Premium Finance. Where you decide to pay by instalments, we act as a credit broker and not as the finance lender and will introduce you to a Premium Finance Provider. Using premium finance makes the overall cost of the insurance more expensive. A full breakdown of the cost of your insurance and the cost of credit will be provided as part of your new business or renewal quotation before you make a decision whether to proceed. We have agreements in place with Creation Consumer Finance Limited (Creation) or Premium Credit. Where the insurer offers a direct facility which is cheaper, you will be given this option. Rates and acceptance may be subject to a credit check. In the event of your failure to meet with the contractual obligations regarding payment, the finance provider could approach the insurer to seek a termination of the insurance contract to recoup their outstanding finance arrears. You will be liable to pay their costs and charges if you do not keep up your repayments and cover is cancelled under your policy. This is because the agreement is between you, the policyholder and the finance company direct, not us or the insurer. It is important that you read the finance agreement that is sent to you before you agree to enter into such an agreement. We do not charge any fees to you for introducing you to a finance lender, however, both Creation Consumer Finance Limited (Creation) and Premium Credit remunerate us in the form of commission for their credit broking arrangements with our clients.
Appears in 4 contracts
Samples: Terms of Business, Terms of Business, Terms of Business
Premium Finance. Where you decide to pay by instalments, we act as a credit broker and not as the finance lender and will introduce you to a Premium Finance Provider. Using premium finance makes the overall cost of the insurance more expensive. A full breakdown of the cost of your insurance and the cost of credit will be provided as part of your new business or renewal quotation before you make a decision whether to proceed. We have agreements in place with Creation Consumer Finance Limited (Creation) or Premium Credit. Credit Ltd. Where the insurer offers a direct facility which is cheaper, you will be given this option. Rates and acceptance may be subject to a credit check. In the event of your failure to meet with the contractual obligations regarding payment, the finance provider could approach the insurer to seek a termination of the insurance contract to recoup their outstanding finance arrears. You will be liable to pay their costs and charges if you do not keep up your repayments and cover is cancelled under your policy. This is because the agreement is between you, the policyholder and the finance company direct, not us or the insurer. It is important that you read the finance agreement that is sent to you before you agree to enter into such an agreement. We do not charge any fees to you for introducing you to a finance lender, however, both Creation Consumer Finance Limited (Creation) and Premium Credit Ltd remunerate us in the form of commission for their its credit broking arrangements with our clients.
Appears in 2 contracts
Samples: Terms of Business, Terms of Business
