Home Mortgage Payment Protection
I have a loan, various bits of credit a few things on finance, and am
shortly about to get a mortgage. I can afford all of the repayments no
problem. The trouble is on all of these I pay some sort of "payment
protection" is there anything out there that combines all of these?
Any comments ???
Why not get rid of the payment protection. It is only really a benefit to
you on a secured loan such as a mortgage - because you can lose your home if
you fail to meet the repayments. if your loans are not secured on your
house, then it is the providers of the finance who lose if you cannot repay
due to illness/ redundancy - why should you pay an insurance premium to
protect their risk - your credit rating is even safe - as long as you agree
to whatever reasonable repayments a court instructs you to make - you hence
cannot get a CCJ and your credit rating is fine. The courts will only make
you pay what you can afford. So you may be paying out £1000 per month on
loans now and able to afford it - if next month your circumstances changed
(job loss) and you could only afford £50, this is all the court would force
you to pay - I have seen people being forced to pay as little as 50p per
week - as long as they do, their is nothing the finance provider can do.