It has been observed that most borrowers fear availing secured loans because of the risk of repossession attached to it. But, they forget that this happens only if the borrower defaults on the loan repayments. Moreover, there are many insurance plans available in the UK loan market that can protect your payments and help in case of financial crisis.
PPI (Payment Protection Insurance) is one of the most trusted loan insurance scheme available in the UK loan market. PPI is an insurance that will repay the outstanding debt on a loan if the borrower is unable to repay it due to ill-health, job loss, business failure, death or other such events. PPI is also known as Accident, Sickness or Unemployment Insurance (ASU)This plan is not mandatory but advisable. Some lenders offer total PPI refund at the end of the loan tenure. Following are the advantages of PPI scheme:
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Mental ease- No need to worry about unforeseen events like illness, job loss, etc. PPI covers all these risks. This leaves the borrower with mental peace and comfort that may not be there if the borrower doesn't insure his payments.
No repossession of home- In case you have opted for secured loans, PPI is highly recommended. Even if you are unable to repay the loan installments because of any of the reasons, the lender will not be seize your home at stake as the PPI scheme will repay your outstanding debt.
Investment for future- By paying installments for PPI, you are actually investing for your future. This is because most lenders totally refund the PPI amount, especially if you apply for secured loans. Thus, along with paying your loan installment you are saving for your future.
Protection from bad debts- With the PPI scheme, the borrowers can prevent themselves from falling prey to bad debts that may result from arrears and defaults. Thus, the credit record of the borrower doesn't get badly hit in cases when he is unable to pay the loan installments.
So, PPI offers great benefits to the borrowers, especially in case of
secured loans where the borrower might loose his home if he defaults on the loan repayments due to any reason.
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