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MoneyExpert.com has found that around 30% of people fear they will be unable to meet repayment commitments on financial responsibilities if they stopped earning.

Half of those worried believe they would only last a month with their current commitments if income were to dry up.

The website found that just 26% of people with personal loans have payment protection insurance while 37% of those with mortgages are covered. Only 16% of credit card customers are insured.

But its research shows that the average amounts owed on loans and credit cards are not trivial – the average card customer owes £2,007 while on personal loans it is £9,465.

Sean Gardner, director of MoneyExpert.com, says: "There are good deals out there with signs that some providers are offering much improved products.”

If you are a self cert borrower do some quick maths – how long could you manage if your earnings dried up? Are you recession -proof?

It’s a possibility that your earnings could be in jeopardy at any time in 2009 – a recession will mean bonuses, commission, business and contracts could all dry up with very little notice.

If you are not confident that you are resilient to a downturn, get some payment protection. It could be the difference between sinking and swimming in the next year.

Keep up with the latest news and comments on Self Employed Mortgages at the Self Cert Mortgage Blog