Frequently Asked Questions
• What is a premium finance provider?
• Why pay by Direct Debit?
• What is a default and what do I do if I default?
• What if I want to pay off my loan early?
• Can I pay off my balance by credit card?
• Are there other loans available with RBS Finsure?
• Can someone call and deal with my agreement on my behalf?
• What happens if I wish to cancel my policy?
• Why do I have an outstanding balance if I have cancelled my insurance?
• Can you tell me about my insurance policy? E.g. what vehicle / home does it relate to? Can you send me my insurance certificate or proof of no claims bonus? What happens if I want to move my insurance to a new car / home?
• Is it necessary for me to sign and return the terms and conditions?
Q: What is a premium finance provider?
A:. RBS Finsure is a premium finance provider. A premium finance provider offers loans to private individuals and businesses to help spread the cost of their insurance. The provider pays the insurer the premium (cost of the insurance) in a lump sum and then collects monthly repayments from the customer. The monthly instalments also include a credit charge. RBS Finsure's services are available only if insurance is arranged through an insurance broker who holds an agency with RBS Finsure.
A: Direct Debit is an instruction from a customer to their bank or building society authorising an organisation to collect varying amounts from their account, as long as the customer has been given advance notice of the collection amounts and dates.
It’s the easiest way for people to pay their bills or make regular payments to any kind of organisation that accepts Direct Debit payments. It saves time, is more convenient and gives you greater control over your money.
Furthermore Direct Debits are guaranteed. There are three main safeguards:
- An immediate money back guarantee from the bank or building society if an error is made
- Advance notice from the organisation if the date or the amount of the Direct Debit is changed
- The right to cancel
What is a default and what do I do if I default?
A: If you miss a payment, this is known as a default. If this happens, we will usually give you a second opportunity to pay it. If you miss more than one payment you may incur a debt administration charge. It is important that you maintain your regular payments as failure to do so may result in your insurance being cancelled. If you have any payment difficulties whatsoever, you should contact your insurance broker or RBS Finsure immediately.
Q. What if I want to pay off my loan early?
A: Please contact your insurance broker or RBS Finsure directly on 0845 6080040 for an early settlement quote. Please ensure your settlement figure is paid in full before cancelling your Direct Debit. Cancelling your Direct Debit before settling the outstanding loan could result in a default and possible debt charges (see defaults above). You can pay your outstanding loan by cheque, debit or credit card.
Q. Can I pay off my balance by credit card?
A: Yes, as long as it's over £5. You can pay your full outstanding loan, having previously obtained an early settlement figure or a single instalment if you have defaulted. We will obtain authorisation from your credit card company and confirm the transaction in writing. We accept the following credit and debit cards: Visa, Mastercard, Switch, Delta, Solo, Eurocard, Electron and Access.
Q. Are there other loans available with RBS Finsure?
A: RBS Finsure offers loans through your insurance broker for personal and commercial insurance premium payments only. We do not provide personal loans to cover any other type of expenditure.
Q. Can someone call and deal with my agreement on my behalf?
A: Due to requirements of the Data Protection Act (1998) we are not allowed to discuss an agreement with anyone who is not the agreement holder, unless we have had prior verbal or written authorisation from the agreement holder.
Q. What happens if I wish to cancel my policy?
A: To cancel your insurance policy, please call your insurance broker, who will be able to arrange this for you. Please note: you may be liable for an outstanding payment according to the type of insurance cover you have and the insurer providing it. Some insurers offer pro-rata premium refunds, others do not. Your broker will cancel your insurance and your credit agreement for you and obtain the appropriate cancellation refund from the insurer for you.
Q. Why do I have an outstanding balance if I have cancelled my insurance?
A: According to what type of insurance policy you have, and the insurer providing it, you may or may not be entitled to a pro-rata refund. If the pro-rata refund from your insurer is less than the outstanding amount on your loan, you will still be liable for the remaining balance.
Q. Can you tell me about my insurance policy? E.g. what vehicle / home does it relate to? Can you send me my insurance certificate or proof of no claims bonus? What happens if I want to move my insurance to a new car / home?
A: RBS Finsure is your premium finance provider, and as such we can only give you information and advice on your credit agreement. Any insurance related questions can be answered by your broker, who will make all the necessary arrangements for you. The details of your broker can be found on your credit agreement.
Q. Is it necessary for me to sign and return the terms and conditions?
A: Please sign and return a copy of the terms and conditions to us so that we have a record of your acceptance of the agreement.
