Direct Debit
Direct Debit is available on all of our 12-month products, except Rent Guarantee Insurance, allowing you to spread the cost of your premium over the course of the year.
Key Information
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 have opted to 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 to PCL. Please note that PCL has its own set of terms, conditions, and charges, and you should familiarise yourself with these carefully. We may receive a commission for introducing you to PCL. Paying by monthly direct debit via PCL will cost more than paying by a one-off payment.
Direct Debit Set Up Process
For new policies and renewals, the first month’s payment (1/12th of the annual premium) will be due as a deposit. The option of making a payment either by debit card or credit card will be provided. If this is not possible, please contact us for further options.
The information we will require for the Direct Debit is:
- Full name of the bank account holder, which must match the name of the policyholder
- 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.
Example on a £1,000 policy premium:
The balance will be split over (11) instalments, the first instalment will be (£95.62) followed by (10) further instalments of (£95.62). The total payable is (£1135.12) including an interest amount at (29.60% fixed APR). The total cost of credit amounts to (£135.12).
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.
Mid-Term Adjustments
If a policy is amended mid-term, resulting in either an additional premium or a return premium, then the Direct Debit will be amended to take these amounts into account.
Should there be an additional premium due, then the remaining instalments will be increased to reflect this amount. Likewise, should there be a return of premium, then the remaining instalments will be reduced accordingly.
If there are no instalments remaining or not enough time in which to make a change to the Direct Debit, we will contact you with details of how the additional premium will be collected or the return premium refunded.
Any Questions?
If you have any questions or require guidance about our Direct Debit facility, then please call us on: 0808 168 9220 and speak to a member of our team, who will be more than happy to help. Alternatively, send an email to enquiries@justlandlords.co.uk.
