If you are taking out a loan or have an existing loan then you should consider protecting the repayments you make with Payment Protection Insurance.
Taking out a loan can involve a long-term financial commitment. If you become involuntarily unemployed or you cannot work due to an accident or illness how would you manage to keep up your repayments?
Without the protection of insurance cover you could face difficult circumstances if you were unable to work such as:
• Relying on credit cards, family or friends to help you meet your loan repayments.
• Using up your savings.
• Your credit record could deteriorate if you don’t keep up your repayments.
For more information speak to your Credit Union.