FREQUENTLy ASKED QUESTIONS
Premium Financing is a facility which allows you to pay off your annual insurance over a fixed period of time.
We offer 3, 6 and 12 months loan options for your premiums. You make a prepayment upfront and then 3, 6 or 10 monthly
instalments depending on the loan option chosen. Your prepayment is used at the end of your loan period to pay off your loan
balance.
To apply for Premium Financing at North West, you will need:
a. A valid form of Government issued picture ID (DP/National ID card/Passport)
b. Proof of address (utility bill/bank statement) no more than 3 months old
c. Last months’ pay slip
There is no application fee.
A decision on your Premium Financing application can be instant or up to a maximum of twenty-four (24) hours.
The first instalment is due thirty (30) days from your insurance policy start date.
Customers will have seven (7) days from their payment due date to pay their instalment before a late fee is charged to their account. The late fee is $50
e.g. your instalment is due on the 1st day of the month, a late fee of $50 will be charged on the 8th day of the month if your payment is not received before the close of the business on the 7th day of the month.
You will be charged $50 for every missed payment e.g. if you miss January instalment a late fee will be charged, if in February you only pay one instalment, the system will recognize this as late payment for January and a late fee for February will also be charged.
You must bring all your arrears up to date to avoid any late fee.
Yes – you must inform us before you set up your loan if you wish to pay at month end otherwise your payment due date will be tied to your policy start date. Alternatively, you can:
- Make your first instalment with your prepayment so that you can pay your subsequent instalments at the end of the month.
- Make your first instalment when you get paid before the instalment due date and continue making your instalments at the end of the month.
- Leave money in your bank account when you get paid to make your instalment during the month.
- Set up a standing order with your bank. Remember standing orders must be set up 3-4 days before the payment due date so that the monies can be received before the payment due date to avoid a late fee being generated on your loan.
Your loan payments must be up to date for your claim to be paid. For further details on payment of claims please refer to your Insurance Provider representative.
Yes you can. Plus you get an interest rebate on 12 months loans repaid within the first 12 weeks!
- Loans paid off within the first 4 weeks will be rebated 9 months interest.
- Loans paid off within the first 8 weeks will be rebated 8 months interest.
- Loans paid off within the first 12 weeks will be rebated 7 months interest.
Yes. Simply complete our online application form and submit with a valid form of ID.
- Pay your loan instalment using credit or debit card*
- Retrieve your loan balances inclusive of any arrears and charges
- Complete and submit a loan application and supporting documents
- Generate a statement for your loan
- Request and pay for letters of indebtedness/non-indebtedness
*Republic Bank Limited Debit Cards currently cannot be used online. We will advise as soon as this changes. Debit cards from Scotiabank, RBC Trinidad and First Citizens Bank Limited can be used for online payments on our website.
You will receive a welcome email from North West once your loan is finalized. In this email you will receive your:
- Login ID
- A temporary password
- Instructions and a QR code to download and activate the Twilio Authy app
The Twilio Authy app generates a unique one-time password or code (OTP) which is comprised of 6-digits. You will input this 6-digit OTP with your login ID and temporary password to gain access to MyNWPF. The OTP regenerates every 30 seconds as a security measure however each OTP is valid for 70 seconds.
Once you have downloaded the Twilio Authy App, navigate to the Online Services page of the North West website and input your login ID, temporary password and the OTP visible on the Twilio Authy app. Click the “Captcha” box, then select the blue “LOGIN” button.
Once successful, you will be prompted to change your temporary password. For each subsequent login, you will need to input your Login ID assigned by North West, your changed password and the one-time password or code visible on your Authy app.
Once you log into your MyNWPF account, click on “Card Payment” in the menu on the left. Select the loan to which you are making the payment under “Make Payment to”. Then enter the amount to be paid and the card details. Click “Submit”.
You will then be asked to confirm the transaction details. If all details are correct, click “Confirm Transaction”. You will receive a payment confirmation containing the payment details and the loan balance. A copy of this payment confirmation will be sent to your email address on file. This will serve as your payment receipt.
Once you log into your MyNWPF account, click on “Card Payment” in the menu on the left. Select the loan to which you are making the payment under “Make Payment to”. Then enter the amount to be paid and the card details. Click “Submit”.
You will then be asked to confirm the transaction details. If all details are correct, click “Confirm Transaction”. You will receive a payment confirmation containing the payment details and the loan balance. A copy of this payment confirmation will be sent to your email address on file. This will serve as your payment receipt.
Once you are in MyNWPF, select “Request letter” in the menu on the left. Select the type of letter that you want and which at which branch you wish to collect the letter. All letters incur a fee of $25.00.
You can also opt to have the letter emailed to you by selecting “Email Me” under the drop-down menu for “Collection Branch”. Note that if you choose the email option, you must pay the fee of $25.00 online – you can enter your payment details lower down on the same Request Letter screen.
Navigate to the online services page of the North West website and click on “Forgot Your Password?”. Input your user Login ID, first name and last name. A temporary password will be emailed to you so that you can login and reset your password.
We will need to unlock your account. Contact us via the Contact Us page on the website and we will unlock your account so that you can login. Please note that this can only be facilitated Mondays-Fridays from 8am to 4pm.