Setanta

O.A.P · 17-04-2014 6:58pm #1

I just heard about them going to the wall on the news and my landrover is or was insured with them (along with 75000 other commercial vehicles)

I don't know what to do now they wont answer the phone until Tuesday I suppose and I don't know if Im covered our not.

Anyone else on here in the same boat and if so whats the story ?

fleetman · 17-04-2014 7:54pm

Please see message from central bank

Setanta Insurance Limited (Setanta) is a Maltese incorporated company subject to prudential supervision in Malta by the Maltese Financial Services Authority (MFSA). Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard.

The Central Bank of Ireland was notified by the MFSA on 16 April that the shareholders of Setanta have resolved to wind up the company. This is a process that will take place in Malta overseen by the MFSA.

The Central Bank will require Setanta to write to all policyholders to advise them of the situation and its implications for them.

Setanta is not in a position to confirm that claims will be met in full since any and all claims will be subject to the relevant liquidation process. Policyholders should therefore make arrangements for alternative cover without delay.

O.A.P · 17-04-2014 8:05pm

That's not what I wanted to hear but thanks for your quick reply.
So its off the road for now then through fault of mine, this place gets worse and fcuking worse every day.

Green farmer · 17-04-2014 10:15pm

I was just reading that setanta stopped issuing further renewals from the 24th january 2014. But I renewed my policy as normal through a broker on the 16th of February 2014. Should I be pissed with the broker for not seeing the red flags going up and being aware of this ? Isn't that a reason people go through brokers then companies direct , to have someone watch your back ???

aurora 527 · 17-04-2014 10:31pm

Green farmer wrote: »

I was just reading that setanta stopped issuing further renewals from the 24th january 2014. But I renewed my policy as normal through a broker on the 16th of February 2014. Should I be pissed with the broker for not seeing the red flags going up and being aware of this ? Isn't that a reason people go through brokers then companies direct , to have someone watch your back ???

Same situation as you green farmer, renewal through broker in Feb, are we really expected to pay for another policy now..i for one cant afford that!!:mad:

Redsquigy · 17-04-2014 10:44pm

aurora 527 wrote: »

Same situation as you green farmer, renewal through broker in Feb, are we really expected to pay for another policy now..i for one cant afford that!!:mad:

I got a letter from my broker in March saying that Setanta were exiting the Irish market and I need not be concerned that my existing cover continues as normal until renewal date.

This letter also enclosed a letter from Setanta which is dated 27 January 2014. This letter from Setanta states:-

It is with since regret to announce that Setanta Insurance Company Limited, has ceased writing new business and issuing further renewals with effect from close of business Friday 24 January 2014.

As a currently policyholder, your policy will continue in force until expiry of the policy. Additionally, any outstanding or future claims under your policy will be handled in the normal way.

This communication is being sent through your broker who has been appraised of the situation and will be able to assist you with any queries that you may have. Should you have any further enquiries you can refer to your broker or alternatively visit the Setanta Insurance Company Limited website on www.setantainsurance.com where there will be a FAQ section for your guidance.

We would like to take this opportunity to thank you for your support as a customer and also apologise for any inconvenience that this development may bring about.

Yours etc.

aurora 527 · 17-04-2014 10:50pm

This letter also enclosed a letter from Setanta which is dated 27 January 2014. This letter from Setanta states:-

It is with since regret to announce that Setanta Insurance Company Limited, has ceased writing new business and issuing further renewals with effect from close of business Friday 24 January 2014.

Then how in gods name were brokers still selling policies if Setanta announced this on the 24th Jan ???????????????

O.A.P · 17-04-2014 10:53pm

Green farmer wrote: »

I was just reading that setanta stopped issuing further renewals from the 24th january 2014. But I renewed my policy as normal through a broker on the 16th of February 2014. Should I be pissed with the broker for not seeing the red flags going up and being aware of this ? Isn't that a reason people go through brokers then companies direct , to have someone watch your back ???

Oh yeah but will it get you any compensation ?
So I and many more have to start new policies and write off the last months of our current cover . I will go back to the broker on Tuesday to sort it out, hand over another weeks wages but why cant the same thing happen again?
I am one very angry man at the moment.

PVincent · 17-04-2014 11:36pm

My understanding is that they stopped issuing renewals at that time. What that means in January ( 24th) they would have been sending out papers inviting renewal for risks due in march or April , depending on what processes they used. So this notice only effects cases as I understand it where rnl invitations had not been issued ( so possibly April or May onwards) . Insurers are obliged to issue an invitation to their policyholders at least 20 working days before the renewal date . So if your renewal was Feb , then that would have been issued to you or your broker probably at end of Dec. . So no reason to be critical of your broker . The problem now is that it is all subject to the liquidation process as to whether there is money for claims , and that is also subject to Maltese processes as far as I can see. It's not a great situation for policyholders. Either don't drive or arrange new cover ... Insuremyvan.ie are open all weekend I believe.

Green farmer · 17-04-2014 11:58pm

PVincent wrote: »

My understanding is that they stopped issuing renewals at that time. What that means in January ( 24th) they would have been sending out papers inviting renewal for risks due in march or April , depending on what processes they used. So this notice only effects cases as I understand it where rnl invitations had not been issued ( so possibly April or May onwards) . Insurers are obliged to issue an invitation to their policyholders at least 20 working days before the renewal date . So if your renewal was Feb , then that would have been issued to you or your broker probably at end of Dec. . So no reason to be critical of your broker .

I beg to differ. If I was a broker and realised that setanta were in trouble in January, I wouldn't of continued to direct clients their way or at the least informed clients at renewal times of the risks involved. Surely it would have been common sense.

Redsquigy · 18-04-2014 12:02am

I got the letter in March from my broker and my policy is not due for renewal until September, so obviously they were letting all their Setanta policy holders know that Setanta were exiting the Irish market, what happened yesterday was not foreseen.

If anybody on here is insured through First Ireland as their broker this is on their website.

IMPORTANT NOTICE for Setanta Customers

This is a most unpalatable situation however in light of this statement, First Ireland are recommending to Setanta Insurance policyholders that they should rearrange their motor insurance cover immediately.
Our priority is that our clients have surety of cover, to facilitate this First Ireland have made arrangements to keep a dedicated SETANTA HELPLINE number open until 9pm tonight. Our helpline will also be open 9-5pm on Friday and until 1pm on Saturday.
Our SETANTA HELPLINE number is 01 472 4841

PVincent · 18-04-2014 12:48am

I do agree that any broker worth his weight, would or should have been giving his clients the best advise possible. Under the consumer protection code that are obliged to give ALL the options on prices. Unfortunately a lot of people would have opted on price to stay with Setanta , primarily because their premiums were so much cheaper. Certainly the brokers that I know once this issue arose in January would have been moving risks to other insurers . . It's a sorry situation for everyone involved .

Redsquigy · 18-04-2014 10:01am

Got my new cover this morning through First Ireland. I asked about my direct debits and was informed that I will have to continue paying those as it is treated as a loan that was paid up front. Is there any way that I could stop that being paid to Setanta?

visual · 18-04-2014 11:01am

Redsquigy wrote: »

Got my new cover this morning through First Ireland. I asked about my direct debits and was informed that I will have to continue paying those as it is treated as a loan that was paid up front. Is there any way that I could stop that being paid to Setanta?

cancle the direct debit with the bank.
Loan up front my ass. If it was your bank that gave you that information change banks

A major overhaul of all financial institutions is badly needed. They really believe they are entitled when they aren't.

turtle77 · 18-04-2014 11:42am

But if you cancel the direct debit, and your direct debit is not with Setanta (it'd be with a third part finance firm I'd bet), you'll prob have your credit rating affected.
I'd check it out first rather than accepting advice off unqualified people.

Now, if the direct debit was with Setanta, that'd be a different story altogether.

Redsquigy · 18-04-2014 6:08pm

visual wrote: »

cancle the direct debit with the bank.
Loan up front my ass. If it was your bank that gave you that information change banks

A major overhaul of all financial institutions is badly needed. They really believe they are entitled when they aren't.

No my Broker informed me about the direct debit- it was due to be taken out for this month on the 22nd April. When I checked my Bank account it had been taken out yesterday. They were fecking quick enough taking it. I will be cancelling it myself on Tuesday before they can get their grubby hands on more of my money. I will not be paying for two insurance policies when I only have one.

officeboy · 19-04-2014 10:27pm

Hi All

I was told I must pay the remainder of my policy as I was on the "never never".as I owe the finance company who paid my premium ,or my no claims will be withheld .
But ,I now have the vehicle sold and need to cancel /suspend the insurance as I will have no car .What happens now ?

OB

Redsquigy · 21-04-2014 2:32am

Was checking my bank account and the direct debit is going to a company called *** Financial (this is obviously a financial company). Now if I cancel my direct debit with the Bank can this company come after me for the money. Or can I say to them get it from Setanta. I paid 20% up front when I took out the policy with Setanta.

sukee · 24-04-2014 4:14pm

I am in the same boat as some of you, apparently there was something signed at the start of the policy (who really reads all the details) so now, yes, the loan is with a different company who are still expecting their direct debit to be paid for the remainder. We have only had our policy about three months and don't feel it's fair to keep paying for something we are not getting.

Wondering the same thing as Redsquigy, can we just tell them to go get it off Setanta? I don't even mind if my credit is affected for 5 years, not planning any loans, but just wondering how long it would take for that loan to be written off, or how easy would it be? Hate being hassled and I can't imagine the finance company letting it go easy but I just want to know how far they can go? (phonecalls? letters? court?!) What a cr*ppy situation they have led everybody into, they should have been much clearer that you were signing yourself up to a loan with another company. Don't think I would have went for it. Anyone know anything I asked, help is much appreciated

Redsquigy · 24-04-2014 4:34pm

sukee wrote: »

I am in the same boat as some of you, apparently there was something signed at the start of the policy (who really reads all the details) so now, yes, the loan is with a different company who are still expecting their direct debit to be paid for the remainder. We have only had our policy about three months and don't feel it's fair to keep paying for something we are not getting.

Wondering the same thing as Redsquigy, can we just tell them to go get it off Setanta? I don't even mind if my credit is affected for 5 years, not planning any loans, but just wondering how long it would take for that loan to be written off, or how easy would it be? Hate being hassled and I can't imagine the finance company letting it go easy but I just want to know how far they can go? (phonecalls? letters? court?!) What a cr*ppy situation they have led everybody into, they should have been much clearer that you were signing yourself up to a loan with another company. Don't think I would have went for it. Anyone know anything I asked, help is much appreciated

Have just looked up the finance company which my direct debit goes to and it is registered to First Ireland (the same company as my broker)!!

Would say that my new policy is also with the same finance company!!

sukee · 25-04-2014 7:41pm

Redsquigy wrote: »

Would say that my new policy is also with the same finance company!!

We've already sorted new insurance and from the look of the paperwork sent out today that direct debit will be going straight to the new insurance company themselves. I'm going to contact the broker and double check, I would advise you to do the same. If your new policy is with the same finance company, I'm pretty sure you have 14 days or so to cancel. I would, and shop around for one that takes the direct debit themselves. (That way, God forbid, if the same thing happens, you won't have to keep paying and it will be seperate from the finance company).

Colostomy Bag · 08-05-2014 3:28pm

I've finally been able to get in touch with my Broker today (after them not returning calls for 10 days) and was dumbfounded to know that I am liable still for the repayments on my insurance until Mid December this year - I am wondering what recourse is open to me? They said if I want to change company I will still have to pay off the existing monthly payment. I am very tempted to just stop the direct debit but it may not be as simple as that? Anyone know where I could get some advice on how to proceed? I have a feeling that the credit company are just chancing their arm saying we have to repay them whatever happens.

fleetman · 08-05-2014 3:43pm

You should read the terms and conditions of the original signed loan agreement, it should reference what steps are taken by the finance company in the event of a default by you. It also may reference the process in the event the insurance company goes into liquidation. Each loan agreement will be different and you should read this document carefully

Colostomy Bag · 08-05-2014 4:19pm

OK thanks fleetman - I'll probably have to ask for them to be sent out again as I don't ever read or keep this kind of stuff. I also heard that the broker may also be liable in some way in these situations for 'facilitating' the loan - although, of course, they didn't mention that to me on the phone. They are basically saying 'you took a loan out and you still owe the money' - but they would say that because they don't want me to stop the payments. As someone else mentioned above - I do not want to be in a situation where I end up paying for a service I'm not getting. I would have thought that these credit companies are well covered for situations like this and would have their own 'cover' on situations like this arising.

I cannot see why payments must be made if the service is stopping.

Setanta

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