Introduction to PremFina
• If you prefer to pay for your insurance monthly, we can introduce you to our exclusive finance provider, PremFina Limited.
• If you choose to pay monthly, you will need to enter into a credit agreement with PremFina Limited.
• You may be able to obtain finance at a lower cost elsewhere, however, we can only offer you finance through PremFina.
• We act as a credit broker and will receive a commission from PremFina for introducing the finance.
• If you have any questions about the credit agreement, you can contact PremFina using your preferred method via their website: www.premfina.com.
Purpose
• Please note that the finance can only be used to fund the cost of your insurance premium and any associated costs. It cannot be used for any other purpose.
Duration of insurance vs credit
• Your insurance policy will run for 12 months; you will need to pay back your credit over 10 months.
Assessment
• Finance is subject to status. PremFina will use credit scoring and credit reference agencies to assess your application - this will leave a record on your credit file and will be visible to other lenders. They will also carry out identity checks. If your application is unsuccessful, PremFina will notify us and we will contact you to arrange alternative payment.
Documentation
• PremFina will send you by email a copy of the Frequently Asked Questions, Pre-contract Credit Information document and Credit Agreement which provides you with everything you need to know about the agreement.
• Please read all the information carefully as it will help you decide whether this is the right product for you. Alternatively, you can print out, review and sign a copy of the agreement and post it to PremFina using the address details in the agreement.
Right to withdraw
• You can withdraw from the agreement within 14 days, starting from the day after you sign the agreement. You will be required to pay back any finance you’ve received. You can give notice by calling, emailing or writing to PremFina using the details they will send to you.
Fees and other key information
Default Fees
• You must make your monthly payments on time. If you fail to make a payment on time, a fee of £27.50 will be charged, which will be collected at the same time as the missed payment.
Cancellation fee
• If PremFina are unable to collect your monthly payment, they may cancel your agreement. You will be charged a cancellation fee of £15
Impact of missing payments
• Missing payments may affect your credit rating. Your credit agreement may be cancelled along with your insurance policy and you must pay back any money owed under the credit agreement. Any return money repaid by the insurer after cancelling your insurance policy will reduce the amount owed.
• If your agreement is cancelled, any money owed under your credit agreement will need to paid to us.
• Confirmation of the bank details you’ve provided, along with a schedule that explains the amount and dates of your payments will be included in the information pack. The pack will be sent within 3 working days. It’s important you read this information so you are ready for the payments to be collected.
• The Direct Debit will appear as ‘PREMFINA LTD’ on your bank statement.
• If there are any changes to the amount, date, or frequency of your Direct Debit, PremFina will always give you two working days’ notice.
