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) and is paid a commission for introducing. This is included within the interest that will be charged to your client.
When the total premium exceeds £100 and your client has a UK correspondence address we could introduce them to Close if they want to apply for credit to take out a premium finance loan.
For home insurance the premium could be spread over 10 months at a fixed rate of 6% interest (representative % APR 15.45% variable). 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 are vetted by Close and have to meet affordability acceptance criteria and pass anti-money laundering checks. The assessments that Close carry out may use credit scoring, credit reference agencies and automated decision making systems and will leave a hard footprint on your client's credit file. Some checks are not carried out until your client has reviewed the pre-contractual loan information that Close will send to them and returned the Credit Agreement signed to signify that they want to proceed with the loan.
The assessments carried out by Close requires your client's:
Full name
Date of Birth
Email address
Correspondence address (must be a UK 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.
If the loan application is not approved by Close your client will have to pay their insurance premium by an alternative method.
Home & Legacy Insurance Services Ltd is a wholly owned subsidiary of Allianz Holdings plc and is registered in England number 3007252. Registered office: 57 Ladymead, Guildford, Surrey GU1 1DB. Home & Legacy Insurance Services Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register number is 307523. Please note that telephone calls may be recorded for our joint protection, training and/or monitoring purposes.
