¶ Key Information
¶ Introduction to PremFina
The premium finance will be provided by PremFina Limited. Your Credit Agreement will be a running account credit facility which will allow you to finance insurance premium(s) while the Agreement is in place. PremFina is registered as a company in England and Wales (07208343) and is authorised and regulated by the Financial Conduct Authority (724083).
¶ Data Protection
You confirm that your personal data can be sent to PremFina for the administration of your Credit Agreement.
All your personal data will be processed in accordance with the applicable data protection laws.
¶ Premium Finance
The premium finance is for the sole use of funding insurance premium(s).
- The example credit provided is £1,000 (premium including Iinsurance Premium Tax and any applicable administration fee) = A
- The monetary charge for credit would be £67.50 (A x 6.75%) = B
- The total amount payable would be £1,067.50 (A+B)
- This would correspondto 9 © instalments @ £118.61 (A + B / C)
- Typical APR would be 17.1%
Should you have any questions about your Agreement, you can contact PremFina on 020 3500 3462.
Full details of the Agreement are in the Welcome Pack PremFina will send you via email or post. This will comprise the Credit Agreement and the Standard European Consumer Credit Information (‘SECCI’). It is important that you read and understand all the documents you will receive.
¶ Assessment
To assess your application, PremFina will use your record from a Credit Reference Agency (‘CRA’) and an automated decision-making process.
If your application is unsuccessful, you will be notified, and you will need to find an alternative way to pay for your insurance premium.
Where you borrow from PremFina, it is important that you understand details of your credit facility and how you manage it will be given to the CRA by PremFina and recorded by them. If you borrow and do not repay in full and on time, the CRA will record the outstanding debt. This information may be supplied to other organisations by the CRA and Fraud Prevention Agencies (‘FPA’) to perform similar checks and to trace your whereabouts and recover debts that you owe. Records are retained for 6 years after the account is closed, whether settled by you or defaulted.
¶ Right to Withdraw
You have the right to withdraw from the Credit Agreement without giving a reason before the end of 14 days beginning with the day after you enter into the Agreement. You must notify PremFina orally or in writing as set out in the Agreement. If you wish to exercise your right to withdraw, you must repay no later than 30 calendar days of giving notice of withdrawal, the credit plus any interest which has accrued from the date the credit is advanced until the date it is repaid.
¶ Key Information
There are some features of the Credit Agreement you should be aware of:
- If you fail to pay an instalment on time, you may be charged a default fee.
- If you fail to make any payments due, any policy(ies) of insurance being funded may be cancelled and the Credit Agreement terminated. PremFina would be entitled to any premium refund and money paid to a claim for repayment of your account balance.
- Missing payments may also affect your credit rating.
- Note also that PremFina can end the Agreement on two months’ notice, in which case you will have to repay the outstanding balance. PremFina can also suspend or withdraw your rights to make drawings in certain circumstances as set out in the Agreement.
¶ Default Cycles
We have reduced our time at risk. This helps our clients to mitigate risks of end customers defaulting and resulting in cancellation/termination of policies
- DD representation if previous payment failed – 7 days (previously 14 days)
- Default Notice – Day after 2nd unpaid (previously 2 days later)
- Notice of Termination – 14 days after Default Notice (previously 17 days)
¶ Payment Collection
- On 0 deposit schemes, 1st instalment will be collected in 5 days; with subsequent instalments in line with policy inception date
- If the loan is entered at least 5 days before inception date – 1st instalment will be collected on inception date
- If the loan is entered after inception date, there might be a catch-up payment
¶ Debt Collection
We have appointed C.A.R.S (Creditlink Account Recovery Solutions Ltd) as our Debt Collection Agency. CARS UK is regulated by the Financial Conduct Authority (firm reference number 716456) and is a member of the Credit Services Association. You may find frequently asked questions about about them here.
For more information, please
credit@premfina.com