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Protection
A secured homeowner
loan is subject to The Consumer Credit Act 1974. The Act contains
strict regulations about how money is lent and covers loans up
to a value of £25,000. Loans for sums greater than £25,000 are
unregulated. When taking out a secured
loan you will be asked to sign a credit agreement, which should
be read very carefully as the terms are binding. For regulated
loans of under £25,000 the lender must provide a consideration
period of 7 days. Lenders offer insurance policies and payment
protection schemes to cover your monthly repayments in the event
of accident, sickness, unemployment and death (conditions apply).
Cover does vary between lenders, as does the cost, therefore you
should check individual policies for what is included, and just
as importantly, and more important what they excluded.
Click
here for Payment Protection
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