Breakdown Cover for You

Breakdown cover for you usually means that you have help no matter what vehicle you are driving, and that is a very nice thing to have. But you might not know that your breakdown cover can also take care of you if you become too ill to drive and you do not have a companion who can take over.

Rescue Breakdown Cover

Sometimes it isn’t the vehicle that has broken down, it can be the driver. Some breakdown companies ask for a medical certificate for this kind of coverage, but others do not. Check with your agent to see if you are covered for this kind of assistance, it can be a great comfort if you have a chronic illness or condition that could render you temporarily an unsafe driver. It can also be of service if you are overcome with a less permanent illness such as food poisoning, or a flu that has rendered you incapable.

Recovery Services

This is another one of those nice perks of having a good breakdown policy. If you become too ill to continue your trip, it might have to be towed or some one will have to drive it to a more secure location. When this happens, there must be some means of recovering the vehicle. Your Rescuemycar breakdown cover can take care of this for you and get your vehicle back home to you, even through repatriation. That can be a comfort when things are not going as planned.

Accommodations

If you are too ill to drive, there is a good chance that your temporary accommodation might be a local hospital, but should you require it some types of breakdown insurance will also help you locate a place to stay when your trip isn’t working out as planned. This can often apply to getting you closer to your vacation destination, even if you or your vehicle are temporarily out of commission.

Primary Function of Breakdown Cover

Of course, the primary function of breakdown vehicle insurance is to assist you with automotive problems that you cannot readily repair for yourself. It provides a licensed mechanic who can often get you back on the road within thirty minutes of arrival on the scene. Breakdown insurance can provide towing for your vehicle, help you select an appropriate or find a covered repair facility. When the repair is going to be a lengthy one, alternative transportation or a place to stay or even both are nice perks. Ask your agent if they are part of your policy.

At Home Coverage

Trouble can often strike within ¼ mile of home. When that happens, you can find yourself walking back to your residence, making calls and having to trust that your vehicle will be all right until you can get help for it. If you are too sick to drive when you are no farther than that from home, you probably are not going to be sufficiently well to walk back home. At Home coverage is your handy helper when you’ve scarcely made it out of the drive.

Personal Breakdown Cover

If you have a condition that puts an emphasis on the “personal” part of breakdown cover, then it is a super idea to get the version of breakdown insurance that covers you no matter what you are driving. That way, your extra personal insurance is always with you. While no one wants to have to use their breakdown insurance for any reason, it is good to have it. Breakdown insurance is the good friend who is always there, no matter what sort of emergency has interrupted your journey.

Long-term Unemployment Up Adds Home Mortgage Loan Risks

According to a joint report of the Office of the Comptroller of the Currency and the Office of Thrift Supervision, 51.5% borrowers who received U.S. delinquent loan modification mortgage default in this month again. At the same time, the increase of long-term unemployment adds to the foreclosure worries.

According to the Associated Press, the number of people who had been out of work six months or longer reached 6.7 million in April 2010. That was an all-time high. These people made up 45.9 percent of all unemployed people, also a record high. With increasing long-term unemployment, more and more homeowners now fall into the exhaustion of saving and have a difficult time making their residential mortgage payment. Many of them have to face foreclosure risks now.

House Mortgage Rate Modification Application for Unemployed Homeowners

The long-term unemployed homeowners will have a new option to avoid or delay foreclosure. The Obama Administration has created a new home equity loan modification scheme called Unemployment Forbearance Plan through their Making Home Affordable Program. The scheme will launch in this fall.

Around 4.5 million foreclosures applications will be expected in 2010, according to Irvine, California-based RealtyTrac Inc. The Obama Administration launched in February 2009 the Home Affordable Modification Program to provide eligible homeowners the opportunity to modify their mortgage rate to make them more affordable. According to the makinghomeaffordable.gov, more than one million homeowners have got help under the program, which will help 3 to 4 million homeowners by 2012.

In order to be eligible for a mortgage rate modification, a homeowner should meet certain criteria. The home must be the homeowner’s primary residence. The current mortgage must have been got before January 2009. The mortgage payment (including principal, interest, taxes, insurance and homeowner’s association dues) must be greater than 31% of the homeowner’s gross income. The forthcoming Unemployment Forbearance Plan may provide other eligibility requirements for a residential mortgage modification.

Can the Unemployment Forbearance Plan Stop Foreclosure?

The forthcoming Unemployment Forbearance Plan can not consequentially help unemployed homeowners stop foreclosure. But it gives a homeowner who may soon get a job a few months without the strain of making a house mortgage payment, or offers someone whose foreclosure is inevitable more time to make living arrangement. A homeowner can contact his house mortgage lender or a home loan counselor for to find his best modification option. Commercial mortgage web sites that provide services of purchasing and refinancing home loans and home equity consolidation could help homeowners make better mortgage payment arrangement too.

How to Choose a Student Loan for College: Should an Undergraduate Apply for a Federal Loan or Private Loan?

A university education is one of the most expensive investments most people are likely to make. There are three main types of loan available to help with these costs, including federal loans that come direct from the government, federal loans that are made by banks and backed by the government and private loans with no government backing at all.

Perkins Loans

The Perkins loan is available to undergraduates in greatest financial need, such as low-income students. This should always be the first choice for those who qualify because the maximum rate of interest is currently capped at 5%.

Stafford Loans

Two types of Stafford loan are available to undergraduates. Whilst the first type is open to everyone, a second subsidized federal loan is also available to students in genuine financial need. The beneficiary not only pays a lower interest rate, any interest accrued is paid by the government until they leave college. The maximum rate of interest is currently capped at 6.8% on standard loans. Subsidized Stafford loans, where the interest is paid by the government, is capped at 6%.

PLUS Loans

Parents can take out Parental Loans for Undergraduate Students or PLUS loans. This particular student loan can be taken out to cover ‘attendance costs’. The definition is broad and includes tuition fees, books, room and board, transportation and miscellaneous expenses. The maximum rate of interest on a direct loan is currently capped at 7.9% and 8.5% if from a bank or non-government lender.

Private Loans

Undergraduates that require more money than is available through a federal loan will need to try to identify a suitable private loan. They work in the same way as any other method of bank lending, although the rate of interest will be higher than on federal loans. Rates are also variable. Whilst the forms are easier to complete, there are also fewer options available in the event of student loan default.

Undergraduates should always seek a federal loan because they offer a lower rate of interest and more options in the event of both financial difficulties and student loan default. The Perkins loan is preferable, but there is a means test which means that not all will qualify for the discounted rate. Student loans cannot be written-off by filing for bankruptcy so they will need to be re-paid. Students are also reporting that private loans are difficult to find in the current economic climate.

Readers seeking ways to address financial difficulties prior to student loan default may be interested in identifying alternative ways to make student loan repayments.