Coronavirus

Support for our customers during this difficult time 

Following the coronavirus outbreak, we are monitoring the situation closely and adhering to guidance set out by the UK Government and Public Health England.

We have a robust operational resiliency program in place, which is regularly tested and covers all our teams and offices. We are well prepared to maintain our services in adverse circumstances and continue to operate as normal. Communication is clearly key and as the situation evolves, we will provide further updates should circumstances change.

At Premium Credit, we are committed to supporting all our customers, not least those experiencing difficulties as a result of the current situation. We recognise that each customer will have individual needs and challenges, and if you think you'll struggle to make your monthly repayments because of coronavirus, please contact us to agree the support we can provide, including a temporary one month payment deferral.

Whilst this may be a shorter deferral period than is available for other sources of lending, this is because we align with the FCA's view that offering shorter periods is more appropriate in certain circumstances. This is due to the nature of our lending product, customers ongoing need of their insurance or other services supported by our lending and the requirement to renew annually.

Is a Payment Deferral right for me?

It's important to remember that a payment deferral is a temporary reduction in your repayments, to help you through these uncertain times.

  • Taking a payment deferral means that it may take you longer to repay your balance
  • Our transaction charge will remain payable at the end of your payment deferral
  • As a result of the deferral, you may need to make increased repayments or a lump sum payment to repay the sums owed under the credit agreement to remain within the agreement term
  • Any outstanding balance at the end of the current insurance policy term may impact your ability to secure finance to fund an insurance policy in the following year; and
  • At the end of the deferral period, there is a risk that if your underlying policy/service is subsequently cancelled, that any refund due will not cover the balance of the outstanding amount.

Please don’t cancel your Direct Debit, this is needed to maintain your credit agreement, and without it we are unable to apply the repayment deferral and you risk falling into arrears.

If you find that you are unlikely to be able to resume repayments at the end of your deferral period, please contact your insurance provider BEFORE your next rescheduled payment to see if there is anything further they can do. If you need additional assistance from us, please get in touch. We are here to help.

At Premium Credit we will always strive to provide whatever support we can to assist customers through this challenging period. As always, every customer case will be considered on its own merit and we encourage those with concerns to get in touch as early as possible.