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Colclough adds that graduates should 'think twice before taking on any new credit and make sure that they will be able to cover repayments'.
The highly profitable PPI policies were sold by banks to people taking out loans and credit cards to cover repayments if they lost their job or were ill.
Other lenders have been making changes to criteria, with Barclays increasing the rent needed to cover repayments to 135% in December.
But it also puts her mother at risk if Ms. Rice does not earn enough as a teacher to cover repayments.
In recommending a $6.6 billion loan to Argentina to cover repayments of past debts due to the Fund itself over the next seven months, Horst Köhler, the IMF's boss, warned his political masters of the "exceptional risks" they were taking.
PPI was sold by banks, building societies and other lenders alongside loans and credit cards, and was supposed to cover repayments if borrowers lost earnings through sickness, an accident or unemployment.
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The reality is a nightmare for those who must face up to the fact they can no longer rely on rising property prices to cover repayment So what are the implications?
This covers repayments and the largest interest payments on debt due from Greece in coming months.
Related: Yanis Varoufakis: a new deal for Greece This covers repayments and the largest interest payments on debt due from Greece in coming months.
PPI is intended to cover loan repayments in the event of job loss or illness.
Payment protection policies similarly promised to cover the repayments on a loan or credit card bill.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com