Have you been retrenched ?
Have you been under debt review?
Has a member of your family passed on?
Are you to sick to work?
If any of the above occurred within the last 6 months you might have a claim for credit life insurance.
In terms of the National Credit Regulator and the National Credit Act, it is insurance that must be taken out by Consumers when applying for credit.
A Credit Provider must offer this credit protection to all consumers when they apply for loans. Credit Life insurance is not usually automatic however many Consumers do not know they have this insurance in place.
In the event that you are retrenched or pass on or become to sick to continue working you have a claim, this however must be done within 6 months of the retrenchment/death/illness occurring. The insurance will be processed and your instalments will be covered for 12 months.
You will have to act fast, you must submit your claim within 6 months.
All documents must be completed and submitted to the insurer it takes the insurer about 3 months to complete a valuation of your claim. If your claim is approved yo will only receive payment towards your insured instalments for 6 months.
After the first 6 months have been paid out you will need to prove you are still unemployed/dead/to sick to work in order to receive your last 6 month payout.
The process is slow and it may be complicated at times it is important to act now.
If you are in financial difficulty at this moment this relief may only be able to pay you out in a minimum of 3 months time if you know what you are doing.