Do you understand payment protection cover?
- 18TH AUGUST 2007
If the majority of consumers are totally honest, then not many can put up their hands and admit to honestly understanding the ins and outs of payment protection cover. This is not because they are stupid but simply because in general there isn’t enough information regarding the product and the little that is given is stuffed with jargon and technical terms.
This is one of the things that Managing Director of standalone payment protection cover providers British Insurance, Simon Burgess, has been campaigning to change in order to stop the consumer getting “ripped-off” by the high street banks and lenders. Another fact that he wants changing is the way the cover is pushed onto the consumer by the high street lender; the cover has been known to have been added onto credit card and loan repayments without the consumer being aware of it.
“The payment protection cover that is sold alongside a loan or credit card is the most expensive way to get protection” he says. Simon urges consumers to shop around for the protection if they want it: “The high street lender gives very little advice about policies and the advice they do give is often mis-leading which has led to many consumers not being able to claim on their policy and being left high and dry”.
British Insurance do everything possible to make payment protection cover easier to understand. One of the biggest problems is that the consumer lacks the information needed to make an informed decision. British Insurance gives clear and concise information regarding exclusions in plain English which ensures you understand your payment protection cover.
