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Morning all. Yesterday, I took out an insurance policy spread out into monthly installments with Van Line direct. I signed the acceptance document and handed over my bank details to set up the direct debit with Vanline. All well and good i thought. I have now received a credit agreement from company called Close Bros who want me to accept and sign the loan agreement for financing the insurance with them. When setting up insurance normally, I just sign with the company I am taking out the insurance with and everything is set up with them. Has anyone done it this way this before?
Yes, fairly sure mine has been like that for a few years now
Yup. Normal. I think I got something from Close bros too.
Yep, same here, pay a little interest for doing it monthly.
Close brothers provide premium finance a premium credit for many of the commercial and personal lines insurers, saves the insurers having to provide you a credit facility. All very standard these days
Brilliant. Thank you all for the quick replies! Just a little dubious as I have never had to deal with the finance company themselves. Thanks again.
I had a policy with them for my van. The only thing to watch is that because it’s a credit agreement it can be a bit spendy if you want to leave it early as I found out to my cost.