate that other insurers offer better rates, as it will demonstrate to your insurer that they will have to improve the value of their policy to retain you as a customer.
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If you can't resolve your issue within 8 weeks of making your complaint (or if you've received a 'deadlock letter' or final decision from the company), you can escalate your case to the Ombudsman.
Your complaint has to be less than 9 months old to be escalated to the Ombudsman.
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