Walking the tightrope with debts: payment protection insurance
- 21ST JUNE 2007
It is currently impossible not to have a negative view of payment protection insurance (PPI) at the moment, unless you have successfully claimed on an existing policy and the individuals that have managed that are few and far between.
The bad press that payment protection insurance has received over the past year or so has somewhat blurred the fact that a policy can actually provide many benefits including that all-important peace of mind.
The British media is well known for blowing things out of proportion and the level of the scandal has been reported with gusto! However, now would not be the time for consumers to lose confidence in the one thing that may actually prevent them from drowning in debt should anything happen to them.
As society is more indebted than it has ever been, any individual with debts should consider taking payment protection insurance out to help prevent financial difficulties if you were unable to work as a result of illness or unemployment for an extended period of time.
An individual policyholder may have three or four policies, one for every debt, but it is in fact only necessary to have one policy to cover all debts at a low monthly fee of up to 80% less than most credit care and loan providers offer. There are a number of companies providing standalone policies, of which payment protection specialist
British Insurance is one. They pride themselves on offering a policy suited to the individual for a much lower cost, thus providing great value for money!
