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Is Pet Insurance a 'Waste of Money'?


blue eyed catEveryone is feeling the pinch these days and any way that we can cut down our monthly outgoings has to be good – doesn’t it? Well, yes and no or more accurately, it depends. It often seems as though paying out for an insurance policy we never use is a waste of money but what happens to those few pounds a month you save on, for example, pet insurance? In all likelihood they become immersed into your weekly spend and you hardly even notice as an outgoing. However, when you’re doing that financial audit and your pet seems perfectly healthy, pet insurance might seem like a waste of money. So we cancel the policy and hope Rover stays fit and well.


Yet that small saving often becomes a great false economy if your canine best friend meets with an accident, becomes ill and requires ongoing medication and veterinary care. Where once your pet insurance would have covered the vet’s bills, you now have to pay hundreds or even thousands of pounds yourself. This can lead to a spiral of debt or further exacerbate your existing debts as you place those veterinary bills on a credit card or loan.


So not every saving is a true economy, and sometimes we need a guiding hand with our finances and to manage debt. If you find yourself in this position, then you should consider speaking to a debt trained professional at a UK approved debt management organization. Here you’ll be able to receive specialist advice about your debt and the best way to deal with it. Remember that no professional debt advice service will ask you for any fees upfront and, because they know time is money, will offer you immediate consultation with no waiting.


Your debt management advisor will discuss your situation with you in depth before deciding on the best way forward. In general terms a debt management plan will be created that details your monthly incomings. These are then balanced against your expenditures. Remember that any pet insurance you have will automatically be listed as a legitimate expense, and will not therefore be cancelled. The money with which you will pay your creditors will come from the difference between incomings and outgoings.


Should your debt be more than £12,000 then your advisor may discuss the possibility of arranging an IVA with you. An Individual Voluntary Arrangement allows you to pay one agreed monthly amount to all of your creditors for a fixed term of five years. At the end of that period any remaining balance will be written off.


So whether you work with a debt management plan or with an IVA, the important point to remember is that you are now on the road to debt freedom. As long as you adhere to your agreed terms of repayment, no creditor will call, no dreaded red bills will pop through your letter box and, most importantly, your pet insurance will still be in place.



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