I am sure that you, just like us, are grappling with the extraordinary set of circumstances we all find ourselves in with Coronavirus and its repercussions. We continue to work from home where possible, whilst maintaining our service at the high levels, our customers and partners have come to expect.

We want to be a supportive, helpful resource to consumers and businesses, as well as our partners during what is already a difficult time for us all. We remain very much open for business - playing our part to keep consumers going and businesses trading, and we understand that more and more customers who don't usually consider finance may now wish to do so, during these challenging times.

We welcome the support mechanisms to businesses that have been put in place by the government and we encourage you to be aware of what may be available to you. Further information can be found at, for individual consumers: https://www.centralbank.ie/consumer-hub/covid-19/faq-for-consumers? and for our commercial customers, at: https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/

At Premium Credit, we are committed to supporting all our customers, not least those experiencing difficulties as a result of the current situation. We recognise that each customer will have individual needs and challenges, and if you think you'll struggle to make your monthly repayments because of coronavirus, please firstly contact your insurance broker or provider who can review your current level of cover which may help reduce any future monthly repayments and ease your payment difficulties.

Additionally, your insurance broker or provider will be able to discuss the options for further support, which may include a payment deferral where this is in your best interests. You may also contact us directly on Ph 01 2130210 for support and assistance.

For our Commercial customers, we can provide an information booklet for customers in financial difficulty.  We hope this is helpful but if you have any queries in relation to this correspondence or your credit agreement please get in touch by emailing colls@pcl.co.uk.

Is a Payment Deferral right for me?

It's important to remember that a payment deferral is a temporary reduction in your repayments, to help you through these uncertain times and the full amount remains unchanged

• Taking a payment deferral means that it may take you longer to repay your balance
• Our original loan transaction charge and the capital amount will remain payable at the end of your payment deferral, but you will not be charged any additional interest or fees
• As a result of the deferral, you may need to make increased repayments or a lump sum payment to repay the sums owed under the credit agreement to remain within the agreement term
• Any outstanding balance at the end of the current insurance policy term may impact your ability to secure finance to fund an insurance policy in the following year; and
• At the end of the deferral period, there is a risk that if your underlying policy/service is subsequently cancelled, that any refund due will not cover the balance of the outstanding amount.

Please don’t cancel your Direct Debit as this is needed to maintain your credit agreement, and without it, unless we have expressly agreed otherwise, we are unable to apply the repayment deferral and you risk falling into arrears.

If you find that you are unlikely to be able to resume repayments at the end of your deferral period, please contact your insurance broker or provider BEFORE your next rescheduled payment to see if there is anything further, they can do. If you need additional assistance from us, please get in touch. We are here to help.

At Premium Credit we will always strive to provide whatever support we can to assist customers through this challenging period. As always, every customer case will be considered on its own merit and we encourage those with concerns to get in touch with either their insurance broker, provider or us as early as possible.

Best Regards

Ger Shannon

Managing Director