Payment protection insurance for renters
April 23 2010
We hear a lot about mortgage insurance related cover. Articles abound about providing protection for homes so people can keep up their mortgages. However we hear little about renters and as any renter will tell you, they wish to protect the roof over their heads as much as mortgage holders. Some renters are paying the mortgage holder half the mortgage amount but they don’t enjoy the same protection as the mortgage holder. Renters cannot obtain mortgage payment protection insurance because they are not mentioned on the mortgage deeds.
The alternative to mortgage insurance is income payment protection insurance. With income protection it doesn’t matter that the renter doesn’t have a mortgage. The insurance is not tied to any mortgage or any loan, it is simply based on the income of the worker. Renters in work therefore have the option to take income protection and assuming they qualify, renters can cover hundreds of pounds a month paid personally into their bank accounts to use as they see fit. Should unemployment hit them, renters can potentially afford to keep up rental payments and keep their rented home over their heads.
The Recession is affecting even the household pet!
September 9 2009
The Recession is affecting man’s best friend As redundancy takes hold it’s not just people who are suffering
The Blue Cross animal adoption centres took in 5.500 unwanted domestic pets and horses. Latest reports would suggest that record numbers of household pets are being abandoned or handed into animal charities are the recession makes it harder for people to afford them who are already struggling financially.
The abandonment is primarily due to lack of funds but can also be caused when homes are repossessed and the owner can no longer care for the animal.
The Blue Cross have stated that the demand for re-homing and veterinary costs have increased considerably during 2008 and they would expect that to be higher during the year.
MPPI is proving popular amongst the young
September 9 2009
A research by LV has shown that 43% of under 35’s have taken out Mortgage Payment Protection when the average across all age groups is only 37%. This is an encouraging sign that young people are aware of the need to protect the breadwinners income.
It also found that 74% of under 35’s imagine they would own their own house irrespective of the problems in the housing market.
Borrowers encouraged to shop around for PPI
September 9 2009
The Times Online has reported that a Competition Commission investigation into the sale of Mortgage and Loan Payment Protection has concluded that the cover should not be sold to customers within seven days of their application for a mortgage, loan or credit card.
This investigation, it is hoped, would encourage those who want a mortgage to shop around with other providers before taking the, sometimes quite expensive, PPI that may be attached to their mortgage or loan. The lack of choice often forces people to take this cover from their provider.
7 people a day losing jobs outside of financial sector
September 9 2009
The Edinburgh Evening News has reported that 7 people not employed within the city’s main financial sector industry are losing their jobs everyday.
In the eight months to June a total of 6,821 redundancies were announced by Edinburgh based firms. The finance and insurance sector accounted for £5000 of the job losses (mainly through the Royal Bank of Scotland) but this left a further 1.821 within the manufacturing, retail and transport industries.
Whilst it was anticipated the financial sector would take heavy job losses the scale of the other affected areas has been disappointing.
Across Scotland there was 30.127 redundancies in the eight months to 5th June, with 22.6% of those down to Edinburgh and Lothians based firms.
Banks Increase loan rates to 12%
September 9 2009
New research from Moneynet.co.uk has shown that the loan rate from banks has risen from 8.71% to 12.27% in the past five years whilst the base rate has dropped to its lowest ever recorded level.
