Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Credit Union loan insurance

  • 17-08-2018 2:27pm
    #1
    teggers5
    Registered Users Posts: 445 ✭✭


    Hi, I was recently declared unfit to ever return to work and was awarded Invalidity Pension.
    Has anyone got any experience of claiming from their Credit Union's insurance to clear their loan balance on disability grounds?
    I don't owe a huge amount but I'm struggling to make the repayments even after they were rescheduled.
    It would also make life a little bit easier if I could access my savings.


Comments

  • #2
    28064212
    Registered Users, Registered Users 2 Posts: 10,750 ✭✭✭✭28064212


    https://www.creditunion.ie/whatweoffer/insurance/rpi/. In particular:
    Repayment Protection Insurance is an optional policy...
    Please note not all credit unions offer this service
    Does your credit union offer it, and did you take it out? Also, all credit unions are different, so someone's experience in a different one may not apply to you

    Boardsie Enhancement Suite - a browser extension to make using Boards on desktop a better experience (includes full-width display, keyboard shortcuts, dark mode, and more). Now available through your browser's extension store.

    Firefox: https://addons.mozilla.org/addon/boardsie-enhancement-suite/

    Chrome/Edge/Opera: https://chromewebstore.google.com/detail/boardsie-enhancement-suit/bbgnmnfagihoohjkofdnofcfmkpdmmce



  • #3
    teggers5
    Registered Users Posts: 445 ✭✭teggers5


    It's not the repayment insurance, it's the automatic loan protection insurance that applies to everyone.


  • #4
    28064212
    Registered Users, Registered Users 2 Posts: 10,750 ✭✭✭✭28064212


    teggers5 wrote: »
    It's not the repayment insurance, it's the automatic loan protection insurance that applies to everyone.
    Everyone in that credit union. It's not a standard policy, and even the ones that do offer it won't have standardised terms and conditions. Unless you find someone who's been through it with that specific credit union, any advice will be irrelevant

    Boardsie Enhancement Suite - a browser extension to make using Boards on desktop a better experience (includes full-width display, keyboard shortcuts, dark mode, and more). Now available through your browser's extension store.

    Firefox: https://addons.mozilla.org/addon/boardsie-enhancement-suite/

    Chrome/Edge/Opera: https://chromewebstore.google.com/detail/boardsie-enhancement-suit/bbgnmnfagihoohjkofdnofcfmkpdmmce



  • #5
    teggers5
    Registered Users Posts: 445 ✭✭teggers5


    Ok thanks. Thought that insurance was pretty standard throughout all credit unions and people might have some experience of it.


  • #6
    Riskymove
    Registered Users, Registered Users 2 Posts: 10,895 ✭✭✭✭Riskymove


    28064212 wrote: »
    Everyone in that credit union. It's not a standard policy, and even the ones that do offer it won't have standardised terms and conditions.

    I'm not sure that's right I think the policy is provided via a central Irish league of Credit Unions scheme

    I had a random look at a few CUs and the blurb is the same for all of them. The link to leaflets is to a ILCU Branded info leaflet


  • Advertisement
  • #7
    28064212
    Registered Users, Registered Users 2 Posts: 10,750 ✭✭✭✭28064212


    Riskymove wrote: »
    I'm not sure that's right I think the policy is provided via a central Irish league of Credit Unions scheme

    I had a random look at a few CUs and the blurb is the same for all of them. The link to leaflets is to a ILCU Branded info leaflet
    Google says there's only 5 CUs that offer it (obviously Google may not have found them all). The standardised loan protection on the ILCU website only mentions cover in the event of the death of the loan holder

    Boardsie Enhancement Suite - a browser extension to make using Boards on desktop a better experience (includes full-width display, keyboard shortcuts, dark mode, and more). Now available through your browser's extension store.

    Firefox: https://addons.mozilla.org/addon/boardsie-enhancement-suite/

    Chrome/Edge/Opera: https://chromewebstore.google.com/detail/boardsie-enhancement-suit/bbgnmnfagihoohjkofdnofcfmkpdmmce



  • #8
    killbillvol2
    Registered Users, Registered Users 2 Posts: 5,178 ✭✭✭killbillvol2


    teggers5 wrote: »
    Hi, I was recently declared unfit to ever return to work and was awarded Invalidity Pension.
    Has anyone got any experience of claiming from their Credit Union's insurance to clear their loan balance on disability grounds?
    I don't owe a huge amount but I'm struggling to make the repayments even after they were rescheduled.
    It would also make life a little bit easier if I could access my savings.

    You need to talk to your credit union - you're being given advice here from someone who's googling answers.

    Make an appointment and have a chat. They should be able to clarify quickly if you're covered and, if not, maybe change your payment schedule.


Advertisement