Direct Debit - spreading the cost of your policy
We offer our customers an affordable and convenient way to pay for their policy. Through our preferred provider, Premium Credit Limited (PCL)*, you have the option of setting up a Direct Debit and pay your premium over equal monthly instalments.
*Premium Credit Limited - Regulatory Information
We primarily use Premium Credit Limited (PCL) to provide finance to Towergate customers**, for which we will not charge you a fee for introducing you to them, but we do receive commission as a percentage of the total annual amount of credit financed from PCL. You can request details of this at any time.
Your personal information and the bank details you provide to us will be passed to them and they will contact you via email or text and send PDF or word documents. Credit is subject to status and they may use a credit reference agency that leaves a record of the search or other information about you to carry out credit and anti-money laundering checks, they may also make credit assessments based upon any previous payment history you may have had with them.
Premium Credit will pay for your insurance premium in full and you will be obliged to repay this credit by monthly Direct Debits.
All finance quotations are subject to an interest rate equal to the annual percentage rate (APR) and the total cost of credit will be fully disclosed prior to discussing the application.
**A small part of our business also introduces credit to Close Premium Finance where PCL are unable to provide the finance.
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Why do we have to deal with Premium Credit Limited – why not just Towergate?
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Why do I need to sign the Premium Credit - credit agreement?
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What name will I see collecting payment on my bank statement?
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Why have payments been collected before I have signed my agreement?
- Who is Premium Credit Limited?
Premium Credit is Towergate’s chosen provider for its monthly payment facility. With more than 1.8 million customers and processing more than 24 million direct debits, Premium Credit have been recognised as the number 1 Premium Finance Company in the UK and Ireland*.
(*Source PCL website: ABI – Net written premiums for the UK General Insurance Market Sept 2010).
- Why do we have to deal with Premium Credit Limited – why not just Towergate?
We introduce our customers to Premium Credit Limited as Towergate’s specialisation is in Insurance, we are not a financing company. Hence, we do not have the “lending” permissions and so cannot provide the financing to facilitate a Direct Debit payment plan.
- Can anyone make use of the monthly payment plan facility?
Credit is subject to status. To be eligible, customers:
- Must be 18 years old or over
- Must hold a UK bank account (capable of accepting Direct Debits)
- Must not have been declared bankrupt - Why do I need to sign the Premium Credit - credit agreement?
This gives both the lender and customer protection to ensure they understand what they are both entering into. For ease, you can sign this agreement online and will be provided full details by Premium Credit Limited.
- What name will I see collecting payment on my bank statement?
Your bank statements will reflect either Premium Credit or PCL/Towergate Ins. In some instances it will appear as your local insurance broker.
- Why have payments been collected before I have signed my agreement?
In order that your insurance is in place and you are completely covered, Premium Credit Limited will begin collection of your monthly payment prior to receipt of your signed agreement. This does not affect your rights to cancel your agreement should you feel the agreement is not suitable for your financial needs once received.
- Why have my payments increased/decreased?
Your payment may have changed because of an amendment to your policy. You would have been sent a letter detailing any amendment to your payment plan. If you are in anyway unsure about this change please contact your Towergate representative.
- Can I withdraw my agreement with Premium Credit?
You have the right to withdraw from the credit agreement within 14 days from the day in which the agreement was made or the day in which you received the terms and conditions – whichever is later.
For further details on how to cancel your credit agreement, settling your balance and other credit related questions, please refer to the full terms and conditions of your agreement with Premium Credit Limited, or contact your Towergate representative. - Who do I contact – Towergate or Premium Credit?
For any policy related enquiries (including cancelling/amendments), please contact your Towergate representative.
For any queries relating to your payment plan (including direct debit amendments), please contact Premium Credit directly.
- How do I sign the credit agreement?
The easiest way to sign the credit agreement is online. By following the link www.uk.mypremiumcredit.com/Account/Login, you will be able to register your account and sign the agreement. Once your account has been set up, you will also be able to track and manage your payments, as well as update your personal details. Should you not sign the agreement online, the agreement will be sent out to you in the post for you to sign and return.