Direct Debits

If you wish to pay your annual premium by Direct Debit then we will be happy to do this for you. Once you have completed the online Statement of Fact you will be presented with 3 payment options which are Debit Card, Credit Card and Direct Debit. Simply click the Direct Debit button and you will be able to proceed on this basis.

We take a 15% deposit of the total annual premium immediately and the balance of the premium is collected via Direct Debit over 9 monthly instalments, with the first instalment being taken one month after inception of your policy.

All Direct Debits are collected on our behalf by Premium Credit Ltd. There is a service charge for this facility with the amount of this charge added to the remaining premium payable over 9 months. The current service charges are shown below and there is a minimum service charge payable of £10.

7.70% (19.70% APR) for premium balances up to £499, and

5.70% (14.30% APR) for premium balances of £500 or more

(Please note that Just Landlords do not receive any of this service charge or any commission from Premium Credit Ltd in fact we do not make any financial gain by your request to pay by Direct Debit)

For your reference this service charge is only added after the payment of the 15% deposit and not to the full annual premium payable.

As an example, if your total annual premium amounted to £172.00 then there would be a deposit to pay of £25.80. The balance of £146.20 would attract a service charge of £11.26 and you would then pay 9 monthly instalments of £17.50.

Once your Direct Debit has been set up you will receive correspondence in the post from Premium Credit Ltd providing you with all the required details about your Direct Debits. It is important that you read these documents carefully and ensure that you fully understand them. Should you require any guidance Premium Credit will be more than happy to discuss these with you.

Should you wish to make a midterm amendment to your policy which results in either an additional premium or return of premium, then your remaining Direct Debit payments will be adjusted accordingly to take this amount into account.

When your policy falls due for renewal we will write to you in plenty of time beforehand to advise you of the new premium for the year and advise you that the premium will continue to be collected via Direct Debit. This will be via 10 monthly instalments with the first instalment due on the renewal date itself.

Please note that on 1st February 2011 new legislation came into effect ‘The Consumer Credit Directive Regulations’ and as part of this regulation all consumers who wish to pay their insurance premiums by Direct Debit must now have a credit search conducted by Premium Credit Ltd as the payment of insurance premiums are now classed as providing credit. Therefore, there is now an obligation on the lender to check creditworthiness. The following government link may be of interest and explain the new legislation in more detail Click Here.

Please note that all insurance companies who provide Direct Debit must adhere to these new rules and carry out credit searches. By applying to pay your premium by Direct Debit you consent to the search being made.