If your direct debit hasn’t been taken on the due date for your monthly instalment, there are a few reasons that may be behind it.
If you’re in your first year of insurance, you may be charged 10 or 11 monthly instalments rather than 12 – so if you’re towards the end of your policy, it may be that you’ve paid all your instalments already and no more will be taken. Please check your welcome email from us if you’re not sure how many instalments you’ll be paying.
Alternatively, it may be a problem with your bank if payment hasn’t been taken. Make sure that you have the right amount of funds in your account, as the direct debit may fail if there isn’t enough money in the account – if this happens, you can make the missed direct debit with your credit provider.
If your finance provider is Close Brothers, you can call them on 0333 321 8566 (open 24 hours a day, seven days a week) or visit their online portal. Please note, Close Brothers reserve the right to charge a fee of up to £30 for any unsuccessful collection of a monthly instalment.
If your finance provider is PremFina, you can go to their website and use the ‘Payments’ button on the right-hand side to make a missed payment. You’ll need your agreement number (which will have been emailed to you when you purchased your policy) and your last name. You can also contact them on 0330 165 9367 (open 9.00am to 5.30pm Monday to Friday). Please note, PremFina reserves the right to charge a fee of up to £27.50 for any unsuccessful collection of a monthly instalment.
If you do have sufficient funds in your bank account and your payment still hasn’t been taken, contact your bank to find out if there has been an issue.
What happens if I continue to miss payments?
If you continually miss direct debit payments, your debt may be passed onto a debt collection agency. Should this happen, your credit score may be affected which may affect your ability to take out loans or other financial services in the future.
If you miss direct debits for your insurance, your policy may also be cancelled and you may be charged a cancellation fee as well as costs for your time on cover. You will also lose any no claims discount you may have built up during your policy, meaning your no claims discount will revert to the amount it was before you began your WiseDriving policy.
This is why it’s important to make sure your direct debit is coming out correctly and contact us if there is a problem, so that any further issues with your policy or payment can be avoided where possible.
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