Help Tag: Direct debit

How can I pay for my policy?

You can make a one-off payment by credit or debit card, or pay in monthly instalments via direct debit. You can only pay in monthly instalments if the total cost of your policy is over a certain amount (this can vary), you are at least 18 years of age at the start of the policy and the bank account used for the direct debits is in the same name as the policyholder.

Can I pay my deposit from a different account to my direct debit?

Yes – you can use any debit or credit card to pay the deposit. However, the direct debit must come from a bank account in your name.

Can I set up direct debits from a different account to my own?

No – payments must be made from the policyholder’s account.  Premium Credit Ltd provide the funds for you to pay your insurance premium and this agreement must be in the same name as the insurance policy.

I need to change the account that my direct debits are taken from. What should I do?

That’s fine, please register with mypremiumcredit.co.uk which will allow you to view and make amendments to your agreement and make payments.

Why will the website not accept my bank details?

If you are entering your bank details for the direct debit request, the system checks for valid sort codes and account numbers. Please double check that you are entering the correct account number and sort code. If this is not accepted, it would appear that your details do not match and we are unable to proceed with your request for payment by instalments.

If you have already completed your direct debit mandate and the screen is asking for a card number, please check it is the card you declared to pay your deposit.

Do Premium Credit do credit checks?

Yes – all new Direct Debit applications will be subject to a credit check by Premium Credit Ltd.

If my policy is on an automatic renewal, when will the first payment be collected for the new policy?

If you pay by direct debit then the initial payment will be taken within 10 working days after the renewal date. Your following direct debits will then be taken each month on this date for the remainder of your policy. If you pay by credit or debit card then the payment will be collected 3 days before the policy is due for renewal.

Can I pay for my policy with a credit card?

If you are paying for your policy annually, you can do this by credit card. If you would like to pay by monthly instalments you can pay for the deposit on a credit card, but the monthly direct debit must come straight from your bank account.

What should I do if there is not enough money in my account to pay the direct debit this month?

We can suspend your agreement for a maximum of 7 days. As soon as we take the payment your instalment plan will continue as normal, so you need to be aware that you may need to make two payments in one calendar month. We will only suspend your agreement once. Any further problems with payment will lead to your policy being cancelled.