Taking out payment protection either through insurance or a repayment waiver can ensure payments will continue to be made in the event of redundancy, illness or death. Having this peace of mind can give you the confidence of ensuring obligations can be met if the unexpected occurs.
Protecta Payment Protection Plan
This cover is mandatory for all loans of type EXTENDED and LONG unless proof of other comparable cover you already have is provided. Other exclusions will occur if your situation does not meet the general terms of Protecta. The fee for this is charged at cost from Protecta with the range being from $42.75 - $170 per borrower depending on the amount borrowed, type of cover required and number of borrowers on the loan agreement.
Click here to view the Payment Protection Plan policy document.
A repayment waiver is an agreement between DCO FINANCE and a borrower under which DCO FINANCE, for an additional fee, agrees to waive their right to the balance payable (excluding arrears) under certain circumstances. Full waiver includes the events of redundancy, sickness, injury, terminal illness or death of a borrower. Partial waiver covers the events of terminal illness of death of a borrower. It is not an insurance and is completely voluntary. For all loan agreements except for MINI FLEXI and FLEXI, the fee for this one charge upon the loan agreement opening with the range being from $15 - $600 per borrower depending on the amount borrowed, type of cover required and number of borrowers on the loan agreement.
For MINI FLEX or FLEXI loan agreements, you can opt to have a partial repayment waiver for a cost that is charged at the end of each calendar month for the following month. This cost is $2.50 per month for MINI FLEX and $5.00 per month for FLEXI. The repayment waiver can be cancelled or instated at any time upon request with 1 months written notice.
Click here to view the general repayment waiver agreement, terms and conditions.
Contact us if you would like a quote based on your specific requirements and situation.