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AXA Missed Payment – Here’s What To Do 2022

axa missed payment

For free and impartial money advice and guidance, visit MoneyHelper, to help you make the most of your money.

An AXA missed payment doesn’t have to turn into a nightmare, providing you deal with the problem. AXA serves millions of people all over the world. Their client base is vast. It goes without saying the provider is well equipped to deal with missed payments. But do you know what to do?

In this post, I look at what you should do when you miss an AXA payment. Then, I will let you know how the company deals with missed and late payments. Like this, you’ll know what to expect and how to deal with the problem.

Don’t panic when you miss an AXA payment

First, don’t panic. You’re not the only person to miss a scheduled payment to a company. The AXA team soon gets in touch with you either by letter or email. The provider will try to take the money a second time, usually within 1 week.

Next, you can make a payment by selecting the ‘Pay Missed Monthly Payment’ option on your account. But make sure the provider hasn’t already taken the amount from your bank account.

I recommend you do this if you have the funds available. Contact the AXA support team and let them know if you can’t.

Don’t worry, here’s what to do!

There are several debt solutions in the UK that can be used to improve your finances. Choosing the right way to tackle your debt could save you time and money, but the wrong one could cause even more harm

It’s always best to find out about all your options from a professional before you take action.

Fill out the 5 step form to get started. 

My Direct Debit to AXA failed. What happens?

If the Direct Debit you set up with AXA fails, your bank might charge you. The fee can be anything from £5 to £25 each time the payment fails. You can avoid these charges if you opt for the ‘retry process’, which gives you till 2pm to pay funds into your account. Most banks let you know when a DD fails and provide you with time to pay money into your account.

As already mentioned, AXA tries to take the money from your account within a week of a failed DD payment.

Your monthly AXA insurance payments are binding

You must pay scheduled premium payments on time when you pay AXA insurance monthly. If you don’t, the insurance provider could cancel your policy. The consequences of a cancelled insurance policy are many. You may find:

  • You’re not covered
  • You’re not insured to drive
  • Future premiums go up
  • You could incur late fees and other charges

When you know you can’t pay, contact their support team. They may reschedule the payment date. If you don’t contact them, the problem will get harder to resolve.

Their support team could arrange to take payments on another date. In addition, they may set alerts on when a scheduled payment is due.

If you default on your payments several times, there may be administration costs to pay! Plus, a missed payment appears on your credit report, and it stays there for up to 6 years. In addition, your credit history and rating are affected. You may have trouble getting credit, a loan or a mortgage.

It is against the law to drive without car insurance in the UK, so if your policy is cancelled, that’s it. You’re not allowed to drive on a public highway! The penalties are high when you drive without insurance! This includes a fine, points on your licence. You could lose your licence!

You must tell potential insurance providers about a cancelled policy. It’s your responsibility to do so!

Is AXA Insurance regulated?

Yes, AXA Insurance is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Will AXA use a debt collection agency if I don’t pay?

Yes, AXA may send your details to a debt collection agency to recover the amount you owe.

My advice, contact AXA support before this happens. It may stop them from sending in a very persistent debt collector. It’s how debt collection agencies earn their money!

The key to successfully dealing with an AXA missed payment is to stay in touch with the provider. When they can’t get hold of you, or you don’t respond to their mail, the next stage is having to deal with a debt collection agency.

Feeling like Chandler?

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Is all this information starting to feel overwhelming? Don’t panic! There’s plenty of help available. You can get started below.

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What should I do if a debt collector contacts me?

Read up on your consumer rights. A debt collection agency has no legal authority.

They cannot:

  • Make you pay more than you can afford
  • Enter your home without your permission – don’t let them in!
  • Pretend they have any sort of legal authority

Next, make sure the debt is yours. If you owe AXA money, you’ll have to pay.

I recommend you contact AXA support immediately when you can’t pay a premium instalment. If you are struggling with cash, the last thing you need is a debt collector contacting you!

AXA missed payment due to financial hardship

Contact the provider if you struggle with money and can’t pay an AXA instalment on time. Stay in touch with AXA; their support team may be able to help you. For example, they could reschedule your payment dates.

The pandemic has affected many people who suddenly find a change in their circumstances, so you aren’t alone.

There’s debt help out there

There are non-profit organisations that provide free debt advice when you can’t meet payments. This includes:

  • StepChange
  • PayPlan
  • Citizens Advice
  • National Debtline
  • Citizens Advice Bureau
  • Money Advice Scotland
  • Christians Against Poverty

Don’t ignore any payment reminders you’re sent. Instead, respond to the support team and work out a payment plan to get you back on track. Work with them and make sure you keep in touch.

Avoid a missed AXA payment if you can!

Set up alerts on your phone. Make sure there’s enough money in your account to cover an instalment. If you can’t pay, contact the AXA support team as soon as possible. If you can avoid having an AXA missed payment all the better. But if you can’t stay in contact with your provider to avoid further problems!

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