Repayment Waiver

We offer all of our customers the option to include a Repayment Waiver when they get a loan. It’s not compulsory, but it offers you peace of mind should you be faced with certain unexpected events.

How a Repayment Waiver works

When you get a loan with us you can choose to add a Repayment Waiver to protect yourself from certain unpredictable life events. Then if you experience an unexpected event that’s covered by your Repayment Waiver policy, we will waive the loan repayments for you. There is a fee for this optional coverage, which we will confirm in writing before you sign any loan contract.

Repayment Waiver types

We offer three types of Repayment Waivers, with varying levels of cover and different costs. If an Event occurs and you qualify for coverage, your remaining Repayments will be waived as outlined below. This is subject to any exclusions or terms and conditions that you will be notified of before your loan contract is signed and can be viewed in our example Repayment Waiver contract.

Gold

Redundancy:  Your remaining Repayments will be waived for up to 180 days while you are Redundant.

Disablement: Your Repayments will be waived while the illness or Accidental Injury prevents you from working in your Usual Occupation for more than 14 days in a row.

Terminal Illness: Your remaining Repayments will be waived.

Death: Your remaining Repayments will be waived.

Silver

Disablement: Your Repayments will be waived while the illness or Accidental Injury prevents you from working in your Usual Occupation for more than 14 days in a row.

Terminal Illness: Your remaining Repayments will be waived.

Death: Your remaining Repayments will be waived.

Bronze

Terminal Illness: Your remaining Repayments will be waived.

Death: Your remaining Repayments will be waived.

How to make a claim

Making a claim is easy. Just email us as soon as an Event occurs and we can outline the information we need to confirm and assess it.

The Benefit applies from when we have received written notice of the Event. It is therefore important to notify us of an Event as soon as possible – even if you do not yet have all the supporting documents ready.

A claim must be made within 90 days of the Event occurring, so please let us know as soon as an Event occurs even if you aren’t sure if it’s covered or not.