Free Loan Protection Insurance: As a Member of Voyager Alliance Credit Union your loan is protected in the event of your death1 – helping protect your family from the financial burden of bereavement. This is offered to all members up to the age of 69.
When you take out a loan with us you also get Loan Protection. If you were to die before your Credit Union loan is repaid, this protection can help towards settling the debt, so that it isn’t passed on to your loved ones.
Of course, it won’t take away the pain but it’ll certainly help with the financial strain of bereavement. This benefit is included at no extra cost to you as part of your Credit Union loan arrangement2 so just for once, peace of mind doesn’t cost the earth; it’s just another benefit of being a Credit Union member.
As a Credit Union member, you’re not only borrowing for the things you desire to make life more comfortable for you and your family; by choosing your Credit Union to borrow from, you’re helping your Credit Union provide better value loans for all Credit Union members. With the added peace of mind provided by Loan Protection, loans from your Credit Union can offer better financial security for you and your family.
1Subject to terms and conditions. Cover limits vary and certain restrictions apply based on age and cover.
2Please ask at your Credit Union for more details about the individual limits and restrictions of Loan Protection. For full terms and conditions or more information about the policy, please click here or for a summary please click here.
Life Insurance on loan balances does not cover members over the age of 69.
Members must keep 20% of the original loan value in their savings account as security. This amount cannot be withdrawn until the outstanding loan balance is less than the amount held in the Regular Shares account.
After repaying 25% of the original loan value for loans above £10,000 or 10% of the original loan value for loans under £10,000, members can apply to top up the loan. Lump sum repayments do not count towards the 10% or 25%.
Paying ‘lump sums’ into a savings account to qualify for a Platinum Loan is not permitted. Instead regular weekly or monthly savings are required. However, transferring regular savings from another savings account may be considered, on an individual basis.
The Platinum Loan is not available to members who are bankrupt or have an Individual Voluntary Arrangement (IVA) that shows on their credit report.
Other terms and conditions may apply.
Data protection statement
In accordance with the principles of the Data Protection Act 1998, we will use your personal details for the purposes of managing your accounts with Voyager Alliance Credit Union.
Under the Distance Marketing Directive, you have the right to cancel your savings account within 14 days of opening without incurring financial or other penalty.
Voyager Alliance Credit Union use Experian as our credit reference agency, and the ways in which they use and share personal information is explained in more detail via the Credit Reference Agency Information Notice (CRAIN) document which can be accessed via any of the following link:
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