Payment Protection Insurance (PPI) provides borrowers with affordable, inclusive & supportive repayment insurance in the event of an accident, sickness or involuntary unemployment.
Unemployment, sickness or an accident could seriously affect a borrowing member’s income. If members do not have sufficient savings to rely on to service their debts, PPI could be the very security blanket they need to ensure their repayments are met.
CUNA Mutual has provided Credit Unions in Ireland with an affordable, compliant and inclusive PPI program over many years. We provide a regular monthly payable PPI program for Credit Unions, thereby eliminating many of the risks and issues associated with Single Premium PPI.
Aware that unpaid loan and credit card repayments could damage a member’s credit rating making borrowing more difficult for them in the future. PPI seeks, in the right situations to address the economic reasons why a member fails to repay a load. In addition, they could incur penalty charges increasing their debt and potentially making it more difficult to repay.