Wordpress 2.5 Test Site

The current growth of UK debt is ?1million every 8 minutes and we all contribute a Stonking ?263 million in interest a day. There is currently 27.4million credit cards transactions made a day with a total value of ?1.56billion. The total credit card debt in the UK for September 2008 was ?55.7 billion and the average adult in the UK has approximately 4 credit cards, store cards and debit cards.

It is little wonder that we are all looking for the ?secrets to paying off our credit card debts.? We make our monthly payment and then find that we paid more in interest than the amount that was reduced off our outstanding balance. Frightening isn?t it!

When you look closely at your credit card statement you will see that the interest rates are somewhere between 0% and 27% per year depending on the provider. The average card is generally around the 17% +/-mark.

The secrets to paying off your credit card debts are:-

1. Credit card consolidation is the solution of last resort unless it is the only option available to you due to the lack of your disposable income.

2. Shop around for a credit card provider who offers a 0% credit card deal for the longest period of time. The normal offer is for 9 months or 12 months. Check the providers transfer fees for moving your balance to them and see if you can find a provider with either a lower fee or even better no transfer fee. Make sure that you move the balance to another card at the end of the 0% deal. If you don?t then you will certainly go on their worst interest rate deal. Don?t try and arrange too many 0% deals in the same month as you could find yourself being turned down. Just move one or two cards every other month.

3. It is also worth considering a credit card with a low interest rate for the term of the balance. But don?t spend any money on it as the interest rate for new purchases will be exorbitantly higher.

4. If you are paying any Payment protection Insurance then you must see if you can find a cheaper policy to cover all your outstanding cards elsewhere. You should cover yourself for accident, sickness and redundancy with the same cover or better. Then cancel the credit card protection insurance from your credit card.

5. Move all of your credit card balances to better interest rate deals. Make sure that you move all you highest interest rates onto the lowest interest rate deals first.

6. Don?t forget you can always ring up your credit card provider and ask what deals they have. It might be a better deal then you are currently on and any deal that is lower than you are paying now is better.

7. Now you have rearranged your credit cards you should start paying as much as you can comfortably afford off the highest interest rate cards first and the minimum allowed off the interest only cards. Get the highest interest rate cards down as quick as you can. Keep moving those cards to the next best interest rate deal as soon as the last deal finishes until all your credit cards have a ZERO balance.

8. Once you have cleared a credit card balance completely then cancel the card and move the money you were spending on the card you cancelled to the next card and watch as your balances just fall away.

9. Start using your debit cards instead of your credit cards and you will find that this will curb your passion to spend on plastic. You will go overdrawn in your bank account if you have not got enough money to cover your purchases. The bank will charge you an overdrawn charge of around ?20 to ?37 and you will quickly realise that you can only spend what you can afford.

10. When you have a Zero balance and one credit card left you need to reward yourself you have earned it! What a Result! Congratulations

Now that you are debt free and in control of your finances you may like to try this. You have now qualified as a Master Credit Card Tart. Apply for a 0% credit card. Then withdraw the full amount of credit they have given you and buy National Premium Bonds. Pay the minimum monthly payment allowed. At the end of the 0% deal move the balance to the next 0% deal and so on. Here is the best bit it will never cost you anything and all the winnings are tax-free and all yours courteous of the credit card company. You may just be one of the two lucky ?1million Winners that they announce each month. What a flexible friend you now have!

The eleventh secret is you could contact Finance Claims Checker and let them see if your credit card agreements are invalid and unenforceable in law. If they are then they may be able to have your credit card balances written off using their solicitors and the legal loopholes in the Consumer Credit Act 1974.

Contributing author Mark Aucamp has been providing Talk Money Blog with regular posts and comments. Mark is recognised as an authority in the field of Debt Management and the Remortgage market; he has extensive experience in providing Advice & Solutions. Mark is the Editor of Talk Money Blog: - http://talkmoneyblog.co.uk

Recent research has found that Green Car Insurance policies cost almost 100 per cent more than the regular insurance covers. Price comparison websites on the Internet warn drivers who want to go green that clearing of their carbon emissions is going to cost them more.

Thus, although going for ?green? insurance options is admirable, car owners and drivers are advised to weigh the pros and cons before finalising their car insurance policies. They should clearly judge whether a Green Car Insurance policy would be a good idea for them.

The insurance industry can soon experience a boom in the sector of Green Car Insurance. Many car insurance providers have introduced exclusive packages that target the ?green? section of customers, or the ?green market?. This market consists of car owners and drivers who want to have ?environment-friendly? insurance policies for their vehicles.

The majority of the ?green? insurance providers design carbon-offsetting schemes. Such a scheme can intend to contribute a percentage of the insurance premium to projects dedicated to carbon offsetting. Generally, Green Car Insurance companies offset the overall carbon emissions of a vehicle.

Carbon offsetting schemes may vary from one insurance provider to another. For some, it could mean the planting of trees or promoting recycling, or being involved in other environment friendly projects. Others may decide to get every form of energy they need solely from renewable sources, or reduce their consumption of paper, cones and water cups. Many green car insurance companies contribute a certain percentage of their annual profits to environment friendly causes. Some offer ?green? incentives like recycling a car if it has almost become scrap, and using recycled motor parts, wherever possible, for repairs and replacements.

Some car insurance providers offer lower premiums to owners of green cars. This is due to a common notion among insurers that owners and drivers of green cars are more responsible towards environment and hence are lesser risks to the insurer.

Should you go for Green Car Insurance policies?

A Green Car Insurance policy is an ideal opportunity to contribute towards environmental causes. But, it goes without saying, that these policies are costlier.

Instead of going for a Green Car Insurance policy, you can choose the cheapest car insurance option that will do just enough to provide your car with the cover you want for it. Then you can contribute the money you save on your insurance premium to a green cause that pertains to your ideals. This will bring more satisfaction to you as you get to choose where the money goes and how it gets used. But only a disciplined individual with a lot of restraint can use his saving for environmental causes.

Motorists can take care of the environment in various ways. But they often remain oblivious of the pathetic realities of the environment and thus fail to do their bit. Opting for a Green Car Insurance policy is a simple act that will only require them to pay some extra cash towards the upkeep of the planet earth. But as long as Green Car Insurance policies remain just an option, the objective will be only partially served.

eGreen Insurance provide green car insurance policies that have a substantial role in keeping our environment clean and green.

For people who own businesses or for people who like keeping a number of vehicles, fleet insurance is an option that must be considered. If you have four vehicles or more (for business or personal use) you can opt for fleet insurance. Fleet insurance covers all your vehicles under one single policy. There are several benefits in choosing fleet insurance over other forms of insurances for automobiles. Though fleet insurance is largely used by organisations which have large number of vehicles, individuals owning many vehicles see this as a viable option too.

One of the biggest advantages of opting for fleet insurance is that you have one single policy that covers all your vehicles. You therefore do not have to worry about keeping track of individual vehicle policies (in terms of having them renewed, etc.), and in case of any eventuality it is the one policy you have to refer to. Within a business, if you have different vehicles used for different purposes (vans used for transporting goods and cars to ferry employees), you could still have them grouped under one single fleet insurance policy.

Also, claims made under a fleet insurance policy are known to be handled more efficiently and smoothly as compared to claims filed under other vehicle insurance types. Some organisations tend to opt for insurance bonds to take care of their insurance needs. This is very often more expensive, and can pose a problem if specific insurance types (like van insurance) are not handled by the insurance. Fleet insurance, in cases like these, can do with minimal administration in avoiding stressful situations.

Different insurance companies do have different sets of outlines for the requirements of fleet insurance, but some factors do remain the same for when these companies consider providing fleet insurance.

One of the foremost things an insurance company would want to know is the number of vehicles and the purpose for which they are being used. Quotes will vary depending on the type of vehicles. Generally, in fleet insurance, getting five vehicles of the same type insured would cost different than getting five different types of vehicles insured. The vehicles? estimated mileage and age would also be factors in deciding how much the fleet insurance would cost.

Factors such as the experience and history of the driver will also be taken into consideration before the final quote for the fleet insurance policy is made. In any scenario though, this would turn out to be considerably cheaper than opting for individual insurance policies.

If, for some reason, an individual cannot be covered by an individual policy, he/she could be eligible to opt for fleet insurance as far as the prerequisite conditions are met. This will not only help them get insurance coverage for the moment, but also help with getting individual coverage in the future, by helping make amends to their history.

In cases where businesses need policies for goods that need to be transported in vehicles, there are fleet insurance policies to take care of same.

Businesses and individuals are increasingly looking at fleet insurance as an option, and it is definitely not without reason.

Staveley Head provides fleet insurance for personal or business requirements to those who need insurance and coverage on several vehicles at a time.

In recent times, a courier business is looked upon as a very lucrative trade prospect. Almost every other business requires a courier service to deliver important documents across the lengths and breadths of the country or continents. It is here where courier insurance comes into picture. This insurance is provided only to those who drive their individual vehicles to deliver the urgent parcels. It does not matter whether the person is making deliveries for different companies at the same time or under contract to one employer, it is extremely vital to be covered by the right insurance cover.

By now, you must be well aware of the fact that courier insurance is much different from the insurance coverage of normal vehicles. The people serving the insurance companies are entrusted with the responsibility of despatching the goods to their proper destination, and hence it becomes essential to hold the right kind of cover for the vehicles that these people own.

When you will set out to find a courier insurance cover for yourself, you will be surprised by the plethora of options available in the insurance market. It will be your call to decide upon the right kind of cover, which in turn will ensure protection of other people?s goods. Also if you are looking to insure all the vehicles that you use in your courier business, then fleet insurance will probably be the best option for you.

After choosing the right insurance cover, you will need to know what exactly will be covered within your courier insurance package. In most cases, it wholly depends on the insurance cover that you have opted for. Mostly people opt for Haulage cover or Hire and Reward cover. Some even opt for third party cover and comprehensive cover. It all depends on the individual needs and requirements. Then again, one thing must be borne in mind: the insurance companies will not be responsible for the protection of your personal goods. In case you want to protect your personal belongings, you must opt for Goods in Transit insurance cover.

If you have already started searching for the right insurance cover, by now you will have realised how difficult it is to find affordable courier insurance. Either the insurance company will show the least amount of concern, or charge a premium which is simply unreasonable. The other reason as to why the insurance companies show a good deal of hesitation in offering courier insurance is because couriers are solely responsible for the third parties.

If you are still unable to find yourself the right kind of insurance cover, search online. There are a host of insurance companies who advertise their policies on the Net. They even welcome start-up companies and consider couriers with a poor driving history. Regarding the formalities after choosing the right insurance cover is also very important. If you are unable to comprehend any clause in the package, you must at once consult with your agent and then proceed with the remaining formalities.

Having the right courier insurance for your courier business ensures you a healthy return for times to come.

Staveley Head provides courier insurance for courier businesses interested in obtaining coverage for incidents such as damaged packages, road accidents and other extreme situations.

we can sure draw some analogies.

Reflecting on the United States economy and the economic woes reported from the rest of the world?s financial systems these past few weeks, we have noticed a possible correlation to the childhood fairy tale ?Chicken Little.?

You probably recall from this old English folk tale that a tiny little chicken called Chicken Little felt a rose leaf fall on her tail one day and immediately ran in great fright crying ?the sky is falling!?

First one she told was Henny Penny who joined her in spreading the message. On their way to tell the king, they met Ducky Lucky who joined their chorus. Then Goosey Loosey and Turkey Lurkey also voted for the tale.

Did we say ?voted?? Well, they joined the parade of characters till they all met Foxy Loxy who lured them into his den by promising to tell them where the king lives.

The story goes that Foxy Loxy led them into his den and they never came out again.

You can draw your own conclusions about what happened to Chicken Little, Henny Penny, Ducky Lucky, Goosey Loosey, and Turkey Lurkey, but you can be sure that the foxy one came out of that deal okay.

Now there are those who predict that our economy will never emerge from the den it?s in, but that?s not our area of expertise, so we won?t speculate here. Our business is running a business and we plan to keep doing just that.

We believe in persistence and hard work. Those whose wares we represent have their hopes tied into the products we represent. We don?t? plan to let them down. We plan to be here; to keep on working and hopefully only paying our fair share to the common good in order to remain in business.

We hope to pass along many good deals to you in the coming months. We don?t expect to ever be a Wall Street presence; we are what has come to be called a Main Street business.

We are drowning out those who are trying to spread the message that the rose that fell on Wall Street was actually a thorny stem or the whole bush. We know based on history that some people will come out of this slumping economy smelling like a rose.

We know that some people are simply going to see and seize opportunity out of this turmoil and disruption. Some people are not going to fare so well and are going to need assistance. We support many organizations trying to provide that help.

In some respects poverty and unemployment are big business. Like a friend of mine said after being unemployed for four months a few years ago, ?if it weren?t for unemployment, a lot of people would sure be out of work.?

Think about it. The unemployment system here in the United States is huge. We hope our customers don?t have to file to collect, but if you do, you will encounter counselors, clerks, and a cast of helpers that include those who actually keep the records and generate the checks to say nothing of the landlords collecting rent for the space these agencies use. If someone wasn?t unemployed, those people surely would be. Even our culture of helping those with less actually employs lots of people to distribute money, food, shelter, clothing, and other things of need.

We can?t predict where the large-scale economy is going, but we do believe that it will keep going and those who don?t give up on it will be a big part of its recovery.

We plan to be just as ?foxy? as we can be to lure you into our den and connect you with some of the finest products from around the world. We can assure you that you?ll come out okay.

Please Reply and Share with us at: http://i-shoptheworld.com/2008/10/29/this-economy-is-no-fairy-tale-but/ all Your thoughts, Comments, etc. on any/all of the following related to the current Economic situation and How we may All work Together to Improve our World Economy for Everyone?s Mutual Benefits! :), namely:

- Do You really think the economy is as bad as the news media has been portraying it?

or ?

- Do you think this is all just a fairy story they/the media have concocted, just like Chicken Little, to convince everyone that the ?sky is falling??

and if so ?

Why?

- Do You think the media telling everyone the economy is bad, just like Chicken Little, is creating a ?self fulfilling prophecy? and making the economy worse than it is really otherwise?

- Is the economy in Your country ?better? or ?worse? than as reported by the news media in the United States?

- How has any of this affected your personal finances and/or family finances thus far?

- What are You doing Now to prevent the reported economic situation from (further) affecting Your personal finances and/or family finances?

- What do You think can and/or should be done to improve the Global Economy?

? And Who should be doing these things to improve the Global Economy?

- What may we All do to work Together to Improve our World Economy?

for Everyone?s Mutual Benefits!

We look forward to hearing All of Your thoughts, Comments, etc. on any/all of these topics related to the current Economic situation and How we may All work Together to Improve our World Economy for Everyone?s Mutual Benefits!

Michael S. DeVries is the Founder of I-ShopTheWorld.com (http://www.I-ShopTheWorld.com ) - where You may Save Money on Unique Native Products Direct to You from All over the World! and a Principal of The Virtual Consulting Firm (http://www.TheVCF.com).

Over the decades, well meaning but often misinformed persons have decried what they have called “the high cost of weekly premium industrial insurance.? Any offhand comparison with the cost of ordinary insurance or cheap homeowner insurance (http://cheap-insurance-rates.com/home/) would be, of course, to the disadvantage of industrial.

There can be no escape from higher costs in view of the nature of the business. Three factors determine the cost of life insurance, whether it is ordinary or industrial?mortality, operating expense, and the interest earned on the invested funds of the company.

Of these, the first two operated to make industrial insurance cost more than ordinary. Because it was sold chiefly to the families of working men, industrial insurance had to provide for the higher mortality prevailing among this group. Despite marked improvement in the years following, the death rate of industrial policyholders still showed an excess of about 20% as compared with the holders of standard ordinary policies.

The second item, operating expense, was higher in the case of industrial insurance, not only because of the small units in which these policies were issued but also because it had to cover the cost of the additional services which industrial policyholders received.

The premiums were received in the homes weekly, and the agent often would have to call more than once to find the policyholder at home and in funds. His time was at the disposal of the people on his debit, and the policyholder was saved the trouble and expense of having to pay at the office of the company. The services of the agent had to be paid for, and they were well worth what they cost. No wonder that the operating cost of weekly premium insurance was higher than that of ordinary.

Nevertheless, progress was made consistently to reduce the difference between the cost of industrial and ordinary life insurance (http://cheap-insurance-rates.com/life/), and this reduction was in large measure the result of definite planning and conscious effort. Death rates of policyholders continued to decline throughout almost the entire span of life. At the younger ages they finally reached about one fifth of the former levels.

The company?s broad program of welfare activities, including its extensive nursing service, undoubtedly reflected favorably on the longevity of the industrial policyholders. More and more their life expectation has come into line with that of the population as a whole. There was still a sizable difference, however, in favor of the ordinary policyholders.

Better management also reduced the expense ratio of the business. The employment of better qualified agents, their greater stability, the improved persistency of policies, the better control of details of the business, the new devices of recordkeeping, the extension of insurance without medical examination?all helped to bring the expense ratio down, although the services given were greatly extended.

In fact, the proportion of the industrial premium devoted to expenses at that point was only about one half what it was about 50 years before, and is smaller than that required by the majority of purely ordinary companies for conducting their business.

Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in finance, business, and life insurance. For cheap homeowner insurance, please visit http://cheap-insurance-rates.com/.

Two further developments helped to reduce the cost of industrial insurance in the twentieth century. As early as 1911 the company inaugurated a plan whereby industrial policyholders willing to pay weekly premiums directly and continuously to the home office or to a district office would receive a refund of 10% of the premiums. The following year this provision was included in the policy and became a contractual right of the insured. The Metropolitan was the first company to grant this allowance.

Large numbers of policyholders have taken advantage of this provision; in fact, more than 30% of the weekly premiums in force are now paid directly to the company, without collection commissions to agents; and the amount returned to policyholders in 1942 for such direct payment was about $7,700,000.

It is interesting to note that almost 30 years after this practice was adopted by the Metropolitan, it became a statutory requirement for companies in New York State, illustrating once again how the company?s voluntary provisions for the benefit of policyholders have later become part of the insurance law, whether it be life insurance or cheap auto insurance (http://cheap-insurance-rates.com/auto/).

The second development was the introduction in 1927 of industrial insurance on the monthly premium plan. This form of insurance was designed primarily to meet the requirements of men and women who could afford to buy policies for between $500 and $800 and to pay their premiums monthly. In the main, the monthly premium Industrial policy was intended for better circumstanced wage earning families. In recent years this type of insurance has also been made available in smaller amounts and on the lives of children.

The monthly premium policies are similar in their provisions to the weekly contracts. From its very inception this insurance has been participating and has had the benefit of the company?s nursing service. Yet current rates for monthly premium insurance are 12% lower than on corresponding rates for weekly premium policies.

In fact, Metropolitan monthly premium industrial insurance compares very favorably in cost with ordinary insurance in many other companies. It is not surprising, therefore, that its growth has been phenomenal. At the end of 1942 there were nearly 3,000,000 monthly industrial policies on the books for a total amount of insurance of nearly $1,400,000,000. In the following years an increasing proportion of the company?s industrial business was on the monthly plan.

We may conclude this section on cost by referring to a report made in 1938 by the insurance department of the State of New York, after an intensive study made of Metropolitan industrial insurance. The State Examiners concluded that the net cost of weekly premium industrial insurance exceeds the cost of comparable substandard ordinary insurance, and even private health insurance (http://cheap-insurance-rates.com/health/), on the average, by only approximately 15% of the industrial gross premium.

The report pointed out that this figure may be further reduced to about 5% if premiums are paid to a district office under the privilege of the 10% refund. The examiners of the state insurance department, after 18 months of study, reached the conclusion that “these costs are not excessive in view of the service rendered.” Their conclusions were reaffirmed as the result of a later examination.

Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in finance, business, and private health insurance. For cheap auto insurance quotes, please visit http://cheap-insurance-rates.com/.

If you are a homeowner with a mortgage to pay, then if you haven?t got it already, mortgage payment insurance is certainly something you may wish to consider. You may just think that it is another added and unnecessary expense to add to your list of household commitments, but it can, in times of financial distress such as unemployment or incapacity, literally save the roof over your head.

Mortgage payment protection insurance ? to give its full title, or MPPI for short ? helps you to maintain your mortgage repayments in the event that you lose your income though no fault of your own. By this it means such things as involuntary redundancy; recovering from an accident or a prolonged illness, all things that could see you without an income.

How does mortgage payment insurance work?

If you have this form of payment protection insurance, should you lose your job to involuntary redundancy or become unable to work due to illness, the policy will pay you a monthly tax free benefit that can be used towards maintaining your monthly mortgage repayments as well as other mortgage related costs such as home insurance.

The benefit will usually kick in anywhere from 30 to 90 days after the covered event happens, subject to the individual policy?s terms and conditions. Some providers will allow you to claim just 30 days after you become unable to work and will back date your claim to the first day of incapacity or unemployment, meaning that you get the full benefit of the cover.

You will then continue to receive this benefit typically for up to 12-24 months, again, depending on the individual policy terms and conditions ? or when you get back to work, whichever happens sooner.

How much can I claim?

The amount of benefit you will receive will be agreed at the time of taking out the insurance and will be subject to the provider?s own limits, but you can typically insure around 75% of your gross monthly earned income (or up to ?3,000). The insured amount will include your monthly mortgage repayment as well as insurance premiums for things such as home, life and critical illness insurance. Some insurers will also allow you to include an amount to cover other household related expenses such as utilities and council tax.

Of course, as when buying any type of financial product, it is important that you fully understand what the insurance entails, so never just skip over the terms and conditions ? make sure that the protection offers you the cover you need. This includes the ?exclusions? section too of the policy. Do check that you would be eligible to claim on your mortgage payment insurance policy as things like a pre-existing medical condition, or being a part time worker, or retired, would generally be excluded from the cover.

Shop around

One final point to note is that you are free to shop around for your mortgage payment cover. Despite what your mortgage lender may imply, you do not have to take their policy at the time of arranging your mortgage. And if you already have an existing policy, you can switch to another provider.

Do some homework when looking for your insurance, particularly focusing on the independent providers of the product who are, historically, cheaper than their high street counterparts. Mortgage payment insurance can be an invaluable product to have, but you should not have to pay over the odds for it in order to get the peace of mind it gives.

Sean Horton is a Director of Enhanced Wealth who offer competitive mortgage insurance cover for mortgage repayment insurance and mortgage payment insurance

With 2008 becoming the year of the ?credit crunch? and literally hundreds of thousands of people in the UK subsequently losing their jobs to redundancy, mortgage unemployment insurance is something that anyone who has a mortgage must have least considered.

And even in times when the economy is stable, redundancy is still a very real threat, so the idea of still being able to continue maintaining your mortgage repayments, even though you have lost your income due to involuntary redundancy, is invaluable. And, quite simply, this is what mortgage unemployment insurance does.

Should you be made unemployed through no fault of your own (and this does not mean should you get fired or dismissed due to misconduct or you elect to take voluntary redundancy) then the mortgage unemployment insurance - also known as mortgage payment protection insurance, or MPPI - will start to pay a tax free benefit. This monthly benefit can be used towards meeting your mortgage commitment every month as well as related costs such as life, critical illness and home insurance premiums, up to a provider?s set limits.

By having this benefit, you will be able to still service your mortgage debt and not worry about getting in to arrears or even, in the worst case scenario, having your home repossessed. At a stressful time, having at least some of the financial worry taken away will mean you can focus on getting alternative employment and not be under pressure worrying how to pay your mortgage.

A typical mortgage unemployment insurance policy will start to provide an income from 30 to 90 days after you are made unemployed. This varies on the individual policy terms and conditions, as does the length of time you can receive the benefits (which can be for up to 12 to 24 months, or when you find new employment, whichever is the sooner).

How much you receive will have been agreed at the time you took out the mortgage payment protection insurance cover and this will be reflected in the premiums you will pay which will be x amount for every ?100 worth of protection you require. By shopping around for your mortgage payment cover, you can often find it an affordable price, particularly among the independent brokers.

Also, for an additional fee, you can add on accident and sickness cover to the policy (that is why you may sometimes hear it called by the term Accident, Sickness and Unemployment Insurance - or ASU for short). That means that should you lose your income due to involuntary unemployment or due to recovering from an accident or a prolonged illness, the policy will start to pay out the benefit to give you financial assistance at a difficult time.

When choosing your mortgage unemployment insurance, do check that the terms and conditions very carefully, especially for any exclusions which would render the insurance useless. Typical exclusions will include the policyholder being in part time employment or of retirement age. If you are unsure as to whether you would be eligible to claim on your insurance, speak to your broker.

Sean Horton is a Director of Enhanced Wealth who offer competitive mortgage insurance cover for mortgage repayment insurance and mortgage unemployment insurance

Anyone who has a mortgage will no doubt have worried how they would manage financially in the event that they lost their income due to involuntary redundancy or incapacity (ie accident or sickness). It is a frightening thought that with just a few missed payments you could face going Court and even having your home repossessed. The good news is that you can protect your ability to maintain your mortgage repayments in the event of financial distress caused by one of these events, by taking out a mortgage repayment insurance policy.

Mortgage payment protection insurance - or MPPI for short - is an innovative insurance that protects homeowners against the financial fallout of losing their income due to no fault of their own. Should you need to make a claim on your policy, then you will start to receive a tax free benefit anywhere from one to three months after the event, depending on the policy you buy.

Some providers will offer the additional benefit of you being able to back date your claim to the first day of unemployment or incapacity, meaning that you do not lose out financially whatsoever.

This mortgage insurance payment will continue to run for one to two years? (again, depending on the individual terms of the policy) or until you are back to work, whichever event happens sooner. This means that at a difficult time you can focus on your recovery or looking for a new job, rather than worry about having your home repossessed.

However, if you are feeling the pinch financially already, you may think that mortgage repayment insurance is something that you simply cannot afford, however much you think it is a good idea. But, by shopping around for the cover, you can get a deal that suits your budget, with cover starting from just a few pounds every month for every ?100 worth of cover required.

Certainly, by buying your mortgage protection insurance from your mortgage lender, you could find that the cost is prohibitive. Independent brokers however can often offer cover at a much reduced price, without any loss of policy features and benefits, so never just accept the first quote for cover that you are given ? look around at whom else is offering the cover as you can often make quite substantial savings on the cost of the premiums.

Another consideration when looking at buying mortgage repayment insurance is to check your eligibility for the product. As with all insurance cover, there will be some exclusions within the policy terms and conditions, typically people who are part time workers or are retired, and those with a pre-existing medical condition, so make sure that meet all the eligibility criteria before you sign up for cover.

Chosen wisely, mortgage repayment insurance can be a financial lifeline that will help you to maintain your mortgage repayments at a time when you have no income. It will make any worries about repossession literally melt away, leaving you free to find alternative employment or to recover.

Sean Horton is a Director of Enhanced Wealth who offer competitive mortgage insurance cover for mortgage repayment insurance.