Credit agreements with Close Brothers Premium Finance, are set up by insurance brokers so that customers can spread the cost of their insurance policy over regular, monthly payments.
The credit agreement is open-ended. This means that it does not have a fixed duration. We are terminating (legally-ending) credit agreements where customers don’t owe us anything and haven’t used it for over a year.
The termination will be at least 2 months from the date of the letter from us (notice period), as required under the Consumer Credit Act 1974 and the contractual terms of the agreement (where applicable). However, if you take out any further lending under the agreement during the notice period, the credit agreement will remain open until you have made all repayments.
The termination of this agreement is because it has had no activity for a period of time and not because of anything you have done. You do not need to take any action in relation to this letter as the agreement will be closed after the notice period.
If you have any other credit agreements with Close Brothers Premium Finance that are affected, we will contact you.
As part of a general housekeeping exercise, we are terminating credit agreements that have had no activity for a while. This helps us to keep our records accurate and up to date.
A credit agreement that has had no activity for a while means your finance is paid in full and there is no further lending.
Your insurance broker introduced you to us when you purchased insurance, to help you pay for the insurance monthly. You will have applied for a credit agreement with us and agreed to pay off your insurance finance in monthly payments under the credit agreement. We will only contact you about terminating it, if it has been fully repaid and is no longer in use.
No, in the UK, terminating a credit agreement does not affect a customer’s credit rating.
We’re terminating this credit agreement because it has had no activity for a while and not because of anything you have done. You do not need to do anything – we are just letting you know that your unused credit agreement will be terminated. We are legally required to provide you with two months' notice before terminating your credit agreement.
No, this does not affect any existing insurance policies or cover you may have in place. We will contact you if you have any credit agreements with Close Brothers Premium Finance that are affected. This does not affect any agreements you may have with other parts of Close Brothers, for example, a hire purchase agreement for motor finance.
You don’t need to contact your insurance broker, as this is a Close Brothers Premium Finance account maintenance process. However, if you have questions about your insurance policy or renewal, you should contact your insurance broker directly rather than Close Brothers Premium Finance. Your insurance broker contact details can be found in your insurance policy documentation.
Absolutely not. We are here to help and answer any questions you may have about your credit agreement with Close Brothers Premium Finance. You can contact us on 0333 321 6078.
If you have any questions about the termination notice, please contact us rather than your insurance broker.
Call us on 0333 005 0089, 8:30am to 6pm, Monday to Friday.