Financial Difficulty

At Premium Credit, we are committed to supporting all our customers who experience financial difficulties including those impacted by Covid 19. We recognise that each customer in financial difficulty will have individual needs and challenges. If you think you will struggle to make your monthly repayments, please firstly contact your insurance broker or provider who can review your current level of cover which may help reduce any future monthly repayments and ease your payment difficulties.

Additionally, your insurance broker or provider will be able to discuss the options for further support, which may include a payment deferral for personal customers where this is in your best interests. We can also consider payment deferrals and other payment rescheduling options for commercial customers. You may also contact us directly for support and assistance.

Is a Payment Deferral right for me?

• It's important to remember that a payment deferral is a temporary delay in your repayments, to help you through the period of financial difficulty. The amount owed remains unchanged
• Taking a payment deferral means that it may take you longer to repay your balance
• Our original loan transaction charge will remain payable at the end of your payment deferral, but you will not be charged any additional interest or fees
• 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/service may impact your ability to secure finance to fund the insurance policy/service 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 as this is needed to maintain your credit agreement and allow us to collect any rescheduled payments. 

If you find that you are unlikely to be able to resume repayments at the end of any deferral period, please contact your insurance broker or 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. Customer circumstances will be considered on their own merit and we encourage those with concerns to get in touch with either their insurance broker, provider or us as early as possible.

You might also like to know we have an operational resilience programme in place and are well prepared to maintain our services in adverse circumstances and continue to operate as normal.

Other Debt help and guidance

Customers can also find free and impartial advice how to manage their debts via digital or telephone advice services. Examples of the help available can be found on the Money Helper website via the Money Trouble pages. 

Other sources of free impartial advice are the National Debtline  via their website or by telephone on 0808 808 4000 and StepChange Debt Charity via their website or by telephone 0800 138 1111.