Why do I need to know about Premium Credit Limited?

If your client decides to pay by monthly instalments, the Direct Debit payments are collected by a third party finance company called Premium Credit Limited. Premium Credit pay the annual premium in full to the Insurance Company and then collect the money back from the client over 12 monthly instalments.

It's important that you tell your clients to expect "Source Ins. Scheme" to appear on their bank statements.

What will my client receive from Premium Credit?

A few days after you submit a case to be paid monthly, Premium Credit will write to the client enclosing their credit agreement and a copy of the Direct Debit mandate as per the Consumer Credit Act requirements.

The Direct Debit Mandate is for advice only. No signature is required.

How to alter the timing of your client's monthly payment.

The first payment will be taken on, or shortly after, the policy inception date and we have no control over that. However, once that first payment has been made, the client can then change their future payment dates to a more convenient time of the month by phoning our Insurance Admin team on 029 2026 5265 or e-mailing: admin@sourcesoftware.co.uk

If you are Directly Authorised the commission due on all completed cases will be credited to your nominated bank account by the 25th of each month.

If you are an Appointed Representative then the arrangement depends on your Network. Some of the Networks prefer us to pay their Members directly and others like to be paid centrally and then distribute commissions to their individual members.

"Completed" cases are defined as those for which client payment has been received. You can check which these are by logging on to our extranet at Your Place.

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