Avoid the conmen – payment protection insurance
- 15TH JUNE 2007
It is a fact that, despite the ongoing investigation into payment protection insurance (PPI) by the Financial Services Authority, over seven millions payment protection insurance policies are sold in the UK every year. However, the majority of those are being taken out with the same high street banks and lenders that currently stand accused of misinforming and ripping ff the consumer.
The inflated prices that banks offer to cover one single debt are simply extortionate and offer poor value for money, especially when you consider that the majority of consumers that took out payment protection insurance would have been ineligible to claim anyway. Banks were effectively more concerned about their profit margins than the consumer
However, this information should not put you off payment protection insurance completely because it does offer you an extremely tight safety net if you work full time and have debts to cover. If you were ever unable to work because of sickness, redundancy or other similar factors then a payment protection insurance policy would effectively pay your debts for a fixed period of time, usually twelve months, so you have time to get back on your feet again.
The ethical British Insurance is just one of the companies out there offering standalone payment protection insurance at around 80% less than the banks currently charge. It covers all of your debts and will allow you to sleep well at night!
