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 at no extra cost.

We work with a third party company called Premium Credit Ltd (PCL), which manages instalment payments. We act as a credit broker and we are not a lender. Some important things to note:

• If you opt to pay by monthly direct debit we will pass your details to PCL and they will make a credit decision about you, which will include a credit check being carried out. Please let us know immediately if you do not consent to us sharing your details with the finance provider. If PCL agrees to provide you with credit you will receive a welcome pack including a credit agreement, which you will need to sign and return. Failure to return the credit agreement within 14 days of their letter will result in an administration charge of £25.
• The 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 10 days of the inception/renewal date.
• Bank account details provided for instalments must be in the name of the policyholder (Please speak with our accounts department if you need to discuss further).
• We may receive a commission for introducing you to PCL.

We recommend that you provide your email address 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, you 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.

Although there is no interest associated with this Direct Debit facility, it is still legally deemed a credit agreement and, therefore, must comply with the applicable regulatory requirements and benefits from all of the protections these laws provide for the customer.

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:

1. Full name of the bank account holder, which must match the name of the policyholder
2. Their 8 digit bank account number
3. Their 6 digit sort code

The deposit payment will be rounded up to cover any fractional pence that may occur when the annual premium is divided by 12.

Example:

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.

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.

If you have any questions or require guidance about our Direct Debit facility, then please all us on: 0808 168 9220 and speak to a member of our Accounts department, who will be more than happy to help.

Alternatively, send an email to: enquiries@justlandlords.co.uk.