Submissions by topics "Should creditors be allowed to require borrowers to have an appropriate insurance policy as part of the credit agreement for the above purposes?"
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No. If suitability and creditworthiness checks are performed adequately by credit providers, for many borrowers, there should be no need for this extra security. The requirement to have an...
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CUMA believes the insurance requirement to be reasonable if justified by the credit risk. While not typically part of loan agreements, products like gadget insurance may become necessary as...
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Yes. Currently borrowers drawing down a mortgage must have mortgage protection insurance as required under Section 126 of the Consumer Credit Act 1997 as amended. Credit Union loans (excluding...
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Yes. This is a useful exemption for lenders, as well as facilitating the provision of credit to consumers.
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On the face of it, we believe the requirement is fair, providing the condition to obtain a policy is reasonable and without such a policy, the proposed loan would be an unacceptable credit risk. ...
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Yes. Insurance requirements such as mortgage protection and building insurance are already in place in Ireland for mortgages. These insurances protect consumers and their families if they pass away...
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