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Recent proposals by the CC (Competition Commission) may force a ban on lenders pushing the controversial PPI (Payment Protection Insurance) on customers.ppi claims
Such insurance is often bundled with financial products like loansand credit cards to protect consumers should they fall into a situationin which they are unable to meet the required repayments Roughly 6
5 million of these polices are sold every year, generating billions inprofits for lenders The problem lies in the fact that many of thesepolicies are miss-sold and a great number of those with them willnever even be able to claim off them because of the complex termsand conditions that guarantee a payout
In fact the Citizens Advice Bureau found that a staggering 85% of itsclients had been denied a payout Lenders and the Association ofBritish Insures have lashed back with statements that banning PPIaltogether could "destroy the PPI market"
Moreover there are customers that do or could rely on PPI whomwould miss out if such a move went ahead Another issue that isbeen highlighted is that with the increasing number of job losses andconsiderable amount of turmoil that todays markets are in that PPImay be the only way to ensure borrowers are able to keep up withrepayments
The CC is justified in its claims that the cost of PPI is more thanwhat it should be; this is down to the lack of market competition Itsalso pointed out that many consumers are under the impression thatthey are only able to obtain PPI from the company offering the line ofcredit, this however is not true
In fact, in some cases obtaining PPI from an independent insurercould save you hundreds in premiums If you feel as though you arepaying too much for your current PPI plan then you are also fullywithin your rights to switch insurance providers
This process can prove tricky though, as a lot off the PPI taken outon are tied in with the repayment plan If you feel as though you arepaying over the odds for your PPI then its best to speak with an IFA(Independent Financial Advisor) who should be able to point you inthe right direction