Mis-selling of loan protection has occurred in the past and one of the biggest factors that contributed to this is poor information given when the policy was sold. The main culprits have been high street lenders that have poor selling techniques, with little or no training when it comes to selling. While the high street lender can give a good deal on a loan, they cannot give the cheapest quotes for protection. It has been revealed that they make...more
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Mortgage payment cover is still facing many problems and faith badly needs restoring. Mortgage protection is one of a family of protection policies that can be taken out to safeguard against you becoming out of work. If you are incapacitated to the point where you cannot attend work after suffering from an accident or an illness, or if you should become unemployed such as through redundancy, a policy could help.Taking out a protection policy could provide a much needed income that would allow you to continue meeting the commitments of your mortgage. The majority of polices begin to provide benefit after you have been unable to work for between 30 to 90 days. Once the policy holder has started receiving a tax-free income, they then continue to do so for between 12 to 24 months if needed. Mortgage insurance can give security and allow the individual to recover with the knowledge that the roof over their head is safe. This can help to speed up recovery or give peace of mind while looking for a new job. However, you do have to be aware that cover is not suitable for the circumstances of all individuals. Exclusions that are usually included in a policy include being retired,...more
A payment protection policy is taken out by those who have credit repayments to make each month and who wish to protect those repayments. A policy can be taken out to cover against being unable to work if you should have an accident or get ill, or become unemployed through no fault of your own. However, there are certain conditions that could mean...more
Mortgage payment protection cover can be a valuable product to have in your corner if you should find yourself incapable of working. Losing your income through accident, illness or unemployment could leave you struggling when it comes to the financial commitments of your mortgage. However, if you would be eligible to claim against a protection...more
When it comes to buying mortgage protection cover it can still be hard to understand the exact nature of the cover, depending on where you buy your policy. Despite guidelines being set out by the Financial Services Authority many providers are still not giving adequate information at the time of selling the product. This is leaving many consumers unaware of the exclusions that exist in their cover, which can stop them from being eligible to claim.Some of the most frequently seen exclusions include if you only work part time, suffer from a pre-existing medical condition, are self-employed or have retired. However, these exclusions are not cut and dry. For example, if the individual has not had a re-occurrence of the illness within the last two years it could be worthwhile talking out a policy. With these exclusions in mind it is essential that you go over the terms and conditions of any cover you are thinking of taking.When taken out with your circumstances in mind mortgage insurance can give a monthly tax-free income. This money would allow you to continue meeting the repayments of the mortgage without having to worry about where to find the money. If you should become unable to...more
Individuals who rely on State support if they lose their income could be at risk of losing the roof over their heads. While some help towards the interest part of the mortgage can be available, you do have to qualify and having more than £8,000 in...more
When taken out correctly mortgage cover can be a real lifeline if the worst happens and you find yourself unable to work. However, if taken out without considering the terms and conditions and in particular the exclusions, then a policy could be...more
Not understanding loan payment protection is the number one fault associated with mis-selling. Providing cover is suitable then taking out a policy to cover your loan repayments can save you from getting into debt and give you peace of mind and the...more
Author: Arush KeerthiBeing a tenant is considered to be disadvantageous.This is mainly due to the fact that tenants often find it difficult to avail loans.Lenders usually hesitate to approve finance to such borrowers.However,this is no more the...more
Providing you take the time to read the terms and conditions that come with a policy then loan cover can be a valuable asset. It is only when the consumer is ignorant of the exclusions and buys cover that has not been explained fully that problems...more
Payment protection cover has seen many problems over the last few years which have all had a negative effect on the family of payment protection products. One of the many problems associated with policies has been that they are 'pushed' alongside a...more