Payment protection with insurance or a repayment waiver can provide peace of mind and confidence that payments will continue to be made if the unexpected occurs.
Protecta Payment Protection Insurance This cover is mandatory* for all loans of type EXTENDED and LONG. 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.
* Unless proof of other comparable cover you already have is provided or if your situation does not meet the general terms of Protecta.
Repayment Waiver is an agreement 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 or 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 is charged once 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. If you change your mind, you can cancel the waiver cover. The time limit for this is 5 working days if the initial disclosure documents were directly handed to you or 9 working days if the initial disclosure documents were posted or emailed to you.
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. If you change your mind, repayment waiver for MINI FLEX or FLEXI loan agreements can be cancelled at any time upon request with 1 months written notice.