Payment Protection Plan
Have you been away from work due to illness?
Payment Protection Plan is a repayment waiver plan which covers the borrower for sickness, accident and death. There are times in your life when unexpected things happen. Payment Protection helps you through these times. If you become sick, have an accident or meet an untimely death Payment Protection is there for you. The last thing you want is to worry about is how you, or your family, are going to pay your loan!
All loan payments are remitted on your behalf for the time stated on your medical certificate and/or ACC documentation up to six months as long as the loan is not in arrears of over 35 days.
In the case of death you are remitted the balance of the loan owing under the loan contract or $10,000, whichever amount is the smaller as long as the loan is not in arrears of over 35 days. Any balance left owing after this amount is paid will need to be paid either by the other borrowers on the contract or remaining family members.
MoneyShop has a 98% approval rate for all claims.
Below is our Payment Protection Contract for you to download;
To Claim On Payment Protection Plan
The claimant must be the nominated borrower. PPP does not cover family, friends or other borrowers on the contract.
In order to claim on PPP in the instance of sickness or accident, you must produce a medical certificate from a certified medical practitioner. Any person with a relationship to the nominated borrower can bring this document in on behalf of the nominated borrower.
In order to claim on PPP in the instance of death. Your family (or friend) must produce either an invoice from the funeral director or death certificate.
The PPP does not cover if the loan is 35 days or more in arrears.
What is the difference between PPP and the Hardship Provision?
Sickness, accident and death are all covered by the Payment Protection Plan. However it does not cover the client for loss of income or redundancy.
The Hardship Provision in accordance to the Credit Contracts and Consumer Finance Act 2003, is available to clients who have had their situation change suddenly for the worse since the draw down of the contract. This could be the loss of a partner, job or reliable income.
What doesn’t PPP Cover?
- Pregnancy, childbirth or miscarriage
- Complications during pregnancy that are result of pregnancy
- Mental illness
- Glue or petrol sniffing
- Drug consumption
- Ingestion, injection or inhalation of any banned substance
- Driving a motor vehicle while under the influence of alcohol or drugs
- Suicide or attempted suicide
- Intentional self injury
- Any injuries sustained while intoxicated with alcohol or drugs
- Redundancy, or loss of income due to being fired
Download and fill out the claim form below;