Premium Credit direct debit

Morrit_2

Hi.
Not sure if this is the right thread but its credit related.

Premium credit issued me a default notice some time ago for cancelling a direct debit to them. The reason it was cancelled is I switched bank accounts. I set it up with the new one straight away but they issued the DN for breach of contract (cancelling the direct debit). I got them to rescind and apologise.
I want to pay by bank transfer now as its coming up to my insurance renewal and I don't want them automatically taking more money. Am I beholden to their whim of having to have a direct debit or would it be seen as an unfair term? Bearing in mind, they charge if you want to change the date of direct debit mandates... Gives me more control by standing order.

[Deleted User]

You can pay by any method they offer. They don't need to offer multiple methods.

Don80

I'd never heard of them, but their website says, "We provide finance to customers to pay for insurance premiums, school fees, membership fees, season tickets and more". Why would you use this, and not a normal credit card? It feels like the kind of company that people use when they have no other options - which usually means a bad deal for you.

Surely a default is a default on payments? If you set up a new one and payments were made on time, you didn't default. If you want to pay an amount more than the minimum, you should be able to ask them to collect that amount?

If I were you I'd be on the MSE Credit Expert, Noddle and Clearscore to check if you can get another card. Could you then transfer the balance and be done with Premium Credit? Either way, I'd get a credit card and use that instead in the future. That would help you build your credit worthiness, and not have to deal with these kinds of things again.

PRAISETHESUN

You should be able to cancel your direct debit with this company at anytime by contacting the company and your bank to inform them both you wish to cancel the mandate. That does not cancel any contract you might have however so you will need to arrange another method of payment - deciding you'd rather not pay on their terms is not sufficient if the contract you've agreed to says otherwise. You are actually more likely to default by paying by standing order as the direct debit guarantee means if something goes wrong it is up to the banks involved to sort it out and compensate you for any loses. By all means ask to pay by the means most convenient for you, but keep in mind the consequences if your SO fails to pay out and they decide to record missed payments against you.

jonesMUFCforever

Premium credit I think collect insurance premiums for various insurance companies, school fees etc - they are not the insurer.
How you can pay is dependent on your insurer.

Ben8282

In your situation I would have called the company and said that I had changed my bank account and would like to change the direct debit to the new account.
Reading between the lines, it would appear that you just cancelled the direct debit with your bank and it failed before you called them to set up a new one.