Debt Protection is an "umbrella" name for the products called debt cancellation and debt suspension.
When you have debt protection on your loan, you can ask Elements to cancel or suspend all, or part, of your obligation to repay an extension of credit upon the occurrence of a specified event. Events include death, disability, involuntary unemployment, family leave, and hospitalization.
Q: What is Debt Protection? A:Debt Protection helps relieve the financial stress and worry related to making payments when your life takes an unexpected turn. Your loan payment will be cancelled or suspended without penalty, added interest, or being reported as delinquent to the credit bureau should a covered loss occur.
Q: Why do we offer Debt Protection? A:We've designed our Debt Protection program for you because it fits the times. More than ever, we all worry about things that might happen tomorrow. Debt Protection provides an important sense of financial security — letting you worry less and sleep a little better at night.
Q: Do I have to purchase Debt Protection? A: Debt Protection is optional.
Q: Who is eligible for Debt Protection? A: There are eligibility requirements, conditions, and exclusions that apply to this program. For example, persons age 70 and older are not eligible to apply. We can provide you with the Debt Protection Agreement which provides complete details and answers to the most frequently asked questions.
Q: How do I purchase Debt Protection? A: You can apply for Debt Protection during the loan application process. Please ask your loan representative to provide you with the information.
Q: Am I obligated to purchase Debt Protection coverage if I apply? A: You have 30 days to review your plan. If you are not satisfied with the program or your situation changes, you can cancel it at any time by notifying us in writing. If you cancel within the first 30 days, any fees paid will be refunded.
Q: How do I pay for the cost of Debt Protection? A: Your Debt Protection fee is added to your monthly loan payment.
Q: How is the monthly cost calculated? A: Monthly cost is based on your loan type and loan amount. The rate is the same for every person regardless of age.