Case Study – Vince

September 30, 2015

Vince was a 46 year old Truck Driver, married and a father of two. Life was good, they owned a house and spent many weekends around the house enjoying the times they had. Vince then had a stroke, this was completely unexpected, fortunately he did not die. However he was rushed to hospital and was unable to work for many months. Because he’d had a stroke and for obvious medical reasons his truck driving licence was revoked.

He was now too sick to work, even if he did want to work he could not. It took over 2 years before he recovered enough to be able to work again. Several months were spent at home worried about how he could pay his mortgage, friends and family could only offer a small amount of financial help and the sickness benefit he received from the Government was used to buy food for the family. Although very understanding of the situation the bank could only wait for so long, they foreclosed on his mortgage as he had no way of making the payments, the house went to mortgagee sale and was sold for much less than market value.

There was only enough money to pay off the mortgage leaving Vince with no money, no home for his family and a bad record with his bank. If he had mortgage payment insurance they would still be in their house today.