Yes. We’ll pay the annual cost of your insurance to your insurer so that you can spread the cost of your insurance over the term of your policy. We’ll make a charge for this.
We are! Swinton will appear on the credit agreement as the lender.
This credit agreement is a running account credit agreement. A running account agreement allows you to add further premiums/charges to an existing account, for example at renewal or if the annual premium increases due to a change in circumstances, like a change of car for example.
You’re entering in to a contract with us and as part of the regulations we need to get your signature to confirm your agreement.
You will receive a credit agreement (both yours and our copy), a Standard European Consumer Credit Information (SECCI) document, and an Adequate Explanations document. Car, van, bike and home customers will also be able to access these documents via the my account web page once you have completed your payment.
We are required to give all our customers certain information in a standard form for them to compare our offers with other offers. However, the interest charged and the amount you have to repay will be based on what you actually borrow from time to time under the credit agreement.
The Annual Percentage Rate (APR) is a measure which is used as a standard means to explain the true cost of money borrowed. All lenders are required to apply the same rules which mean it is possible to compare APRs offered by different lenders. On our credit agreements the APR is calculated on the basis of the following assumptions:
Your monthly payment may have changed because of an amendment to your policy; or the outstanding balance following cancellation of your policy may be collected over the remaining regular payments. You would have been sent a letter detailing any amendment to your payment plan. If you are in anyway unsure about this change please don’t hesitate to contact your nearest branch.
Your policy may be cancelled and any credit from the unused portion of the insurance will be used against the balance outstanding on your account.
First of all it is important that you return a signed copy of the credit agreement to us, failure to do so will result in a charge of £24 being applied to your loan. Once you have signed and returned the credit agreement, you will have the right to withdraw from it without giving any reason.
The withdrawal period will begin the day after you receive a written notice from us confirming the credit agreement has been made and will end 14 calendar days later. You will need to repay any credit provided and any interest we may charge you. You must repay this within 30 days of the date on which you notify us of your intention to withdraw and find some other means to pay for the services we have provided. Additional details on the cancellation process and your rights can be found within the SECCI and on the credit agreement.