Direct Debit Terms and Conditions

To pay direct debit instalments, over 9 months, your personal information and bank details you provide to us will be passed to our third party finance provider, Premium Credit Ltd. Please advise us of your bank sort code, account number and account name. There will be an administration and interest charge of 11.35% of the full premium, including tax and administration charges (if any), for this facility, with a minimum charge of £10.00. A £5.00 Service charge will be added to your first instalment. Please note that for all policies with an effective date of 1st September 2023 onwards the interest rate of 11.35% will increase to 13%.

If your application for credit is accepted they will send you a credit agreement that you must sign. They’ll send you full details by post or email telling you how to do this so you can act on their instructions as soon as you receive them.

Credit is subject to status and in assessing you for credit PCL may search the public information that a credit reference agency holds about you. The credit reference agency will add details of their search to their records whether or not your application proceeds.

This and other information (including any previous payment history with them) may be used to make credit decisions about you and undertake checks for the prevention and detection of money laundering.

Premium Credit will confirm to you the exact date of your first payment, in writing. The company name that will appear on your bank statement against the Direct Debit will be Premium Credit Ltd. If there are any changes to the date, amount or frequency of your Direct Debit, they will always give you five working days’ notice in advance of your account to be debited.

Premium credit will also make the following administration charges:-
Sending a reminder letter to borrowers to return signed credit agreements will incur a charge of £25.
If you fail to make a payment you will incur a default charge of £25