Over the past 2 years the mis-selling of Payment Protection Insurance (PPI) has been highlighted in the media by various consumer groups and watch dogs. This has given the PPI industry a bad name resulting in many banks removing PPI as an option for their loans and credit agreements. But not having PPI could mean you may lose out, especially in an unstable economy.
The scandals surrounding mis sold PPI are justified since many banks, lenders and brokers have made billions in profits from mis sold PPI. Due to the number of customers who are now claiming back PPI payments the industry is now crying out about the scandal of PPI urging people not to buy PPI and if they have in the past to claim reclaim PPI payments.
With all this uproar people are forgetting the primary purpose of PPI, so much bad press has made it out to be a scam, but really the issue is not with PPI but the way it was sold, either too expensive, not properly explained and to people who do not need PPI. Many people do need PPI and now with all the bad press surrounding it these people may lose out. Without Payment Protection Insurance, if you do get ill or lose your job you may be left without any protection over paying back your debts.
Millions of people sign up for loans, credit cards and mortgages and some of these people really would benefit from PPI. With the economy being unstable many people see protection insurance as an extra payment that is not necessary- or have been put off by PPI lynching in the Press.
Unemployment and redundancies are now threatening many people and an appropriate PPI policy could protect you, your credit score and your possessions as an unpaid debt needs to be settled and it could be your home on the line!
Please keep in mind that PPI is like many insurance policies that if you need it could really protect you, it is commission hungry sales people that have caused PPI to have a bad name and only the mis selling of PPI that is a problem. When sold correctly to those who need it PPI is a very valuable form of protection.
If you have been mis sold Payment Protection Insurance then you should make a claim but don’t be put off PPI completely for some people PPI is vital to help you get through times of financial difficulty.