i had a loan off the bank, and then lost my job, now cant afford pay it back, but took out the loan insurance at the same time, they've said i might be able claim, how does this work and how much of the loan will they repay?
2006-12-12 22:54:24 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
loan insurance is insuring against your loan just incase something shite like losing job happens. It should outline claiming and stuff in their T&C's. They will probably only pay the minimum each week though
2006-12-12 22:57:18 · answer #1 · answered by weizy_26 4 · 0⤊ 0⤋
Loan insurance usually covers your payments, weekly, monthly, however you pay it, up to a certain amount. So check with your bank, and file a claim, usually its with them. I have the insurance, but have never used it.Good Luck , hope you find a job soon.
2006-12-13 08:48:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends on the policy, check back on your paperwork. What the normal payback is your payments will be made for you so you dont' default on your loan until you get a job again.
2006-12-13 06:57:31 · answer #3 · answered by Tapestry6 7 · 0⤊ 0⤋
Read the small-print.
I got laid off about three years back and had insurance on my credit cards - they paid out a bit, but not as much you'd think from the phone-call/glossy-brochure/ person whose teeth are just *too* white when you sign on the dotted line.
You gotta fight for it.
2006-12-13 07:00:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
that should have all been explained to you when you took the insurance.
2006-12-16 02:29:58 · answer #5 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋