- • Do DCL perform credit checks on the client?
No – there is no credit check required.
- Are payments accepted by Credit Cards and Debit Cards? If so, do DCL apply any charges?
The first instalment is expected by Direct Debit and taken within the first 14 days. In the event of a default we may consider taking a card payment but this is considered on a case by case basis and is not guaranteed. DCL do not currently apply any charges.
- What is the Interest rate on the CPF monthly instalment facility?
Flat interest rate is 6% (10% on Haul in One).
- What is the APR?
The APR is 15.83% over 10 monthly payments (26.21% on Haul in One). CPF take the first payment (deposit) within 14 days and then 9 further payments starting 14 days after the initial payment is made
- Is a reduced interest rate negotiable if a high premium is quoted/ invited?
Not generally. In exceptional circumstances and only on very significant premiums can this be referred.
- What deposit is required?
Our standard terms require a 20% deposit payable by Direct Debit within 14 days of inception. If an alternative deposit level is required this can be discussed with the relevant underwriter.
- Can the balance be settled over less than 9 months?
Settlement of the balance over a 6 month period can be considered on request but the interest rate does not change. The APR on a six month option would be 28.7%.
- Should the broker collect the deposit and do DCL request this payment on the broker account?
No – full details for a pre-populated credit agreement should be provided prior to inception. Brokers can collect a cheque for the deposit payable to ‘Carraig Premium Finance’ and return it with the signed credit agreement within 7 days. Alternatively, simply return the credit agreement and we will collect by Direct Debit (this is our preference).
- Is there a set up fee?
No – there is no set up fee.
- Are there any default charges?
No – there are currently no default charges applied.
- What procedure should the broker follow should the client wish to take advantage of this facility?
The broker should request a pre-populated credit agreement prior to inception from the relevant underwriter or provide details on the day of inception to allow for the issue of the credit agreement. All credit agreements are then issued by the accounts team. Post inception applications may be considered on alternative terms; requests can be made to email@example.com
- What is the procedure for Mid Term Adjustments?
Mid term changes are not automatically added to the existing loan agreement. You will need to request this (unless you specified from outset that all MTA’s are to be added). When amendments to the loan amount are made a revised payment schedule will be issued to you.
- What is the procedure regarding an existing finance agreement at renewal?
Agreements can be rolled over and no deposit is required. 10 equal payments would be due; the first within 14 days of renewal, the second within 30 days of renewal and thereafter monthly. If the credit agreement has been cancelled by the insured a new agreement can be set up but standard new business terms will apply.
- Do DCL/ CPF pay over riders?
We will pay as additional revenue; interest earned over and above our 6% but this must be advised from the outset and with the additional rate specified. This will be incorporated into the credit agreement. APR will be advised on a case by case basis. We will pay any additional revenue at the end of the term therefore we may differ from other premium providers.
- Can broker fees be collected?
Yes, fees can be collected and then paid over on your account. The fee will either need to be added to the deposit amount if you do not want to rebate any in the event of cancellation, or, provide a letter confirming you will pro rata refund Carraig Premium Finance in the event of a default. The 6% interest charged on the fee element is not payable to the broker. Any fees to be included must be advised and incorporated from inception/renewal.
- Carraig Premium Finance is available to fund Haul in One policies at strictly 10% interest (26.21% APR) over 10 months. No overriders are available.
- There is no credit check, no default charges and no set up fee.
- MTA’s are not automatically added and AP’s of £100 or less cannot be included – these will be placed on your account but clients can pay us direct by card or BACS should it be required.
- What procedure do HIO follow should the client wish to take advantage of this facility?
Deposits and requests for payment on this basis should be made in advance of inception via the Haul in One team. You will need to provide clients credit/debit card details for the payment of deposit (or the client can call direct) and then all relevant information for the credit agreement. If this request is not made prior to inception then your account will be debited.
(Refer to the Haul In One Website, Click here)