The future’s looking bright
- 28TH JUNE 2007
At this present time, it may look to outsiders like payment protection insurance is on its last legs in terms of availability, purely and simply because high street providers have suffered as a result of plummeting sales. It is no wonder that is the case when they offer a product that is supposed to protect consumer interests but actually represents appalling value for money.
However, over 7 millions policies are still taken out every year in conjunction with credit cards and loans and tighter compliance to Financial Services Authority rulings has actually made payment protection insurance a better deal for consumers. However, the results will not fully emerge from the gloom for another two or three years yet, and the hops is that when they do consumers will actually get the level of protection that they deserved in the first place.
The financial industry and consumer watchdogs anticipate that the investigations by the Competition Commission, Office of Fair Trading and Financial Services Authority will eventually result in premiums being cut by around 75%.
However, there is a company already offering that rate to consumers already. Independent payment protection providers British Insurance actually provide loan payment protection insurance at up to 20% of the cost that a high street lender would charge and ensures that individuals actually get a policy that can fulfil their wants and needs right from the start. They therefore get the peace of mind that being protected brings without the worry that they will never be able to make a claim.
