Steady as she goes...Mizmir starts over

mizmir

Hi all

Have spent most of the day going through paperwork - have discovered some unemployment insurance which I suspect is not really worth keeping - especially since they have upped the premium by £35 a month! So going to check the oracle (ie Martin!) and see what advice is. Am hoping that by the end of the night I will have everything in place, know what we paying for what and be able to lay my hands on the appropriate paperwork instantly! well can hope anyway!!

boredofbeingathome

I am totally unorganised with paperwork lately Miz, so can sympathise. Makes you feel good when it is sorted though.

mizmir

Head is spinning on the life assurance, critical illness, income protection possibilities. We have some but it isn't enough I don't think so am looking at trying to cut costs and improve cover at the same time (or at least improve cover without upping costs too much!). Life assurance is fine - but is income protection worth it or are they just going to squirm out of paying anyway??

boredofbeingathome

In all honesty i cut back on a lot of those. Have to say you need to be very wary regarding small print and it gave me a headache too!

taxi73

Oooh that's proper headache stuff...good luck with that.

mizmir

taxi73 wrote: »

Oooh that's proper headache stuff...good luck with that.

Sure is. Am coming round to the idea of boosting the mortgage protection (decreasing cover that would pay off mortgage in event of either of us dying or having specified illnesses) so that it actually covers the mortgage and ditching the income protection (pays monthly amount for 12 months) on the grounds that if the mortgage was paid off we could easily manage on one income - and we both get 6 months full pay and 6 months on half pay if sick - so the 12 month payout wouldn't be when we'd need it. Redundancy is only payable if compulsory - and that is highly unlikely in our jobs even in the current climate. So seems more sensible to focus on paying off mortgage in crisis and not worrying too much about the rest. In the event of both of us being seriously injured and unable to work then I guess we would be able to sell the house within the year (having paid off mortgage) and free some capital.

Is that making sense or am I missing some likely scenario??

taxi73

No .I think you have it covered there Mizmir..that's all we have the decreasing term insurance and I look at it in the exact same way as you.If you have it wrong I do also..lol

strumpet

Hey Miz,

Here I am visiting your new diary!

I'ts SO good to see you back and in such a positive frame of mind! As I said on my diary, You are the person who inspired me to start my own diary (almost a year ago now) and I'll always be grateful to you for that because i now have several really good friends who post regularly and give me helpful advice. They sorted me out and supposrted me when my OH left in May so the power of this forum is very great indeed.

I am very happy you are back and also very happy that you are confronting your debts once again and in a measured manner. I know you've had a few months of difficult times and stuff and it's great to see you putting that behind you and starting off on the DF road again.

Welcome back Miz!!!!

Love Strumps
xxxx

mizmir

strumpet wrote: »

Hey Miz,

Here I am visiting your new diary!

I'ts SO good to see you back and in such a positive frame of mind! As I said on my diary, You are the person who inspired me to start my own diary (almost a year ago now) and I'll always be grateful to you for that because i now have several really good friends who post regularly and give me helpful advice. They sorted me out and supposrted me when my OH left in May so the power of this forum is very great indeed.

I am very happy you are back and also very happy that you are confronting your debts once again and in a measured manner. I know you've had a few months of difficult times and stuff and it's great to see you putting that behind you and starting off on the DF road again.

Welcome back Miz!!!!

Love Strumps
xxxx

Thanks Strumps - you're an :A !

Didn't know about your OH - sorry to hear that - but glad you got support from folk here - they are a very good bunch aren't they?

I need to keep posting here I think to keep things in perspective and keep the motivation going. I give you permission to boot me if I don't!

hypno06

Re the insurance etc, I made sure we have life assurance sufficient to cover all debt/mortgage/a bit extra to keep things ticking along, but we don't have any other sort of income protection etc because it just cost too much out of a budget that couldn't accommodate it.

It has, instead, been one of the motivators behind paying off the debt - we need to be able to manage in a worst case scenario. That would be if one of us lost all our income. Every time a debt is cleared, that is a liability each month we don't have to cover.

Of course, there is a slim chance that one will lose a job and the other will become unable to work through illness or accident, but that is the chance we will take, and it is a calculated risk I suppose.