Premium Credit

Finance is provided by Premium Credit Limited of 60 East Street, Epsom, who specialise in providing finance for insurance premiums. They may pay a commission to us for introducing you to them.

Payments

If there is another transaction while there is a balance on your account, each remaining payment will be increased by adding an amount calculated by dividing the amount of the new transaction and the associated transaction fee by the number of remaining payments.

Features of the credit agreement that you should be aware of

Your credit limit is the maximum amount you can borrow at any one time. Premium Credit may change the limit at any time but will give you notice before doing so.

Premium Credit will take security over any monies payable to you under any insurance policies which are financed by the credit agreement. This means they can use any money you would normally receive under those insurance policies or under the Financial Services Compensation Scheme to repay all or part of the outstanding balance under the credit agreement.

Premium Credit may change the transaction fee and any other fees and charges under the credit agreement at any time to take account of any changes in:

• interest rates made by the Bank of England, their funding costs or other costs in administering your account, their systems or products and services; and to ensure their business is run prudently;
• external factors, such as interest rates, stock markets, labour costs, new technologies, other innovations or changes in general economic conditions;
• the legal or regulatory obligations which affect them; or
• the amount of commission they pay to us for introducing you to them.

Consequences of non-payment

Failing to make a payment when it is due is a breach of the terms of the credit agreement and Premium Credit will take action to recover this amount from you. It may result in cancellation of the credit agreement and any insurance policies which are financed by the credit agreement.

In addition you will be charged:

• £20.00 each time a Direct Debit from your account is returned unpaid; and
• all their reasonable costs, charges and expenses (together with all legal costs recoverable against you) incurred by them enforcing their rights under the loan.

Missing payments could have severe consequences including, for example, legal proceedings being taken against you and making it more difficult to obtain credit in future. They may report non-payment to credit reference agencies and this will adversely affect your credit rating (which most lenders consult when assessing any borrowing application). If you fail to repay what is owed they may obtain a judgment from the court. This is often called a CCJ and is likely to make it more difficult to obtain further credit. 

Right of withdrawal

You have the right to withdraw from the credit agreement before the end of 14 days beginning with whichever is the later of the following:

• the day after the day on which the credit agreement is made; or if later
• the day on which you receive their terms and conditions and all required information or on which we inform you the agreement has been executed in identical terms to the copy provided to you.

To exercise this right you must notify Premium Credit by writing to them at the address given on the credit agreement they send to you or calling them on the number they provide. You must pay the whole balance in full without any undue delay and no later than 30 days after notifying Premium Credit you wish to withdraw from this credit agreement. If you do, no interest is payable on the balance. Payment must be made to Premium Credit by debit or credit card over the phone by calling them or by sending them a cheque. If you exercise your right to withdraw from the credit agreement you will need to find alternative means to pay for the insurance paid for by the credit agreement or there is a risk that the insurance policy may be cancelled.

Get more information

Do you have any questions about your credit agreement? If you think of anything you'd like to ask, please contact Premium Credit on 0844 736 9836. You may also wish to take advice from an independent financial adviser, charity (for example, Citizens Advice) or not-for-profit organisation.