The monthly Direct Debit facility is provided by Close Brothers Premium Finance and Millennium Insurance Brokers Limited (of which Simple Landlords Insurance is a business name) are an intermediary acting on their behalf. You are applying for a running account credit agreement with Close Brothers Premium Finance to pay your insurance premiums. The credit is not suitable for any other use.
The cost of the credit is made up of interest at the interest rate shown in your insurance quotation. In certain circumstances, you may also have to pay administrative fees and Close Brothers Premium Finance will advise you as and when they arise. These costs, together with the APR, are also set out in a Welcome Letter and the Standard European Consumer Credit Information (SECCI) sheet which Close Brothers Premium Finance will send you as part of setting up your direct debit.
It is very important that you read all the information in the Welcome Pack and take time to consider it carefully. This information is aimed at enabling you to make an informed decision about whether or not this credit facility is the right product for you.
A copy of the credit agreement will be sent to you in your Welcome Pack and you will be asked to sign and return the credit agreement to Close Brothers Premium Finance within 14 days of receiving it.
A charge over the insurance policy forms the security for the credit agreement so your insurance policy is at risk of cancellation if you fail to meet your repayment obligations. If the credit agreement is cancelled in such circumstances, Close Brothers Premium Finance has the right to receive refunds paid under the policy. Any such amount Close Brothers Premium Finance receives will be used to reduce the amount you owe to Close Brothers Premium Finance. Close Brothers Premium Finance will pay all monies you borrow under the credit facility directly to Millennium Insurance Brokers Limited (of which Simple Landlords Insurance is a business name). Close Brothers Premium Finance may suspend your right to draw on the credit facility.
Should you default on your credit agreement then the default fee of £30.00 will be payable. In the event of the arrears not being cleared by a specific date, which will be advised to you, Close Brothers Premium Finance may terminate your credit agreement and enforce the security given by you under the credit agreement. This will result in cancellation of your insurance policy. You will be liable to pay all sums owing to Close Brothers Premium Finance as well as any charges that Close Brothers Premium Finance may impose upon you. This may also affect your credit rating.
You have the right to withdraw from the credit agreement for a short time after you have signed it. This will be fully explained in a Welcome Pack which Close Brothers Premium Finance will send you if your application is successful.
If you validly withdraw, the credit agreement is treated as if it was never entered into and you must repay the amount of credit within 30 days beginning with the day after the day you notified Close Brothers Premium Finance of your intention to withdraw. You will have to make alternative arrangements with us to pay for your insurance cover.
You can repay the credit agreement at any time, either in full or in part. Where partial repayment is made you must continue to meet the remaining minimum monthly repayments, unless Close Brothers Premium Finance has notified you in writing that the minimum monthly repayment has been reduced.
You can obtain further information by contacting Close Brothers Premium Finance on 0333 3218 566 or by writing to Close Brothers Premium Finance at Close Premium Finance, Wimbledon Bridge House, 1 Hartfield Road, London, SW19 3RU.