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Made Redundant - Loan Repayments

  • 26-12-2008 4:16pm
    #1
    Chong
    Registered Users, Registered Users 2 Posts: 8,679 ✭✭✭


    Hello,

    Not sure this is the right forum to ask this in but, I was made redundant back in April of this year and I am finally leaving the company I work for this Janaury. Anyways I have a loan with the bank for my car, I just wanted to know does my payment protection cover me for something , as I was reading my Loan contract and it mentions the following( which I am too sure of ):

    Involuntary Unemployment:

    If you become involuntary unemployed due to redundancy or you are dismissed for reasons other than wilful misconduct, dishonesty or fraud or your business ceases to trade, your repayments will be met for every 30 complete consecutive days you are unemployed for up to 12 months per claim.

    Can someone explain the above clause if possible, much appreciated.

    Will


Comments

  • #2
    Tom Young
    Legal Moderators, Society & Culture Moderators Posts: 4,338 Mod ✭✭✭✭Tom Young


    We are not able to give advice, but as its Christmas.

    Yes, once you can prove that you were involuntarily laid off and have the government certification to apply for the cover.

    The clause is not technical and should be read as is. Once you have not been disclipined for some serious misconduct or indeed opted to TAKE a redundancy then you can apply for cover which lasts for one year/12 months and will take place on 30 day cycles.

    Tom


  • #3
    Chong
    Registered Users, Registered Users 2 Posts: 8,679 ✭✭✭Chong


    Tom Young wrote: »
    We are not able to give advice, but as its Christmas.

    Yes, once you can prove that you were involuntarily laid off and have the government certification to apply for the cover.

    The clause is not technical and should be read as is. Once you have not been disclipined for some serious misconduct or indeed opted to TAKE a redundancy then you can apply for cover which lasts for one year/12 months and will take place on 30 day cycles.

    Tom
    Excellent stuff Tom, I was made officially redudant due to my role being moved to Malaysia and have the certificate.

    Thanks again


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