jackie123
jackie123
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Generally speaking, yes, that's the whole idea of paying.

But having said that you would need to check whether your preferred treatment location (private hospital or private wing in an NHS hospital) offers that service and is on the list of authorised locations for your policy provider and policy level.

usually the more budget the policy, the more restricted choice as the "centres of excellence" will often carry a premium. But this is where careful choice of a policy excess can give the reassurance of knowing you have access to the best locations but without having to pay for it each month - just set aside the excess instead.
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Expert Financial Adviser Answer
Dr David Carter FPFS
answered 1 year ago
Jackie, the last thing you should do is to get another loan, because that will only add to your financial woes. If you are thinking of a loan to 'consolidate' your debts then you just might get out of trouble, as long as you keep to the payments and don't do as almost everyone else does in that situation, which is to pay other debts off, take a new loan, then build up those debts again.

Do look at your incoming and outgoings carefully (make a budget, if you haven't already done so, and see whether you can adjust your spending here and there to keep within that budget), and seek the help of a specialist debt counsellor. The citizens' advice bureaux are the right places to start because, even if you are not in debt at the moment, it looks like you soon will be, and it would be wise to look at your personal spending patterns and take appropriate steps. The CAB wouldn't charge you, and they advise - you enter into no commitment by going to see them.

And make really big efforts to keep your bill payments up to date, because in this situation, whilst sorting yourself out, it is really worth your while to keep your credit history as strong as you can. Good luck.
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
If you mean to claim redundancy cover on a loan on which you took out protection at a time when you were working then generally yes. But you will have to meet the eligibility criteria stipulated by the insurer which could mean anything from being in work for a minimum number of hours per week and for a minimum number of weeks/months before taking out the cover or making a claim. One common element is they will expect you to register and be eligible to register for jobseekers allowance. In this instance as the rules vary so much, so will any answer you find here.

You really should call the loan/insurance company as they will be able to assist you further. if they cannot or say that you are ineligible you should check if you would ever have been eligible as less scrupulous lenders have been known to arrange this type of cover for people that might never be able to claim.

there might also be a deadline within which you have to lodge your claim so do act quickly
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Yes is the simple answer.

But the follow is, why? if you have too many searches on your credit file over a set period, many lenders will see this as desperation and might decline you on those grounds (too many searches). This limit will vary from one lender to another but 6 searches in 6 months is probably at the top end.

if its a case that you need a top up, i would approach your first lender as if you are within 30 days of the initial application being made they might be able to lend more but without incurring a further search on your credit file but the downside is that the rate would possibly be higher or there would be a penalty to repay the first loan back unless there is provision for this within the terms.

in the first instance go back to the original lender and explain what you want.

if you have already taken the maximum from that lender (a typical maximum is £15000 as this was the old limit under the consumer credit act but some lenders have increased to £25000 which is the current consumer credit act limit on unsecured debt).

feel free to get in contact if you want to talk this through some more....
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
they do, in small numbers, but the rates might be punitively unattractive.

the difficulty is that if you have already had a bad experience with credit, a new lender will consider your ability to repay when they judge your application and will most likely increase the cost - its a similar situation to boy-racer 18 year old novice driver compared to a careful older driver with full no claims.

its often called "risk-based pricing".
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
yes, it could relate to the interest rate or APR which also includes other costs attached to the loan.

some lenders will charge application fees and closing down fees, its common when buying a new car from a dealer to be charged £100ish when you pay the final payment to release the charge on the car.

a bad loan might also have unfavourable terms such as very steep penalties on early repayment or missed/late payments.

this is why it is so important to read through all the terms before you sign and if you realise after signing that you dont like the deal, you can usually "cool off" or cancel but this is only within a very small window of time.

i find its often time better spent researching most financial matters in advance rather than trying to spend time against the clock sorting out a mess.
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