Ways to pay Home & Legacy
It is easy for a broker with a Home & Legacy agency to pay client premiums. Once instruction has been given to Home & Legacy we simply debit the broker’s account in accordance with our Term of Business.
However, there are a number of other options for payment. We can also take or arrange for payment in the following ways:
Home & Legacy can accept card payments over the phone. There is no charge for payment by debit card or credit card. We do not accept payment by American Express card.
Home & Legacy acts as an introducer to Close Brothers Premium Finance (Close).
When the total premium exceeds £100 and your client has a UK correspondence address we could apply to Close for a premium finance loan.
For home and motor insurances the premium could be spread over 10 months at a fixed rate of 6% interest (representative % APR 15.45% variable). For some motor insurance clients the first monthly payment may be collected up front by payment card, in which case the loan will be effected for the balance remaining and spread over 9 months. The %APR will vary for these cases.
For landlord insurances the premium can be spread over 12 months also at a fixed rate of interest of 6% (representative %APR 12.54% variable).
Premium finance loans are not automatically guaranteed. All applications will be assessed by Close and have to meet their affordability acceptance criteria. The assessment will take place after Close receive your client's signed Credit Agreement and may use credit scoring, credit reference agencies and automated decision making systems. A hard footprint will be left on your client's credit file.
If your client does not meet the Close affordability acceptance criteria their Credit Agreement will be cancelled and they will need to arrange to pay their insurance premium by an alternative method.
The affordability assessment carried out by Close requires your client's:
- Full name
- Date of Birth
- Email address
- Correspondence address
Close will also need their bank account details to set up the loan.
All of this information must be provided accurately when giving us instructions. Without it we cannot apply to Close for the loan.
Once the loan has been approved should your client default on the loan agreement a default fee of £30 will be charged by Close when collecting any arrears. If the arrangement has to be cancelled due to unpaid arrears there will also be a cancellation fee of £15.