Customer protection plan

[Slamz]

Hi Guys

So the SO is getting retrenched in in March this year and i wanted to know if anyone has any knowledge on how the CPP insurance woks with the banks... eg, we have a car financed with FNB and she has a credit with them also... if i remember correctly, she has that insurance(with the bank) you take out when you apply for these things..

any idea how they work? what process do we follow? do we notify them now or only when it happens?

 

[WAslayer]

any contracts you signed with the banks for credit where customer protection is included, should have details around what this insurance covers.. best is to go to the bank and ask them and probably advise them before hand of retrenchment and what options you have in terms of repayment during the time the SO is unemployed should this insurance not cover retrenchment.. i dont recall any of the customer protection plans i have with my bank and credit covered retrenchment, but i am not with fnb..