Introduction
We understand you are considering paying for your insurance by monthly instalments and, if you choose to proceed and your application is successful, you will enter into a loan agreement with Close Brothers Limited trading as Close Brothers Premium Finance (Close Brothers). We are acting as a credit broker, not a lender. We work with Close Brothers exclusively to arrange finance for our customers. We do not charge you a fee for arranging premium finance on your behalf, but we will receive a commission for introducing you to them and for managing your premium finance. We’ll also receive commission if you finance mid-term adjustments, annual renewals or additional insurance policies. Commission affects the amount you pay as it’s included within the total cost of your premium finance. We set the interest rate for your finance. It is calculated as a percentage of the total amount financed under the credit agreement. These arrangements may impact our ability to act in an independent manner when arranging your finance. Where possible, we’ve explained that there may be alternative ways to pay for your insurance premium. We’re not providing you with financial advice. We’ll receive a commission payment from Close Brothers if your application is successful. If you wish to go ahead, Close Brothers will contact you to confirm the commission amount in writing and to obtain your consent to us receiving that commission before they can progress your application.
Assessment
Any offer of credit is conditional until Close Brothers has assessed your application. They may use credit scoring, information from one or more credit reference agencies, and automated decision-making systems in making this assessment. Where a credit search is made this will leave a hard footprint on your credit file. They’ll also carry out fraud and anti-money laundering checks. If your application is successful following this assessment, Close Brothers will confirm this in writing to you and ask you to sign and return the credit agreement. If your application is unsuccessful, we’ll contact you as you’ll need to make alternative arrangements to pay for your insurance.
If you have any questions about the credit application or the credit agreement itself, you can call Close Brothers between 8.30am to 6pm, Monday to Friday on the following number: 0333 321 8566. To avoid any delay in setting up your credit agreement, we’ve set out the pre-contractual information for you to read below.
Key information
Attached is some information about the credit agreement including an example of a Pre-contract Credit Information document. You’ll receive one populated with your details should you wish to proceed. It’s important you read this information as it will help you decide whether taking finance is right for you. There are some important things you need to know about the credit agreement: · It’s only suitable for financing your insurance policy. · If you don’t make your payments on time: o you’ll be charged a default fee of £25; and o you may be charged late payment interest until the payment is made, meaning the cost of your borrowing may increase. · If you don’t make payment by the required date: o your agreement may be terminated, and you’ll incur a fee of £15; o your insurance policy may be cancelled; and o court action may be taken against you for any outstanding monies. You’ll be liable for all sums owing and any charges. · Missing payments may affect your credit rating which may make it more difficult or expensive for you to obtain credit in the future.
Right to withdraw
Should you change your mind, you can withdraw from the credit agreement, free of charge, within 14 days starting the day after you receive the agreement signed by Close Brothers. Details of how to request this are in the documents provided and will also be in the information pack you’ll receive, either by email or by post, from Close Brothers. You’ll then need to find another way to pay for your insurance policy.
Customer support
If you wish to go ahead, Close Brothers will send you a pack, either by email or by post, which will include information about your credit agreement and let you know if there are any actions you need to take. Also in the pack will be a link to Close Brothers’ website and details about how you can contact them about other matters such as payment support, communication preferences, or any other queries or concerns about their product or service.
Customer understanding
If you have any questions about the finance after reading the enclosed information, please don’t hesitate to get in touch. Alternatively, you can call Close Brothers directly between 8.30am to 6pm, Monday to Friday on the following number: 0333 321 8566.
Want to go ahead with premium finance?
It’s important that you read the enclosed information. If you don’t need any more time to consider and wish to apply for finance now, by doing so you agree that: · You have read the Pre-contract Credit Information document (including the Questions and Answers document). You wish to apply for premium finance with Close Brothers Premium Finance to pay for the cost of your insurance policy. You give consent for your personal data to be sent to Close Brothers Premium Finance so they can assess your application and contact you with the commission information. For further information on how we process your personal data, please see our Privacy Notice. Important: If you do not wish to proceed with premium finance, please contact us to discuss alternative payment options.
Next steps – Setting up the payment
As soon as we have your bank details for the direct debit, we’ll be able to apply for finance for you and send you a Pre-contract Credit Information document and credit agreement populated with your details. If you wish to proceed you can: • complete and return the attached Direct Debit Instruction to us; or • please contact us and we can talk you through the Direct Debit process. Confirmation of the bank details you provide, along with a schedule that explains the amount and dates of your payments will also be included in the information pack you’ll receive from Close Brothers. It’s important you read this information, so you are ready for the payments to be collected. The Direct Debit will appear as ‘Close- Jensten’ on your bank statement. If there are any changes to the amount, date, or frequency of your Direct Debit, Close Brothers will always give you two working days’ notice. All Direct Debits are protected by a guarantee which was detailed on the Direct Debit mandate you completed.
Remember, any offer of credit is conditional until Close Brothers has assessed your application. We trust you find the above information useful in determining whether premium finance is right for you. Should you have any queries or wish to discuss anything further, please do not hesitate to contact us.