Payments By Direct Debit Credit Agreement

The following applies in respect of Close Premium Finance Direct Debit Credit Agreements arranged by Insurance 2 Day Insurance Services Limited.

Credit Broker Disclosure

Insurance2day acts as a credit broker, not a lender. We work with Close Brothers Limited trading as Close Brothers Premium Finance (“CBPF”) to arrange finance for our customers.

We receive commission from CBPF for introducing customers to them, arranging premium finance and administering finance agreements. This commission forms part of the overall cost of your finance agreement. Further information regarding commission arrangements is available on request before you enter into a credit agreement.

We are not providing financial advice and there may be alternative ways to pay for your insurance premium. It is important that you consider all available payment options before entering into a credit agreement.

Close Brothers Premium Finance

• Your finance agreement will be provided by Close Brothers Limited trading as Close Brothers Premium Finance (“CBPF”).
• If you choose to pay by premium finance, you agree that your personal information may be shared with CBPF to assess and administer your application and credit agreement.
• If you have any questions regarding your finance agreement, you can contact CBPF on 0333 321 8567 between 8:30am and 6:00pm, Monday to Friday.

Assessment

Any offer of credit is conditional upon CBPF assessing your application.

To assess your application, CBPF may:

• Use credit scoring systems;
• Obtain information from one or more credit reference agencies;
• Use automated decision-making systems;
• Carry out fraud prevention and anti-money laundering checks.

Where a credit search is carried out, a hard search may be recorded on your credit file.

If your application is unsuccessful, alternative payment arrangements will be required for your insurance premium.

Cost of Finance

Before entering into the agreement, we will provide details of:

• The total amount payable under the agreement;
• The amount of any interest charged;
• Any credit arrangement fee;
• Any facility fee;
• The amount of the first payment;
• The amount and number of subsequent monthly payments.

Important Information About Your Agreement

Premium finance is designed solely for funding insurance premiums and should not be used for any other purpose.

You should carefully review all information provided, including:

• The Pre-Contract Credit Information;
• The Running Account Credit Agreement (RACA);
• Your payment schedule;
• Any supporting documentation provided by CBPF.

If you have any questions about the agreement, please contact Insurance2day or CBPF before proceeding.

Consequences of Missed Payments

If you fail to make payments when due:

• A default fee may be charged;
• Additional interest may accrue on overdue amounts;
• Your agreement may be terminated and a termination fee may apply;
• Your insurance policy may be cancelled;
• Legal action may be taken to recover outstanding amounts;
• Your credit rating may be adversely affected, making future borrowing more difficult or more expensive.

Right to Withdraw

You have the right to withdraw from the credit agreement without charge within 14 days beginning on the day after you receive the agreement signed by CBPF.

If you exercise your right to withdraw:

• You must repay any credit provided within the timescale specified by CBPF;
• You will need to make alternative arrangements to pay your insurance premium.

Details of how to withdraw will be included within your Welcome Pack and credit documentation.

Customer Support

If you require additional information, support with payments, alternative communication arrangements, or have any concerns regarding your finance agreement, you can contact either Insurance2day or CBPF.

Regulatory Protection for Commercial Customers

Please note that if you are:

• A Limited Company;
• A Limited Liability Partnership (LLP);
• A Partnership consisting of four or more partners; or
• A Sole Trader or Partnership borrowing more than £25,000,

you may not benefit from certain protections available under the Consumer Credit Act 1974 or the Financial Conduct Authority Consumer Credit Sourcebook (CONC).

Proceeding With Your Application

Before we can submit your finance application, you must confirm that:

• You have read and understood the information provided;
• You wish to apply for premium finance through CBPF to fund your insurance premium;
• You agree that your personal data may be provided to CBPF for the purposes of assessing and administering your application.

Direct Debit Set-Up

Premium finance repayments are collected by Direct Debit.

Paper Direct Debit Mandate

If you are the account holder, you should:

• Complete and sign the Direct Debit Instruction;
• Review the Direct Debit Guarantee;
• Return the completed mandate to us.

Telephone Direct Debit Set-Up

Where applicable and where call recording is in place, Direct Debit details may be collected over the telephone in accordance with CBPF’s approved procedures.

Third-Party Bank Accounts

Where the bank account is held by someone other than the policyholder or borrower:

• The relationship between the parties must be confirmed;
• Authorisation must be obtained from the account holder;
• Additional identification or verification documents may be required.

Deposit Payments

Where a deposit is being paid by card and the cardholder is not the customer, authorisation must be obtained from the cardholder before any payment is taken. The cardholder’s name and address must be recorded.

Signing the Agreement

If you decide to proceed, please ensure you have carefully reviewed all documentation before signing the credit agreement. Any offer of credit remains conditional until CBPF has completed its assessment and formally accepted your application.