NLIC.org

Bill Said:

mortgage payment protection?

We Answered:

The latest scams......MPPI: Mortgage Payment Protection Insurance.......drop it!!!! It doesn't even kick in right away and there are many exclusions......I'm in the U.S., but it sounds the same....save the 55 per month - you need an emergency fund anyway.....

Julia Said:

Mortgage insurance cover?

We Answered:

you need a seperate income protection insurance to cover you from unemployment or sickness eg broken limbs usually with pinnacle insurance. critical illnes covers you in the eventuallity of cancer or other fatal diseases which will pay off your mortgage. life insurance covers your mortgage on your death.

Terrence Said:

I have personal protection which i thought covered my payments on the loan i have until i was fit to work?

We Answered:

Its such a con !!!!!!!!!!!!!!!!1

Brian Said:

Mortgage worries/redundancy.?

We Answered:

UK reply

Citizens Advice Bureau have fact sheets to allow you to list/assess your finances, and they advise you what Government help is available.

Start with your Building Society and utilities (essentials of life) and tell them immediately. Hopefully if you have good equity in your house the BS will allow you to go to interest payments only.

If you have savings consider paying off the highest rate debts (usually c/cards) or putting a partial lump sum payment in to reduce the total, therefore future interest payments. Remember it is no use keeping your savings if you have debts clocking up 18%/year interest charges!

Assume the worst and start economising HARD AND NOW! You may be lucky and get another job but better to cut back hard immediately!

What can you sell? Ebay can quickly raise a few pounds! Do you have 2 cars?
Cancel Sky/cable.
If contract mobile phone you can't cancel but if pay as you go don't use!
Only heat amount needed in kettle.
No takeaways etc. Cook everything, not prepared meals etc. for example jacket potatoes are very filling and cheap!
Drop Tesco/Sainsbury's etc and go to Aldi (best) Lidl or Netto.
Draughtproof your main living room, You don't need to heat all the house rooms. Cut your energy bills. Layer your clothes for more warmth. Keep curtains shut to retain heat.

Can wife extend her hours while you look after the home?

Do you have "sellable" skills i.e. when I was made redundant I was able to do some decorating/DIY for friends. Do your skills lend themselves to some "black" work?

As long as you haven't run up previous big debts for consumer goodies you should be able to survive OK. If you are deep in debt you need to act quickly before the debtors start making your life hell!

Best of Luck.