Direct Debit Guarantee

DIRECT DEBIT INFORMATION

We provide the option to spread the costs of annual insurance premiums over the course of the year via a finance agreement.

The costs of the agreement are detailed in the Payment Breakdown section at the checkout, or in your renewal invitation email.

The lender on the finance agreement is Premium Credit Limited, and Yellow Jersey use them exclusively. Yellow Jersey are acting as the credit broker and may receive a commission for introducing customers to Premium Credit.

Your personal information and the bank details you provide to us will be passed to them. They will set up a Direct Debit Instruction, and they will contact you via email or text.

The offer of credit is subject to status. Premium Credit may use a credit reference agency that leaves a record of the search, or other information about you to carry out credit and anti-money laundering checks. This record will be visible to third parties.

If your application for credit is successful, Premium Credit will pay for your insurance premium and you must repay them by monthly Direct Debit. You will also be required to sign a credit agreement with Premium Credit.

You will receive your welcome pack via email within 14 days. The pack contains important information which you should read carefully.

When you receive it, make sure you go online and sign the Credit Agreement as soon as possible. Premium Credit will charge you £25 if you do not sign your credit agreement on time.

The reference that will appear on your bank statement against the Direct Debit will be “PCL/Yellow Jersey”. All Direct Debits are protected by the Direct Debit guarantee. However, if you do change your mind you can withdraw from the credit agreement free of charge within 14 days by contacting us. Any repayments you have already paid will be refunded to you, but you will have to find an alternative way to pay for your insurance.

If you cancel after 14 days, you may have to repay any money owed to Premium Credit.

THE DIRECT DEBIT GUARANTEE

The Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits.

If there are any changes to the amount, date or frequency of your Direct Debit, Premium Credit will notify you 5 working days in advance of your account being debited or as otherwise agreed. If you request Premium Credit to collect a payment, confirmation of the amount and date will be given to you at the time of the request.

If an error is made in the payment of your Direct Debit, by Premium Credit or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society.

If you receive a refund you are not entitled to, you must pay it back when Premium Credit asks you to.

You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify Premium Credit Limited.

If you have any questions, please get in ouch with our team. Call 0333 003 0046 Monday to Friday 9am to 5pm, or email support@yellowjersey.co.uk