Nectar recommends you consider a Repayment Waiver to protect against unforeseen circumstances such as disablement, redundancy, serious illness or death. Taking the repayment Waiver is optional.
The Repayment Waiver entitles you to have your loan repayments waived if you become disabled through accident or illness, or are made redundant.
In such cases, your remaining loan repayments will be waived for the duration of the disability, or for up to 6 months for redundancy. In the case of your death or permanent disablement all remaining loan repayments will be waived.
The Repayment Waiver may be offered during the loan application process and Nectar will assess if a Repayment Waiver is suitable for you. You may elect to pay for the fee for the Repayment Waiver upfront or, if you wish, have it added onto your loan amount.
A copy of the Repayment Waiver wording can be found by clicking here.