Birmingham, 27 January 2010
The Chartered Institute of Personnel and Development has predicted that unemployment in the UK will peak this summer at 2.8 million, with the jobs market only showing signs of recovery in the second half of 2010. Add this with the rising number of families finding it difficult to meet their financial commitments and it is obviously becoming more important for Credit Union members to consider protecting their loan repayments.
CUNA Mutual protects over £32 million of annual Credit Union loan repayments in the UK alone. More and more Credit Unions are varying their FSA permissions to allow them to offer a wider range of protection, tailored for their individual members’ requirements. There is no doubt that protecting members’ financial wellbeing, helps protect Credit Unions too.
Alan Dodds, CEO CUNA Mutual UK, says:
“Our Payment Protection products help ensure members can meet their monthly bills if they become seriously ill, have an accident, or even if they lose their jobs. But in these tougher times, these products offer even bigger benefits. They offer Credit Unions protection against potential losses from loan delinquencies, bankruptcy or voluntary trust arrangements.
According to the Health Insurance Underwriter, the financial strain of disability is a leading cause of bankruptcies and mortgage repossessions (May 2008). And that brings me back to the point of payment protection products; helping members, and subsequently Credit Unions to protect their financial security. In today’s economy, there is no question that payment protection is more relevant than ever”.
Visit www.mortgagecoverplus.co.uk to see how your members can benefit from extra peace of mind and improved protection.
For more information on Credit Union Payment Protection, visit our Product Section at http://cunamutual.eu.com/index.php/home/uk-menu/products.
Or, contact us now on 0121 359 0221 and we can discuss your individual requirements.