Where you select to pay the premium by instalments under a credit agreement, the finance will be arranged by Panacea Finance Ltd, and provided by one of a panel of finance providers (“Your Finance Provider”). Your finance will be provided by means of a loan and Your Finance Provider will be detailed in the agreement. Please note that you are required to sign and return your credit agreement. Failure to do so will result in additional charges to your account.
Direct Debit Process
The account details you give us will be passed to Your Finance Provider to set up your Credit Agreement. You pay a deposit to eCar by credit or debit card and the remaining premium is passed to Your Finance Provider for financing. An interest rate of 15.5% will be added to the amount of the remaining premium. Approximately 14 to 30 days from the start date of your policy, the first Direct Debit payment will be taken from your account. This will be followed by 8 further payments taken on a monthly basis, on the same date each month.
You will receive a welcome letter from Your Finance Provider containing a copy of the full terms and conditions of your agreement and a schedule of your payments. If you select for correspondence to be sent via email this may be emailed to you depending on which finance provider provides the loan. Please read the details carefully (where relevant print the agreement), sign and return it to Your Finance Provider.
Finance providers have different payment terms for collecting the first payment ranging from 14 days up to 30 days after the inception date of the policy. Please make sure that sufficient funds are available 14 days after the commencement of your policy, and remain available until collected. If you have not heard from Your Finance Provider within 7 days of purchasing your insurance please contact us to prevent any chance of missed payment.
Direct Debit Guarantee
1. This guarantee is offered by all Banks and Building Societies that take part in the Direct Debit Scheme. The efficiency and security is offered by all Banks and Building Societies that take part in the Direct Debit Scheme. The efficiency and security of the Scheme is monitored and protected by your own Bank or Building Society.
2. If the amounts to be paid or the payment dates change, Your Finance Provider will notify you at least 7 days in advance of your account being debited or as otherwise agreed.
3. If an error has been made by Your Finance Provider or your Bank or Building Society, you are guaranteed a full and immediate refund from your branch of the amount paid.
4. You can cancel a Direct Debit at any time by writing to your Bank or Building Society. Please also send a copy of your letter to Your Finance Provider.
Cancellation of the premium finance agreement
If you are acting for purposes which are outside of any business that you carry on, you have the right to cancel the finance agreement within 14 days from the date of completion of the contract or receipt of the welcome letter, whichever is the later. This right can be exercised by providing notice to Your Finance Provider. If you do not cancel the finance agreement within the 14 days period, the agreement will continue in accordance with its terms.
Automatic cancellation of attached contracts
Any finance agreement arranged on your behalf, is exclusively for the purpose of paying the premium for the insurances that we arrange and is referred to as a “secondary” contract. Where the insurance contract is cancelled in accordance with the terms of this agreement, the secondary contract will automatically be cancelled.
Complaints about the finance agreement
eCar have carefully selected a panel of Finance Providers to provide you with a high level of service at all times. In the unlikely event that you have cause for complaint about Your Finance Provider, you should write to their Compliance Officer at the relevant addresses provided below.
They will promptly acknowledge receipt of your complaint in writing and try to provide you with a full written response within 20 working days. If this is not possible, they will explain the current position and provide you with a timescale for a full response.
If you remain dissatisfied with the final response to your complaint you may be entitled to refer the matter to the Financial Ombudsman’s Service. To use their service you must be eligible and your complaint must be sent to them within 6 months of our final response letter. Full details of all Finance Providers complaints handling procedures are available upon request.
Panacea Finance Ltd
Registered in England & Wales, registration number: 04307838, registered address: MMT Centre, Severn Bridge, Aust, Bristol, BS35 4BL.
First payment date will be approximately 14 days after deposit is paid. Please sign and return a copy of your Credit Agreement within 14 days.
Panacea Finance Ltd.
Tel: 0845 219 0530
Fax: 01454 634 585
Conister Bank Limited, registered in the Isle of Man, registered address: 16-18 Finch Road, Douglas, Isle of Man, registration number: 00738C. If the finance is provided by Conister Bank Limited, all correspondence will be in their name, but Panacea Finance Ltd will be administering the Direct Debit process on their behalf. In these cases all contact needs to be made through Panacea Finance Ltd.
Close Premium Finance
Close Premium Finance is a trading style of Close Brothers Limited — a subsidiary of Close Brothers Group plc. Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Registered Address: 10 Crown Place, London EC2A 4FT.
First payment date will be approximately 28 days after deposit is paid. Please sign and return a copy of your Credit Agreement within 14 days.
CLOSE PREMIUM FINANCE
RBS Finsure is the trading name of Finsure Premium Finance Limited. Registered in England and Wales No 1670887 at Crown House, 145 City Road, London EC1V 1LP. Member of The Royal Bank of Scotland Group.
First payment date will be approximately 30 days after deposit is paid. Please sign and return a copy of your Credit Agreement within 14 days.
145 City Road
Tel: 0845 608 0040
eCar is a trading style of Brightside Insurance Services Ltd. Registered in England and Wales number 04137311. Registered office: MMT Centre, Severn Bridge, Aust, Bristol BS35 4BL. Brightside Insurance Services Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 302216)