Important notice regarding inactive credit agreements
We’re terminating (legally ending) credit agreements which have had no activity for a while.
Click here to read more.Changes to future finance agreements
Please note: this information is only relevant to customers who purchase insurance from a broker affected by our business changes. If you are affected, we will contact you before your insurance renewal date. We will start to contact customers from October 2025.
What’s happening?
We’re changing the way we work which means that we will not be continuing to work with some insurance brokers in the future. As a result, when you come to renew your annual insurance policy, you may find that your insurance broker is no longer able to offer Close Brothers Premium Finance as an option to spread the cost of your insurance. Your insurance broker will provide the payment options available for any future insurance policies at the time of renewal.
Current customers
If you’re a current customer of Close Brothers Premium Finance this does NOT impact:
- your current agreement with us – you should continue to make your monthly repayments in the normal way
- your insurance policy
- your credit rating or credit score for the future.
This is just a change to the way we work with our insurance brokers. It isn’t because of anything you’ve done, and you don’t need to do anything at this time.
You should just continue to make your monthly payments as usual.
Why is this happening?
As with any business, it’s important that we sometimes make changes so that we can continue to deliver a great service to our customers and partners.
Next steps
You don’t need to contact anyone or take any action at this time. Your finance agreement will continue as normal during this period of transition which will last 6-12 months.
Your broker will get in touch with you at renewal time, to provide your insurance renewal information and let you know the payment options available to you.
Together with our broker partners, we’ll ensure all our customers continue to receive the same high levels of service and support as usual.
Thank you for being a Close Brother Premium Finance customer.
Frequently Asked Questions
Please note: this information is only relevant to customers who purchase insurance from a broker affected by our business changes. If you are affected, we will contact you before your insurance renewal date. These changes are not happening immediately, and we intend to start contacting customers from October 2025.
What is happening to my finance under my credit agreement with Close Brothers Premium Finance?
There is no change to your existing finance with us, which helps you to pay for your insurance monthly. Please continue to make all payments as usual.
When your insurance is due for renewal, we may not be able to provide you with finance to pay for your new insurance policy as we may no longer be working with your insurance broker. Your insurance broker will provide the payment options available to you.
If you are affected, we will be in contact with you.
When are these changes happening?
This depends on which insurance broker you use. Many brokers will still be introducing their customers to Close Brothers Premium Finance for insurance finance until Summer 2026; other brokers are not affected so will continue to introduce their customers to Close Brothers Premium Finance beyond then.
Why do I have a Close Brothers Premium Finance credit agreement?
Your insurance broker introduced you to us when you purchased insurance, to help you pay for the insurance monthly. You will have applied for a credit agreement with us and agreed to pay for off your insurance finance in monthly payments under the credit agreement.
Who can I contact if I have a question about my credit agreement or this news?
Our Customer Services team is here to support you with any questions. Please don’t hesitate to call us on 0333 321 6078.
Do I need to speak to my insurance broker?
You don’t need to do anything at the moment. For now, you should just continue to make your monthly repayments in the normal way.
When your insurance is due for renewal, your broker will contact you with information about your renewal, and at this time you could explore the alternative payment options they can offer you.
Your insurance broker contact information can be located in your insurance policy documentation.
Does this change my payment schedule with Close Brothers Premium Finance?
There is no change to your payment schedule or payment plan. Please continue to make your regular repayments until your finance has been repaid in full.
I have several credit agreements with Close Brothers, are they all affected?
This announcement only impacts your Close Brothers Premium Finance credit agreements, set up by your broker so you can pay monthly for your insurance.
We will contact you if you have any credit agreements with Close Brothers Premium Finance that are affected.
This does not impact any agreements you may have with other parts of Close Brothers, for example, a hire purchase agreement for motor finance.
Does this mean I have to pay extra for my insurance policy?
Our decision to stop offering premium finance to your broker will not impact the amount you owe under your current credit agreement with Close Brothers Premium Finance. Please refer to your payment schedule for details of your repayments.
When you come to renew your insurance policy, you can discuss alternative finance options with your insurance broker.
Will this impact my ability to complain to Close Brothers Premium Finance if I am unhappy with something to do with my credit agreement?
Absolutely not, we are here to help and answer any queries about your credit agreement with Close Brothers Premium Finance. You can contact us on 0333 321 6078.
I am worried that I am unable to make the required payments, what should I do?
We’re here to help! Please contact us on 0333 321 6078 if you think you may miss a payment. You can also seek free, independent help from MoneyHelper at moneyhelper.org.uk 0800 138 1677.