Terms Of Agreement
Your finance agreement is formed between you and Nova Premium Finance Limited. Nova Premium Finance Limited of 3 Redwing Court, Ashton Road, Romford, RM3 8QQ. Nova Premium Finance Limited is authorised and regulated by the Financial Conduct Authority and their firm registration number is 716933.
Upon policy inception you will be emailed a credit agreement that requires you to electronically sign and return to Nova Premium Finance. Failure to sign and return the agreement could result in the cancellation of the agreement and insurance policy. In the event of such a cancellation, please note that your deposit will not be refunded to you.
You agree to pay us the amount you borrow by making monthly repayments in the amounts and at the dates shown within the credit agreement. You agree to us adding an extra £5.50 fee to your agreement to set up your monthly payment schedule.
If you are late paying an instalment or your direct debit payment fails we reserve the right to charge a £4.99 late payment fee. We will automatically attempt to retake any failed payment 10 days from the initial failed payment date.
If you fail to pay any payment on its due date, or if any information you have provided about yourself proves incomplete or inaccurate, then we shall be entitled after the expiry of the proper notice to demand immediate payment of the unpaid balance of the total debt less any applicable rebate. Where the debt remains unpaid we have the right to terminate this agreement under the procedures set out in ‘Our right to end the Agreement’ below. In the event that the agreement is terminated, please note that any outstanding monies owed will be passed to the Insurance Collections Bureau for immediate recovery.
Before making a claim against your insurance policy you are required to pay any outstanding finance balance before the claim can be considered. In the event that your claim is denied, please note that you are not entitled to a refund of monies paid.
Your right to repay and to settle the agreement
You may settle this agreement at any time by notifying us by telephone or in writing of your intention to do so. You should also tell us if you want your insurance policy to end. Once we receive your instructions we will calculate the amount due less any applicable rebate.
Our right to end the agreement
We may end the agreement by giving you 7 days notice in writing if you fail to make the monthly payment on time as set out in the finance agreement. In the notice of termination we will give you the reasons for termination and a statement showing the amounts outstanding. If the outstanding debt is not settled within 7 days, we will cancel your contract for insurance and any ancillary services paid for with the credit provided. Any applicable refund or rebate as a result of such cancellation will be used to reduce your debt under this agreement.
Cancellation of insurance policy
If your insurance policy is cancelled this will automatically terminate the finance agreement resulting in the unpaid balance less any applicable rebate becoming immediately due. If you elect to pay for your policy monthly and you cancel within the 14 day cooling off period, your initial deposit payment will be retained as a cancellation fee due to the finance provider regardless of your time on cover. To process cancellation, please follow Nova Direct’s policy cancellation process. The fees paid for cancellation within the 14 day cooling off period will in effect cause your finance agreement to cancel without any future premiums being due.
If however you pay for your policy monthly and you cancel outside of the 14 day cooling off period, please note that you will be required to settle all outstanding finance balances with Nova Premium Finance in order for your policy to cancel completely. Please note that payment of the cancellation fee does not mean that you are not liable for the remaining premiums owed. Your policy is not a subscription based policy. The policy required payment for all premiums up front. Nova Premium Finance loaned you that premium and will require any outstanding amounts repaid post cancellation. Failure to repay those premiums will result in debt collection proceedings being brought against you.