-Mortgage payment protection
-County Court Judgement
-Payment holiday
If you have had a huge amount of mortgage and are unable to pay back on time, there is a risk of losing your collateral. In case of a secured loan, house is used as a collateral. Remember that if you forget to pay up your monthly dues, you may stand to lose your house. Therefore, it is essential to pay off your bills on time. Think of a worse situation, when you may have lost your job, you are sick and bed ridden. How would you make your repayments?
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Simple, you can protect your loan payments in times of redundancy, sickness, accident, loss of job etc. You will not lose your house, if you apply for a payment protection policy. You can either apply for a payment protection with your loan lender or you can apply with another lender. This payment protection insurance, will help you meet up the monthly loan amount. It helps you in a crisis situation, where in you don't have to fear losing your house as you are unable to repay. Your insurance company will pay on your behalf, and helps replace a portion of your income.
Your secured loan is the most important financial commitment to you. This is because your house is used as a security and in case you fail to repay, it will be a disaster if you don't have a protection policy in place. What are you waiting for, if you are applying for a secured loan, do not forget to protect it. Also remember that it is not mandatory to get a protection cover along with your loan. If a lender misleads you that it is part of the loan and you must apply for it, the, be sure he is deceiving you!
The other option to save your house in case of loan defaults is CCJ (County Court Judgement). You can file for County Court Judgement if you want to save your house. The court will set your repayments based on information you provide about your income and spending. You can request for a payment holiday till the date you get another job. No lender will harass you or run any court proceedings against you while you have asked for a payment holiday or file a CCJ. This way you can protect your valuable collateral from being confiscated by the lender.
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