Advice wanted: PHI benefit as collateral ?

[Rob28]

I receive guaranteed income through an income protection policy which I will be receiving for a further 17 years. Is it possible that this could be used as collateral against borrowing a significant sum over 10 years?

[Sarnie]

Very doubtful.

Is this your only income? Why are you recieving it?

[Rob28]

No, my wife has her income too. I am in receipt of the benefit due to an illness which has rendered me unable to work.

[scotal]

Are you looking to use it as income against securing a mortgage, or for another type of loan?

[Rob28]

Not a mortgage, I need to do some serious debt consolidation!