Direct Debit
Direct Debit over 12 months*
Direct Debit is available on all of our 12 month products, except Rent Guarantee Insurance, allowing the policyholder to spread the cost of their premium over the course of the year.
Key Information
Our Direct Debit facility is provided and operated by Premium Credit Ltd, a leading insurance premium finance provider. Some important things to note:
| Clients are credit-checked upon the application being submitted | |
| The credit agreement must be signed and returned to Premium Credit, as failure to do so will result in them charging a £25 administration fee | |
| Default fee is £25 if any payments are missed | |
| The date that payments are collected cannot be changed, and must fall in line with the inception/renewal date (or the first working day after if this lands on a weekend) | |
| Direct Debit is only available to UK domicile policyholders with a UK bank account | |
| Direct Debit is available at the “Proceed to Cover” stage or within ten days of the inception/renewal date | |
| Bank account details provided for instalments must be in the name of policyholder (Please speak with our Accounts department if you need to discuss further) | |
| £5 facility fee charge by premium Credit Limited will be collected on the first instalment |
We recommend that the policyholder’s email address is provided whenever possible to allow Premium Credit to send correspondence electronically. Please provide this under the billing information section on the set up page.
Once the Direct Debit facility has been set up, the policyholder will receive correspondence in the post or via email from Premium Credit. This will include full details of the Direct Debit and payment dates, plus all of the legal documents that must be issued regarding credit and finance.
Direct Debit Set Up Process
For New Business and Renewals, the first month’s payment (1/12th of the annual premium) will be due as a deposit. The policyholder will be given the option of payment for this via debit or credit card. If this is not possible, please contact our Accounts department for further options.
- Full name of the bank account holder
- Their 8 digit bank account number
- Their 6 digit sort code
Once this is complete, the first month’s premium will be taken and the Direct Debit will be set up for the remaining instalments to be collected over the remaining 11 months, starting one month after the inception date of the policy.
Payment Example
The deposit payment will be rounded up to cover any fractional pence that may occur when the annual premium is divided by 12.
| Annual premium | £220.00 |
| APR | 20.4% |
| deposit | £18.33 |
| first payment (including PCL’s facility fee) | £24.80 per month |
| 10 Subsequent monthly payment of | £19.80 per month |
| Total cost of all Interest | £16.13 |
| Due to PCL | £222.80 |
| Total Premium Including Interest | £241.13 |
All of our new business quotes and renewal notices will clearly state the amount of the deposit payment due and the amount of the remaining 11 instalments.
Any Questions?
If you have any questions or require guidance about our Direct Debit facility, then please call us on: 0115 950 5052 and speak to a member of our Accounts department, who will be more than happy to help.
Alternatively, drop an email to: directdebit@vasek.co.uk
*We work with a third party company called Premium Credit Limited (PCL), which manages instalment payments. We act as a credit broker and we are not a lender. If you pay by monthly direct debit, we will pass your details to PCL and they will make a credit decision about you which may include a credit check being carried out. Please let us know immediately if you do not consent to us sharing your details with PCL. If PCL agrees to provide you with credit you will receive a welcome pack including a credit agreement from PCL, which you will need to sign and return. Failure to return the credit agreement within 14 days of their letter will result in PCL applying an administration charge. Please note that PCL has its own set of terms, conditions and charges and you should read these carefully. We may receive a commission for introducing you to PCL. Please note that paying by monthly direct debit via PCL will cost more than paying by one off payment.