Missed Payments

Hi there,

So I have a question that's really stressing me out. Due to a combination of banking errors and health issues causing me to miss work, I'm behind on two payments to ICBC right now. My next payment is due tomorrow, which is super convenient because that's when I am being paid. The only problem is I'm not sure when the ICBC payment will come out (it tends to later in the day) and I'm not sure when my pay gets deposited.

So my questions are as follows:

1: I was told when I called ICBC that if a month's payment is not made within two months, then the account is locked. If this happens, would that mean I would be put on a cash-only basis, and would that amount have to be paid before tomorrow, or could I pay it before the payment automatically comes out and avoid having my account locked/closed/suspended.

2: I'm not certain yet exactly how much I am getting (I haven't gotten my paystub) and I also need to make rent. Would I be able to pay for the latest month's worth and then pay the remainder on my next paycheque or something, or does ICBC require that it be entirely paid off all in one go?

I'm stressing about this pretty badly because if I lose my insurance, I lose my job and I've got nothing I can do after that.

Thank you very much in advance!

Figured it out

I managed to figure it out, so if anyone else happens to have this question, here's the answer:

ICBC will contact you after the second payment is missed. Apparently, generally speaking they will suspend the account, put you on cash-only basis and send out a baliff to get your plates if you're unable to settle your debt.

I happened to luck out and they hadn't suspended my account, so they let me pay off the entire amount all at once in order to stay on the payment plan, but this is apparently extremely uncommon and the people I was talking to were absolutely dumbfounded that my insurance was even still valid at that point, and that they were even willing to keep me on the plan.

Moral of the story: keep up with your payments because after the second month, they'll probably put you on cash-only for two years.

It's also important to note that if you are behind, the payment needs to be in the day BEFORE your insurance is due - they put a hold on your account if it isn't paid off the day BEFORE your insurance comes out.

Thank You!

That's great, glad you shared it with everyone.

Google Ads