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Gross Income for MPPI
nappy501
Posts: 133 Forumite
Hi Everyone,
Norwich Union recently contacted me to say my Mortgage payment Protection Pol.icy was increasing to £6.23 per £100 due to the current challenges within the UK economy. Changing my payment from £20 to nearly £25.
I visited iprotect, but I don't think I can take it out.
It says:
The cover amount must not exceed 75% of the gross income amount.
And:
The average of your normal gross monthly earned income (which has been declared to the Inland Revenue).
So I put in my mortgage amount of £354, but my earnings aren't enough. Is it only earnings I can use?
I am part time 18 hours, low paid and the rest of my income is made up of Working Tax credit, Child tax credit, child benefit and child maintenance. Can I not use any other money coming in.
It means the difference between paying £25 and £10.
Regards
Nappy501
Norwich Union recently contacted me to say my Mortgage payment Protection Pol.icy was increasing to £6.23 per £100 due to the current challenges within the UK economy. Changing my payment from £20 to nearly £25.
I visited iprotect, but I don't think I can take it out.
It says:
The cover amount must not exceed 75% of the gross income amount.
And:
The average of your normal gross monthly earned income (which has been declared to the Inland Revenue).
So I put in my mortgage amount of £354, but my earnings aren't enough. Is it only earnings I can use?
I am part time 18 hours, low paid and the rest of my income is made up of Working Tax credit, Child tax credit, child benefit and child maintenance. Can I not use any other money coming in.
It means the difference between paying £25 and £10.
Regards
Nappy501
0
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