Q. What is premium finance?
A. Premium Finance allows you to help spread the cost of your insurance. We as the premium finance provider pay the premium to the insurer in a lump sum and then collect monthly repayments from you, which include a credit charge.

Q. How does it work?
A. If you are dealing with your broker by telephone or the Internet, they will collect all the necessary details set up a Direct Debit in your name and send the information to us. This is why the name 'PIN Finance' will appear next to the Direct Debit entry on your bank statement rather than the insurance company's name. We will then write to you within a few days to confirm the amount of each monthly payment and when we will be collecting them from your bank account. Please contact us immediately if any details are incorrect. You should sign and date both copies of the credit agreement sent to you at the same time as the welcome letter and return one to us. We will then collect the agreed number of monthly payments from your bank account.

Q. What if I no longer require the insurance?
A. You need to contact your insurance broker or intermediary who will arrange for the insurance company to cancel your policy if you are allowed to cancel under the terms and conditions of the policy. Look at your insurance policy documents for the name of your broker. They will then inform us of your decision to cancel. We will then calculate the rebate of the pro rata charge for credit.

Q. If I renew my policy after a year can I continue to pay my premium by Direct Debit with PIN Finance?
A. Yes, you can. Your insurance broker will arrange this for you. Once your broker has given us your new insurance details we will write to you to advise you of your new monthly payment schedule.

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