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Debts and limited working due to potential illness
Hi
I have a family member who has a number of loans on credit/store cards, and who has a mortgage of 8 years left. The additional problem is that this person is self employed in a physical job and is very unsure as to how long he will be able to continue working.
His plan is to combine all credit card/store card loans with Capital One. From what I can see, his main reason for this is as they will also offer him critical illness cover should he not be able to pay the debts.
Whereas this sounds like a step in the right direction, Im not convinved this is the right way to go and that he has looked into this properly.
Could anyone help with a better solution. Is a credit card company the best way to go on this?
Thanks
I have a family member who has a number of loans on credit/store cards, and who has a mortgage of 8 years left. The additional problem is that this person is self employed in a physical job and is very unsure as to how long he will be able to continue working.
His plan is to combine all credit card/store card loans with Capital One. From what I can see, his main reason for this is as they will also offer him critical illness cover should he not be able to pay the debts.
Whereas this sounds like a step in the right direction, Im not convinved this is the right way to go and that he has looked into this properly.
Could anyone help with a better solution. Is a credit card company the best way to go on this?
Thanks
0
Comments
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No!
If Capital One get a whiff of a pre condition they will not pay out (or any other insurer for that matter).
They will ask to see his doctor's notes.0 -
Read the T&Cs carefully.... 99% of policies do have an exclusion for pre-existing conditions but there are a few that dont.
Does he not have PPI on the current borrowing? Or did he do the MSE thing of cancelling them all
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