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credit union payment protection

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  • 01-08-2009 7:19pm
    #1
    louis346789
    Registered Users Posts: 320 ✭✭


    a person has 5500 remaining on a credit union loan. Has 4000 in Shares in same credit union. Has payment protection policy against redundancy on loan.

    question ? If made redundant will the payment protection cover the outstanding 5500 Euro or just the difference in loan against shares i.e. 1500.

    Credit union and policy paperwork are vague on the answer.

    any ideas or experience


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    #2
    ali.c
    Registered Users Posts: 1,022 ✭✭✭ali.c


    Normally payment protection insurance will cover the repayments for a set period of time, the time frame depends on the insurance policy but normally say 6-12 months.

    You need to refer to the specifics of the policy that was signed however there is some guidance available on the CU website here http://www.creditunion.ie/cu_ins_pay


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