One should never be in a hurry to purchase PPI. It is not available in some cases where the individual is sick, has a high standard of living or is self-employed. To finalize the purchase without proper analysis and to discover that it does not offer any protection can be frustrating. If the repayment is not made on time, then you may have to initiate a process to prove that you were missold PPI and that you should be permitted to recover the money by filing of PPI claims petition.
Going in for such a policy when your employer offers an alternative backup option does not make sense. PPI is unnecessary if your employer is ready to pay your debts for a period of six months when you are sick. You will enjoy this is option for free but you will have to pay for PPI. Purchasing PPI unnecessarily is a waste of resources. You should go in for this product only if you face the risk of unpredictable emergencies. Further, you should be the only income earner in a big family to justify such a decision.
Purchasing PPI offers many advantages. However, this decision is not free of disadvantages. In the same way, one must consider the pros and cons of refinancing the mortgage loan. One can make use of online calculators that will help determine whether the mortgage refinance transaction is viable or not. You will have to provide details like the old and the new interest rate, the duration of the loan and the monthly repayments you make. With this information, the calculator will in a position to clearly specify the total amount you would save from the transaction.
Refinancing will increase the overall duration of the loan. This will reduce the burden on the individual who is struggling to make the PPI premium payments. As the duration of the loan increases, the repayment amount will come down and this will make it easier to manage the liability. This is a useful option for those who do not want to default in making payments.
One should not make mortgage repayments without having any extra cash in hand. If one is facing this difficulty, then refinancing will simplify the issue. The interest burden will come down and this will help the individual enjoy better cash flow.