LOANS
We can arrange any amount,
£3,000 to £100,000
over any term 3 - 25 years,
to suit your budget.
Loans are secured on your home
Diamond Financial Services is a licensed credit broker. Consumer Credit License Number 550081.
Payment Protection
Optional Payment Protection Insurance gives you and your dependants additional piece of mind if the unexpected were to happen. Should you find yourself involuntarily unemployed or off work due to an accident or ill health, payment protection insurance can help ensure that your loan repayments are one less thing to worry about.
Even if your employer still pays you while you are unable to work you will normally still be eligible to claim on the payment protection insurance, leaving your income free to cover other expenses during what will be, undoubtedly, a very difficult time. Please bear in mind that your employer may reduce your pay after a prolonged period of absence. You may also find that any usual overtime, commissions or bonuses are not paid.
What would I be covered for?
The level of cover available will depend upon the lender with whom your finance is arranged. Generally the policy will cover your monthly loan repayments against accident, sickness and involuntary unemployment. The majority of policies also provide for your loan to be repaid in the event of your death.
What cover is available?
Cover is available for either the main wage earner or in the case of joint applications, both applicants. The term of the insurance policy will depend upon whom your loan is arranged with. The majority of the policies that we offer last for five years.
Am I eligible to take out optional payment protection?
To be eligible for the payment protection insurance you will need to be named on the credit agreement, typically you will need to be resident in the UK, employed or self employed, and between 18 and 65 years of age.
What is not covered under the payment protection plan?
The level of cover available will vary depending upon the lender with whom your finance is arranged and on your own personal circumstances. Typically, benefit will not be payable for disability or hospitalisation arising from self-inflicted injury, pregnancy, alcohol or drug abuse, mental disorders, riot, war, or for any conditions which you were aware of before taking out the cover. Benefit will not be payable for impending or voluntary redundancy.
I am self employed can I still take out payment protection insurance?
Most of our lenders do offer payment protection cover which is specifically tailored for self employed applicants. Self employed applicants are not eligible for the redundancy protection, however, alternative benefits are available. Again, these vary depending upon the lender with whom your finance is arranged. Please discuss the scope of your cover with your dedicated underwriter.
How much will the protection cost?
This will depend upon the amount you are borrowing, the level of cover you have chosen to take and the lender with whom your finance is arranged. Once we have an offer of finance for you we will confirm this. We will also send you a 'Statement of Price' with our loan offer documents which will detail the total premium to be paid.
How do I apply for payment protection insurance?
If you are interested in taking out optional payment protection insurance you should indicate this on the top of your application form. Your dedicated Underwriter will contact you to discuss your requirements and advise you of your monthly repayments.
PLEASE NOTE THAT THIS IS INTENTED AS A GUIDE ONLY. TERMS AND CONDITIONS OF THE INSURANCE DO VARY FROM LENDER TO LENDER. FULL DETAILS OF THE PROTECTION WILL BE SENT TO YOU WITH YOUR LOAN OFFER.
Ocean Finance and Mortgages Limited are authorised and regulated by the Financial Services Authority. Our FSA register number is 310136 Our permitted business is advising on and arranging mortgages and arranging general insurance contracts.
If you indicate that you are interested in taking out optional payment protection insurance we are required to send you Key Facts about our Services, a Statement of Demands and Needs, a Statement of Price and a Policy Summary. These documents will be sent to you with your offer of finance. These documents contain important information Please read them carefully to ensure that the payment protection meets your requirements.
OUR TYPICAL, VARIABLE RATE IS 15.9% APR. RATES RANGE FROM 9.4% to 24.9% APR
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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