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Payment Waiver

 

 

On 14th January 2014 the Scottish Police Credit Union Limited (SPCU) launched the first payment waiver protected loans in Scotland with ethical insurers CUNA Mutual.

Designed to protect our borrowers when they need it most, Payment Waiver is available on all of our Standard Loans, including our stand-alone Car, Holiday, Home Improvement, Car Repairs and Leisure Loans approved since 14th January 2014.

In addition to these loans, members who have a Flexiloan or Pre-Retirement Loan approved after 14th January 2014 will also benefit from payment waiver cover. Please note however that in the case of the Pre-retirement Loan, the cover is for the monthly interest only payments and does not extend to the final lump sum payment due at the end of the loan term.

This is a drastic move away from the old Payment Protection model and is unique as it is a feature of the loan product and the cost of providing cover is met by SPCU and not by the borrower.

Simply put, if an SPCU member is unable to work long-term due to an accident or sickness all they require to do is contact SPCU after 4 months have elapsed and all payments due on their loan thereafter will be waived for up to 18 months.

No arrears are built up, no credit scores are affected and throughout the process the loan amount continues to decrease whilst the member is off work, providing peace of mind when they need it most.