If your insurance policy is cancelled and you have premium finance with PremFina, there are a few things you need to know.
1. Loan agreement cancellation
When your insurance policy is cancelled, PremFina will cancel your loan agreement automatically
You'll receive a confirmation of the cancellation directly from PremFina, outlining the status of your agreement
2. Fees and outstanding balances
A cancellation fee will be added to your PremFina loan agreement (this fee depends on your policy and when it's cancelled) and there's a non refundable set up fee, you can check fees here: https://www.ticker.co.uk/policy-wording
As fees apply at cancellation, that may mean there is an amount to pay. Any money owed will need to be settled directly with PremFina - they'll contact you to arrange payment for the outstanding balance. If you're still not sure what you've paid, just ask to speak to a human and we'll help you with that.
3. Refunds and payment adjustments
If your loan term with PremFina is fully paid and you are due a refund for any reason, PremFina will process this refund and send it to you directly.
Do not cancel your direct debit until all payments and refunds are confirmed and finalised.
4. Understanding policy termination notices
If you receive an email from PremFina stating that your credit agreement has been terminated, this may relate to a previous policy and not your current one.
A termination notice for a previous cancelled policy does not affect your active insurance policy.
If you need any help with your premium finance, you can chat to PremFina directly at premfina.com.