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Welcome to Bad Credit Loan UK
If you have bad credit, it no longer has to be problem. We are experts in brokering loans for people with adverse circumstances. You will find some of the lowest rates on the internet at Bad Credit Loan UK. Use the menu on the right hand side to find out any information you might need before you apply.
A Brief Guide To Payment Protection Plans ....
The lenders featured on our site all offer a range of payment protection plans which can be added to to the loan. The cover offered will vary from lender to lender. Please check the brochure that we send you for details.
The details that follow are intended as a general guide only and will not apply to your specific lender.
Here are some typical benefits and common exclusions: You can apply if:
- You are over 18 and under 60.
- You are gainfully employed or self employed for more than 16 hours per week.
- You are resident in the U.K.
Accident, sickness, or death claims cannot be made if they are the result of an accident, sickness or related condition which existed prior to the policy being taken out.
Accident and sickness protection ....
Your monthly payment could be made by the insurance company when you have been signed off work by your doctor for a minimum period e.g more than 30 days. The payments may typically be paid for a maximum period e.g 12 months. Cover usually only applies for the first 60 months of a credit agreement.
Involuntary Unemployment protection ....
If you have been unemployed for more than a minimum period e.g. more than 30 days you may be able to make a claim. Usually you can only make a claim if you have been continuously employed for a minimum period of time prior to a claim being made, for example 180 days. With some policies if the insurance has paid 12 monthly installments for you then you will need to have been back at work for another minimum time ( e.g. 180 days) before you can make another claim.
The Insurance company will certainly require proof that your unemployment was involuntary. There will also be a limit to the number of months that the insurance will pay your monthly payment e.g 12 months.
General Points that you need to consider:
- With all insurance policies there are exclusions.
- Most policies only apply for the first 60 months of a loan agreement.
- The maximum number of monthly payments that would be made for you
will be limited to a specific number e.g six or twelve months.
- Before making a claim you will have to have been unemployed, sick
or hospitalised for a minimum period of time e.g 30 days.
- Most insurers only pay unemployment claims where there has been a
period of continuous employment prior to the claim being made.
- Claims will certainly be refused if they are the result of a preexisting
condition.
- The insurance benefits will normally be paid direct to the lender
not to the claimant.
If you end up having a dispute with an insurer you can contact the Insurance Ombudsman at:
South Quay Plaza, 183 Marsh Wall London E14 9SR or
The Association of British Insurers 51 Evesham Street London EC2V 7HQ
Please note that health information will be collected by the insurers if you make a claim. This information is sensitive personal data under The Data Protection Act 1998. The insurance company can only offer you insurance cover if you consent to them collecting and using such data when you make a claim.Your sensitive information will be protected and only used by the underwriting insurer.
We cannot give a full picture of how credit insurance works in the limited space available.
However we hope that we have drawn your attention to the need to:
- Read your credit insurance brochure and policy carefully.
- Make sure that you understand and accept the exclusions that apply
to the policy that your lender offers.
- Do not assume that all insurance policies offer the same cover. For example some policies cover death but not unemployment and some cover unemployment but not death. If you only opt for "single" cover only one applicant usually the first named is covered.
