The Legal Stuff

Saving with your Credit Union really does add up with our unique Life Savings Cover. Provided at no cost to you, Life Savings Cover will match the first £1000 of your total deposits with us providing your loved ones some additional financial comfort up to the age of 65.

Please note withdrawals made on or after your 65th Birthday may affect the benefit received from a life savings protection claim. The insured amount is calculated by taking the lowest balance between age 65 and the date of death.

We have provided some examples to help explain the benefit cover:

EXAMPLE 1 – Jean has saved £1,500 before age 65 before passing away age 77 with a balance of £3,500.

Jean did not withdraw any savings during this period.

Jean’s lowest balance during the period after her 65th Birthday would have been £1,500 and the insured benefit would be the maximum £1,000.

EXAMPLE 2 – Stanley has also saved £1,500 before age 65 before passing away aged 75 with a balance of £5,000.

Stanley made a withdrawal at age 66 which reduced his balance to £500.

Stanley’s lowest balance during the period between his 65th Birthday and the date he passed away was £500, therefore the insured benefit would be £500.

As a responsible lender we take great care to make sure that you can afford to repay any loan we grant. But what if the worst happens and you are no longer around to make the payments?

All our loans come with Loan Protection Cover as standard up to the age of 75 and includes cover on Pre-Existing Conditions. Provided by our trusted insurance partner CUNA Mutual who offer insurance products exclusively to Credit Unions, Loan Protection Cover is provided at no cost to you, saving you money and giving you the peace of mind that you’re not leaving a financial burden on your family.

For full details on our Loan Protection Cover please click here.

The Scottish Police Credit Union Limited (SPCU) launched the first payment waiver protected loans in Scotland with ethical insurers CUNA Mutual.

Designed to protect our borrowers when they need it most, Payment Waiver is available on all of our loans approved since 14th January 2014.

In addition to these loans, members who have a Budget Booster or Pre-Retirement Loan approved after 14th January 2014 will also benefit from payment waiver cover. Please note however that in the case of the Pre-retirement Loan, the cover is for the monthly interest only payments and does not extend to the final lump sum payment due at the end of the loan term.

Unlike most loan protection plans, we don’t charge you extra for this benefit. It’s built right into your loan because we believe in supporting our members.

If you’re unable to work for an extended period due to illness or accident and have a loan with us, contact the office right away. We’ll then be able to help you make a claim that could cover your loan payments for up to 18 months. If your claim is successful, your loan repayments will be covered, however this does not cover the first 4 months of sickness.

This means your regular payment will go back into your monthly wage, your credit score is not affected, and your loan balance will continue to reduce while you are off sick.

Payment Waiver claims CAN be backdated, so if you have previously been off from work due to illness or an accident since the 14th of January 2014, please contact the office!

*Terms & Conditions apply. Additional information and documentation may be requested in support of any claim made.

For full details on our Payment Waiver please click here. 

The Financial Services Compensation Scheme (FSCS) protects all eligible deposits with the Credit Union up to a total of £85,000 per individual and ensures that should the Scottish Police Credit Union be unable to meet its financial obligations your savings are protected.

More information on the services provided by FSCS can be found here: https://www.fscs.org.uk/what-we-cover/credit-unions/