If a Payment Protect waiver application is approved, you will no longer owe the monthly loan repayments that are waived.

The number of payments waived depends on your level of cover and the nature of the event.

Harmoney will not charge overdue fees on waived repayments, refer them to a collections agency, take any court action to recover them, or report them as overdue to a credit reporting agency.   

Any repayments due after a covered event has occurred, but before you have notified us in writing, do not qualify for a Payment Protect waiver.  In cases of disability for which a 14-day stand-down period applies, only repayments that fall due 14 days after we have received written notice of the event, will be waived.

For example, if you fell ill on the 10th of the month the first repayment that could be waived after the 14-day stand-down period has finished is a repayment due  on or after the 24th of the month.

You are required to notify Harmoney of a disability, redundancy or terminal illness event within 60 days. There is no time requirement for notice of death.

Once Harmoney has been notified of an event, including death, all required information and documentation must be supplied within 30 days.

However, it is in your interests to notify us as soon as possible when an event occurs for which you have Payment Protect cover. This means your waiver can be assessed and, if approved, applied as soon as possible.