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Cancelling Mortgage Protection Plan
sstteeww
Posts: 53 Forumite
Hi,
My girlfriend told me that she pays £25/month for a mortgage protection plan.
I think this is a waste of time and I am telling her to cancel it! Can she just call them up and cancel it? Should she expect to pay admin/cancellation fees?
Many thanks
My girlfriend told me that she pays £25/month for a mortgage protection plan.
I think this is a waste of time and I am telling her to cancel it! Can she just call them up and cancel it? Should she expect to pay admin/cancellation fees?
Many thanks
Don't relax! It's only your tension that's holding you together.
0
Comments
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Can she just call them up and cancel it?
yes...Should she expect to pay admin/cancellation fees?
no...I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I trust you will be stumping up if she needs to claim and cant because you have told her to stop her policy........0
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what stupid advice, hopefully your girlfriend has more sense than you do!0
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Hi, thanks for the replies. I was under the impression that MPP's were not really worth it as they would be very difficult to claim on. Looks like I am in the minority and will look into them more. Cheers.Don't relax! It's only your tension that's holding you together.0
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Hi, thanks for the replies. I was under the impression that MPP's were not really worth it as they would be very difficult to claim on. Looks like I am in the minority and will look into them more. Cheers.
Does being under the impression qualify you to give "advice"....Would you like an unqualified person giving advice in the profession you work in?0 -
Death criticall illness and job loss are the 3 main protection areas. Obviously house insurance is a must (contents optional). Every individual is differetn but what would happen if she broke her leg tomo and couldnt work would she still get full pay? How long does full pay last? what if she lost her job in this recession climate, could she afford to pay her mortgage? How safe is her job? Who will be responsible for the mortgage if there is a death (God fobid)? These questions need to be addressed to find out which (if any) are important to you
This is like phone insurance where it doesnt really matter if you take it or not, the implications of not taking it could have a serious implication on the rest of your lives or on the people you love0 -
Rubbish policies are no good. But it depends on a lot so maybe review it. Dont just cancel it. If it includes redundancy at that price it may be good.
Then again redundancy is so low at the mo!!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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