Increasing unemployment highlights need for PPI

Wed, 25 Jun 2008

With unemployment figures rising, payment protection insurance (PPI) should not be dismissed, warns Paymentcare.co.uk.

Shane Craig, managing director of Paymentcare, said that the Competition Commission's recent investigation into PPI could result in some consumers being frightened away from the product and that during times of economic uncertainty, PPI showed its real value.

Mr Craig said: "Following the Competition Commission's 5 June report on the PPI market, the product has become the pariah of the personal finance world. It is quite right that the unfair advantage enjoyed by lenders has been exposed, but it is when job loss strikes that genuine PPI really comes into its own."

He also commented that people who unexpectedly find themselves unemployed and have loans and credit card balances to pay, could find themselves in difficulty if they have nothing to fall back on and that standalone independent protection is still a genuine alternative to the limited protection offered by some loan and credit card providers .
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