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    • Home • Advice • Common questions

    Do you have to pay £200 a month or can you make lower payments or miss payments if things are tight moneywise?

    10 February 2022

    Question by Teresa

    Do you have to pay £200 a month or can you make lower payments or miss payments if things are tight moneywise?

    Answered by Tracey Che

    Hi Teresa,

    This depends on which product you are referring to. If you're paying £200 a month for a protection policy then missed payments will cause the policy to lapse. However, if you are looking to invest regularly (for example, into a pension, ISA or investment account), then you should be able to lower or pause any direct debits if money is tight.

    Starting to save and invest is always a good idea! If you haven't already, maybe setting a budget will help you work out how much you can afford to save or invest every month?

    Hope this helps!

    Tracey

    Answered by

    Tracey Che

    Financial Planner

    As a Financial Planner at Moore Kingston Smith, I provide holistic financial planning to high-net-worth individuals.

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    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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