The festive season is truly upon us, this is the time where we travel to visit family and friends.
The festive season is truly upon us, this is the time where we travel to visit family and friends. But it’s also a time where most people get paid earlier and insurers usually debit earlier than normal. Most people get paid earlier in December in comparison to other months throughout the year.
The hustle and bustle of the holiday season can easily take over. Year on year, between December and January there is a spike of default on debit orders from customers, due to an increased spend. Despite the early premium payment, it’s important to make sure you have sufficient funds in your account. This is why we remind you about the importance of not defaulting your December debit order payment.
For example, in December you may get paid on the 15th of December, however usually your premium is deducted on the 25th of December. If you were paid on the 15th, by the time the 25th of December arises, and you’ve been engaged in so many activities you might not have enough money in the bank. So, it is more beneficial that when you receive that money insurers will deduct the amount from your account, knowing that you are fully covered right up until end of January.
Making sure not to default on any of your debit order payments, is also an advantage to maintain a good credit record for yourself, especially for future applications.
During this period, we are aware that, there may be other priorities in place, but remember that having peace of mind, is your biggest priority. This festive season, make sure to prioritise your financial security, by not overspending and forgetting to prioritise your policy covers. Download the Miway App or call us directly on 0860 64 64 64.
