One thing which is quite important to many people when taking out a secured loan is whether or not they have payment protection. Now generally loans of up to £25,000 are automatically covered by the Consumer Credit Act 1974 which is fairly strict about lending and who creditors can lend to. If you plan to get a loan of over £25,000 however, you will not be covered. So what are your options if you are getting a fairly large loan amount?
Payment Protection for Over £25,000
If you are planning on borrowing over £25,000 there is still a payment protection option available to you. However, many people do not usually take these out as they see them as being too expensive. There is always the thought of "What if I don't need it and I am paying out all of this extra money?" Well, if you think like that one thing to keep in mind is that yes you might be paying extra money, but then you are secure in case anything does happen.
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If you miss your payments on a secured loan for whatever reason your home can be repossessed. That way you would end up homeless and there would be nothing that you can do about it. However, if you have payment protection, depending upon the company you lend from, it will often cover things such as unemployment as well as other things which may go wrong. Life is full of surprises and anything can happen so it is always better to be safe than sorry. Also, often the extra expense for the payment protection is often added onto the loan so that you don't really notice the extra money.
As with most things, it is always better to shop around and find the best payment protection plan to suit you. Every single plan will be different so take the time to look around at various companies and see which offer the best policies. Compare at least five different plans to get the best idea of what is available and make sure that the plan that you eventually choose is the right one for you. Ensure that it covers everything that you will need and never agree to anything before knowing what you are letting yourself in for. Secured loans are serious and so you need to be sensible with the payment protection.
Overall shop around and don't be too quick to turn down the payment protection. You never know what might happen so it is better to take out a policy just in case.
About the Author
Derek Rogers represents Accepted, a UK based secured loans site.
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