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LOW UNEMPLOYMENT CALLS FOR FLEXIBILITY, NOT SUFFERING
Employers in many areas are finding applicant pools sparsely populated if not completely void of the most desirable candidates because of record low unemployment. Plans for growth should include flexibility, not suffering. Unfortunately, many...
Secured loans for unemployed - tone down the bitterness of unemployment
Can ones home be of any extra importance for the unemployed
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unemployed people makes one think on these lines. The present
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Unemployment Blues: Are We Pre-Programmed To Be Productive?
Toiling away at our daily grind, we dream of running away to
Hawaii or the South Pacific where we can lie on the beach and do
absolutely nothing.
Some of us are lucky enough to take a vacation there and
temporarily cut ourselves off...
Unemployment Blues: Take Back Control
One of the most emotionally crippling aspects of unemployment is the sense of powerlessness it engenders. Job layoff triggers financial pressures, emotional distress, family turmoil, and dashed career hopes. It is forced on us by unrelenting fate,...
Unemployment Iraqi Style
Let's put it all into perspective: the U.S. has an unemployment rate hovering at just above the 5% level (although much higher in ethnic populations). Iraq has an unemployment rate in the 75% range. How on earth do they live? We are all aware of...
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Don't Let an Illness or Unemployment Cost You Your Home
As a nation of homeowners, we are particularly vulnerable to the
effects that accident, sickness, or unemployment could have on
our ability to meet our monthly mortgage repayments.
In view of this, it is quite alarming to note that of the 11
million mortgage borrowers in the UK, only 20% currently have any
form of independent insurance to protect their mortgage
repayments in the event of accident, sickness, or unemployment.
A large number of borrowers wrongly assume that State Benefit
will protect their mortgage repayments if they are off work sick
or lose their jobs. But in actual fact, only 30% of people who
put in a claim for State Benefit in respect of their mortgage
repayments receive any help. This is because: - If you took out
your mortgage on or after 1 October 1995 you will not receive any
State Benefit for the first nine months of sickness or
unemployment.
- If you took out your mortgage before 1 October 1995 you will
not receive any State benefit for the first two months. After
that, you will, subject to eligibility, receive 50% of the full
entitlement for the next four months.
- If you and/or your partner have more than £8,000 in savings,
you will not receive any State benefit. Restrictions also apply
if you have more than £3,000 in savings.
- If your partner works for more than 16 hours a week, you will
not be entitled to State Benefit.
Even for those who are entitled to State Benefit, this assistance
only applies to the interest element of your mortgage repayments.
Any capital repayments or any premiums for associated life
cover/savings vehicles are not covered.
If you fall behind with your mortgage repayments and cannot repay
the debt, you could end up losing your home. That's why the
Council of Mortgage Lenders encourages all mortgage borrowers to
consider taking out mortgage payment protection insurance - also
known as accident, sickness and unemployment (ASU) cover.
This type of protection will help you to cover your mortgage
repayments and any associated insurance premiums for up to a year
if you are unable to work due to unemployment, accident, or
sickness.
- You choose the amount of cover you need per month
- You choose the type and level of cover required
- You choose how long you want to wait before claims are paid
- You pay a low monthly premium
- The policy pays a fixed monthly benefit for up to 12 months if
you are unable to work due to accident, sickness, or
unemployment.
You will normally be able to make a claim if:
- you have lost your job in circumstances beyond your control -
e.g. redundancy - and are registered as unemployed, or
- you are unable to work due to a disability/illness and you are
under the regular care of a doctor or consultant.
For more information on protecting your mortgage repayments, visit
the UK Mortgages & Remortgages website.
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Copyright 2004 David Miles. You are welcome to reproduce this article on your website, so long as it is published "as is" (unedited) and with the author's bio paragraph (resource box) and copyright information included. In addition, all links to external websites must be left in place.
About the Author
David Miles is the editor of a number of websites offering information on UK mortgages and remortgages, including:
Clean Slate Mortgages
London Remortgages
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