Well its now quite clear that the good times are over, at least for the next few years; the “decade of plenty”, which was a credit fuelled illusion is over. We are in recession. Now Britain has been here before, and experienced the disquiet, and despair that recession brings. However the underlying fundamentals this time around, put us in a far worse position to weather the storm this time.

Even when times are good, companies cease trading. Now, even a British institution like Woolworths, is now set to close in the new year, with the loss of, potentially 27,000 jobs.

No one is safe.

The Government has launched its, well politicised, “rescue”, plan to assist those of have lost their jobs, keep their homes; in theory. Details are sketchy, however it would seem that it is simply a scheme that will allow (very few, based on published criteria) borrowers to “ roll” up their mortgage interest for two years, after which time, if their positions have improved, a new repayment schedule, may be able to be agreed, if affordable.

Great, more unaffordable debt, putting off the inevitable.

Being cynical here, but could this just be a political delaying tactic, putting off a crisis until after the next general election? Surely not!
The message is as clear as it ever was; your financial future is in your hands.

Even with the odds stacked against you in terms of being made Redundant, it is still possible to buy Mortgage Payment Protection.

If you lose your job, involuntarily, a Mortgage Payment Protection policy will start to pay a monthly benefit to cover your mortgage, and other related expenses for up to 12 months or your earlier return to work; whichever is sooner. 

If bought right, Mortgage Payment Protection is about the best it’s ever been in terms of paying a claim, due to the work of various “consumer champions” and the Competition Commission.

The message is clear here; do not buy Mortgage Payment Insurance at the point of sale, the Competition Commission has recommended that this practice be banned.

Your ally here is the internet, which has created a competitive market that has driven prices down. If you don’t yet have a mortgage payment protection plan and would like to start sleeping soundly again, best get surfing!