Insurance product to replace PPI

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Insurance product to replace PPI

In the aftermath of the miss-selling of PPI (Payment Protection Insurance) scandal, there have been calls for a new type of insurance product to replace PPI that will cover borrowers in the event that they are unable to make repayments on any loans that they have. Insurance company Cuna Mutual have devised a product called the ‘Payment Waiver’ which will allow borrowers to  waive or defer repayments on their loans during times of long term sickness or in some cases if they become unemployed.

The first finance company to partake in offering this product is credit union Plane Saver Loans, who specialise in offering finance products to employees of British Airways and other Aviation companies. Their Payment Waiver product allows borrowers to waive their payments for up to 12 months if they are suffering due to long term sickness, however they do not cover due to unemployment. In order to be eligible borrowers must be off sick for 30 days or more.

There are five more finance companies due to start offering this product  over the next few months, these include three personal loan companies and two building societies, whether they decide to provide cover due to unemployment as well as sickness and whether they offer to waive cover for 6 months or 12 months will be at the individuals companies discretion.

It is a worry that this will impact the interest rates of the loan products offered, however in the case of Plane Saver Loans this has not been the case and it is hoped that other loan lenders will follow suit.

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