PPI

PPI (Payment Protection Insurance).

On the radio this morning there was a item about PPI. In particular that the Competition Commission wants the selling of it to be regulated. There was a particularly interesting interview with a spokesman for a insurance industry body who claims that having a 24 hour period in which the PPI could not be sold was a travesty for the customer. However there is plently of evidence that high powered sales techniques are used to pressure loan applicants into taking PPI. There are sometimes suggestions that you might not get the loan or the required interest rate if you decline the offer of PPI.

Having worked in the banking industry and at times involved in the selling PPI I know how profitable it is. In these troubled economic times I expect the industry to fight its corner vigorously.

The fact of the matter is that you don't have to take PPI and if anyone suggests that you have to take it in order to get the loan they are mis-selling to you. There are other independant companies that can offer you comparable cover at cheaper prices. Shop around, take advice.