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Does claiming on my loan insurance affect my credit rating or anything else? e.g. anything i apply to that may be owned by the same company.
I was made redundant in february but didnt claim as i thought i could pay it but things just get bad to worse.
Any help advice or what to look out for would be top please.
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878If you make a legitimate claim, that will not affect your credit rating. Missing payments will, so make sure that you don't by getting that claim in. You have paid for it, after all.
The only possible drawback is that you may have to pay a higher premium if you want to take out that type of insurance in the future.
Mike
Posted on 04 May 2011 |
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0Loan insurance is one way of doing that. It can ensure that if you can't afford your repayments because of a change to your financial circumstances, your payments will continue to be covered. Claiming on loan insurance therefore won't affect your credit rating - providing the insurance company settles your claim promptly and the payments are still made on time. When potential lenders of easy cash loans online, for instance, view your credit history, all they can see is whether or not your payments have been met. It doesn't matter whether your repayments have been made by you or come from an insurance payout - as long as you're up-to-date, your credit rating should remain intact.
Posted on 24 January 2012 | Love 0 loves
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