Protection Archives - Equity Financial Solutions

Rental protection

EFS_Admin — Fri, 11 Oct 2019 12:48:02 +0000

Because it’s more than just a roof over their head, it’s home.

Renting is on the rise. In the last 10 years, the UK private renting market has doubled. Trouble is, where homeowners see the need for protection to cover their mortgage, renters may not have considered protection to cover their rent. As a result they may be leaving themselves vulnerable if they became ill or injured and were unable to work.

– Nearly 1 in 4 people in the UK are expected to be renting privately by 2023
– UK rents are expected to climb by 15% over the next five years
– Renters spend 40% of their income on housing costs, double what owner-occupiers pay

That’s where Rental Protection Plan can help. It could help financially protect you by providing a monthly benefit which can be used to help pay the rent, in the event of a valid claim during the length of the plan. Give us a call today if you would like some further information, we would be happy to talk you through the options.

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Feeling supported

EFS_Admin — Fri, 06 Sep 2019 11:28:08 +0000

In a survey of 300 UK workers diagnosed with cancer in the last five years, more than a third (40%) of workers surveyed were unfamiliar with the resources their employer provided for cancer sufferers before they were diagnosed. Unum’s survey found that people with cancer largely received some form of support from their employer, although a little under a third (28%) said they didn’t receive any support or the support they received fell below their expectations, suggesting more can be done to support employees.
The results underpinned the importance of a supportive employer, with the large majority (84%) of respondents agreeing that the level of support they received may directly correlate to the loyalty (or disloyalty) they feel towards their employer. More than half (52%) of employees thought they may have been able to return to work sooner had they received better support from their employers.

Three out of four (74%) workers surveyed worried about the cost of cancer and how their families would cope with loss of income if they had to give up work. The major costs of cancer reported include travel, not being able to work and earn an income (either them or their caregiving spouse), and higher bills. Receiving repetitive treatment or recovering from surgery can require time away from work and understanding from an employer. Yet, a third (32%) of respondents revealed taking time off work for appointments is one of the biggest challenges they faced.
More than half (52%) of respondents thought insurance cover – either to help with loss of income from an inability to work or to provide a lump sum financial benefit to help with the cost of cancer – would be beneficial.

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UK’s problem debtors to get 60-day ‘breathing space’

EFS_Admin — Fri, 12 Jul 2019 13:27:03 +0000

A new Breathing Space scheme will protect individuals with problem debt, with those in mental health crisis to get further protections while they receive treatment.
Individuals and families struggling with problem debt will be given extra help and time to get their finances under control, the government has announced.
People struggling with serious debt are to benefit from a new two-month “breathing space” during which they cannot be hassled by debt collectors and bailiffs, the government has said.
During the 60-day period, those eligible will be protected from enforcement action from creditors, and will also see their interest, fees and charges frozen.
Those experiencing mental health issues will also benefit from extra protection, said the Treasury.
The breathing space scheme was a 2017 Conservative party manifesto commitment, and while the measure has been widely welcomed, it will not be implemented until 2021.
The Treasury said the scheme meant individuals and families struggling with problem debt would be given more time and help to get their finances under control.
Record numbers of people have been seeking debt help, the debt charity StepChange revealed in April this year. It was contacted by 657,000 people in 2018, which was up 6% on 2017.
The majority of its clients are under 40, in work and rent their home, and the most common arrears were on council tax, while credit card debt was the most prevalent form of consumer debt.
The government has previously said the breathing space scheme “would stop most collections and recovery action from taking place”. All contact with a debtor relating to repayment demands would be prevented, while a creditor would not be able to apply to the court to enforce a judgment or order.
It has said the protection would apply to “as many of an individual’s personal debts as possible,” and the Treasury confirmed a broad range of debts would be covered, including money owed to central and local government such as council tax arrears, unpaid personal tax and benefit overpayments.
During this period individuals will be required to engage with professional debt advisers “so they can find a long-term solution to their debts and get back on track with payments”.
However, people receiving NHS treatment for a “mental health crisis” would not need to seek debt advice during the 60-day period. They will continue to receive the same breathing space protections, which will last for the whole of their treatment.
The package of measures also includes a “statutory debt repayment plan” for those struggling with problem debt, which offers similar protection to the breathing space scheme, helping individuals repay debts over a manageable timeframe.
The plan will adjust as people’s circumstances change – which could mean their monthly payments fall if their disposable income changes.
The Treasury said regulations on the breathing space would now be put to parliament “before the end of the year,” with the aim of it taking effect in early 2021.

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