PAY LESS FOR BOXYMO INSURANCE ONLINE
You have two payment options available to pay for your insurance policy:
- Payment in full by Credit/Debit card
- Spread the cost over 9 monthly instalments (subject to a certain criteria)
If you choose to save money now and spread your payments over the year, an initial payment is required by credit or debit card to start the policy, followed by monthly instalments from your bank account. An interest rate will be applied; therefore, this option may cost a little extra, but it can be a lot more convenient.
REGULATIONS ARE CHANGING!
Due to the formation of the Central Credit Register (CCR) on the 1st January 2018, all new or amended credit applications where the combined credit is or exceeds €500 inclusive of interest and charges must be reported to the CCR. The information collected will help lenders, consumers and the Central Bank in its role of safeguarding stability and protecting consumers. It is mandatory for all money lenders to comply with the Central Credit Register requirements under the Credit Reporting Act 2013.
The Government in Ireland gave a commitment as part of the EU/ IMF Programme of Financial Support, this was to develop a legal framework that would facilitate the collection and centralisation of credit information on borrowers. The CCR will contribute to consumer protection and financial stability by:
- Providing borrowers with an individual report detailing their credit agreements
- Providing premium financers, such as Close Brothers Premium Finance Ireland (CBPFI) with comprehensive information to support credit assessments
- Providing the CBI with better insights into financial markets and supporting functions of the Central Bank of Ireland
How will this affect me? When you purchase a policy on direct debit you will be required to provide proof of your identity which includes photographic ID (driving licence), proof of address and proof of PPSN, this is known as “ID&V – Identity and Verification”.
For loans under €500, you will be required to provide photographic ID (driving licence) and proof of address, however, we will request your PPSN to hold on file for future possible amendments to your credit agreement.
The following documents will be accepted as proof of ID&V:
- Name and DOB: A Valid Driving Licence
- Address: Current Policy Schedule or Original Utility Bill
- Personal Public Service or Tax Number: Payslip, P60, P45, P21, Drugs Payment Scheme Card, Medical Card, GP Visit Card, European Health Insurance Card, Tax Assessment or Notice of Tax Credits.
Please note: we cannot accept Public Service Cards or Social Services Cards as proof of your PPSN.
In accordance with the Credit Reporting Act 2013, from 30th September 2018, all lenders must undertake an Enquiry process to the Central Credit Register (CCR) for all new or amended credit applications where the combined credit is or exceeds €2,000 inclusive of interest and charges, this includes renewals and mid-term adjustments. As a result, Close Brothers Premium Finance Ireland (CBPFI) will request your Credit Report from the CCR. This can result in credit applications being declined depending on the result of the Enquiry.
To process the Enquiry CBPFI need to verify customer ID including:
- Forename
- Surname
- Date of birth
- Residential address and;
- Personal Public Service Number.
Failure to promptly return required ID documents will result in the cancellation of your private car insurance.
