Mortgage stuff

Tom

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I've just cancelled a life assurance policy on my mortgage because frankly I don't need it - it pays out when I'm dead, at which point I probably won't care. My house is worth about 3x what I paid for it so I don't think paying the mortgage off will be a problem for my beneficiaries should I die.

I also have one of those accident/sickness/unemployment policies. My question is, do I have to have this, or can I cancel this also? I don't want to ask Northern Rock or the insurer as I probably won't get a clear answer.
 

TdC

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tbh I'd keep that Tom. I know from experience that it is impossible to predict what can happen to you, and given your line of work a potential accident could hinder you paying the mortgage. better to be safe than sorry imo, and sod's law dictates that the second you cancel it you're going to trip and break a leg causing you to be out of work for half a year. I'd not chance it, myself I know how easy it is to break a leg ;)
 

old.user4556

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I didn't need ASU with my mortgage and infact I cancelled it because my employer has very good redundancy rules that meant my ASU was pretty much useless (it only paid out for a year), and I really do think you can cancel it, but there may be something in the Ts and Cs that stipulates that you do so worth checking your paperwork?
 

old.user4556

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tbh I'd keep that Tom. I know from experience that it is impossible to predict what can happen to you, and given your line of work a potential accident could hinder you paying the mortgage. better to be safe than sorry imo, and sod's law dictates that the second you cancel it you're going to trip and break a leg causing you to be out of work for half a year. I'd not chance it, myself I know how easy it is to break a leg ;)

Yeah, I agree with teeds; ASU with self employment work is worthwhile. They don't pay out if you get your contract terminated, mind?
 

dysfunction

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If you feel you don't want it then cancel it.

If your house is 3x what you paid for it you could always sell and buy a studio apartment and live off the proceeds of your home if you become ill...
 

Tom

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Well I just looked at that money saving expert site and its found loads for under a tenner a month.

That'll do me.
 

Tom

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Annoying to think really. If I'd cancelled both of these 4-5 years ago, I'd be a couple of grand up now. Thats the difference between having another TVR, and not having another TVR (yet) :(
 

old.user4556

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You mean, enough to cover a TVR repair bill? ;) :p
 

Tom

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You're talking speed 6 engines :) I'm talking Rover V8 engines :) Big difference in price....
 

rynnor

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I also have one of those accident/sickness/unemployment policies. My question is, do I have to have this, or can I cancel this also? I don't want to ask Northern Rock or the insurer as I probably won't get a clear answer.

Hmm...

Now I thought you were basically freelance Tom?

If so you were probably mis-sold the ASU policy as it probably wouldnt cover you in event of unemployment.

If you really are freelance you should make a proper complaint to the financial watchdog - you would probably get all the money back plus possible compensation.
 

Tom

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Possibly, I have to check the documents, but it may well cover being self-employed.

If I can find the documents that is.....
 

Jeros

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Annoying to think really. If I'd cancelled both of these 4-5 years ago, I'd be a couple of grand up now. Thats the difference between having another TVR, and not having another TVR (yet) :(

Middle class, flat cap wearing, "must recycle you know!", bergeioius, underworked, overpaid POX ON THE CONOLIES!

j/k :p
 

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