Noticed an unfamiliar transaction from “Premium Credit Ltd” or “PCL” on your UK bank statement? You’re not alone. This entry often causes confusion, but it’s typically linked to an insurance payment you’ve set up. Here’s everything you need to know.
What Is Premium Credit Ltd on My Bank Statement?
Premium Credit Ltd (PCL) is the UK’s largest insurance premium finance company. When you see this name on your bank statement, it means you’re paying for an insurance policy in monthly instalments rather than a single annual payment.
PCL doesn’t sell insurance directly. Instead, they work with insurance brokers and providers to collect your monthly direct debit payments on their behalf. Common insurers using Premium Credit include:
- Endsleigh
- Simply Business
- Towergate Insurance
- Premierline
- Homeprotect
The transaction may appear as “Premium Credit Ltd,” “Premium Credit Limited,” “PCL,” or “PCL/[Insurer Name]” depending on your bank.
Why Is Premium Credit Ltd Taking Money From My Account?
If you’ve chosen to pay any annual insurance premium monthly, PCL likely handles that credit agreement. This includes:
- Car insurance
- Home insurance
- Business insurance
- Pet insurance
- Travel insurance
- Professional indemnity cover
PCL essentially pays your full annual premium upfront to the insurer. You then repay PCL in monthly instalments, plus any applicable interest or fees.
Is Premium Credit Ltd Legitimate?
Yes, Premium Credit Ltd is a legitimate, FCA-regulated company based in Leatherhead, Surrey. They’ve operated for over 25 years and process millions of direct debits annually across the UK and Ireland.
If you’re concerned about a transaction, you can verify it through:
- Your insurance documents – Check for any mention of Premium Credit in your policy paperwork
- Your email inbox – Search for correspondence from PCL
- PCL’s online portal – Log in at mypremiumcredit.com to view your account
How to Manage Your Premium Credit Account
You can manage payments, update bank details, or check your agreement through:
- Online: mypremiumcredit.com
- Phone: 0344 736 9814
- Email: Via their support portal
If you’ve missed a payment, contact PCL promptly to avoid late fees (typically £20) or agreement cancellation.
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What If I Don’t Recognise the Premium Credit Ltd Payment?
If you genuinely don’t recall setting up monthly insurance payments:
- Check with household members – Someone else may have arranged the policy
- Review recent insurance purchases – Even online quotes sometimes auto-enrol you in payment plans
- Contact PCL directly – They can confirm which policy the payment relates to
- Speak to your bank – If unauthorised, you may be able to reclaim under the Direct Debit Guarantee
Premium Credit Ltd: Key Takeaways
Premium Credit Ltd appearing on your bank statement simply indicates you’re paying an insurance policy in monthly instalments. It’s a legitimate finance company used by hundreds of UK insurance providers. If you need to query or manage payments, their online account portal offers 24/7 access to your credit agreement details.
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Frequently Asked Questions
What does PCL stand for on my bank statement?
PCL stands for Premium Credit Limited. It’s an abbreviation you might see instead of the full company name when they collect insurance premium payments via direct debit.
Can I cancel my Premium Credit Ltd direct debit?
Yes, you can cancel directly with your bank. However, contact your insurance provider first—cancelling the direct debit may result in your insurance policy being cancelled, leaving you without cover.
Why am I being charged by Premium Credit when I don’t have insurance?
The payment likely relates to a policy you may have forgotten about, or one arranged by someone else in your household. Contact PCL on 0344 736 9814 with your bank details to identify the associated policy.
Does Premium Credit Ltd affect my credit score?
Setting up a payment plan with PCL involves a credit check, which may leave a soft footprint. Missed payments could potentially affect your credit file, similar to any other credit agreement.
How do I get a refund from Premium Credit Ltd?
If you’ve overpaid or cancelled your policy, any refund due will typically be processed by your insurance broker. Contact your insurer first, then follow up with PCL if needed.
What fees does Premium Credit Ltd charge?
PCL may charge a £10 fee for unsigned credit agreements and a £20 late payment fee for missed direct debits. Check your credit agreement for specific terms.
