Consumer Confusion Puts Homes And Families At Risk

CONSUMERS concerned about buying payment protection insurance (PPI) due to the recent bad press it has received could be risking their financial futures this month (October, 2012).

Weston Super Mare (I-Newswire) October 22, 2012 - First Call Payment Protection Ltd based in Somerset has warned that the negative publicity the industry has received could be leaving lots of people unprotected in volatile economic times.

Managing Director of First Call Payment Protection Ltd, Kevin Williams said: “Consumers have seen so much appalling coverage in the news about the mis-selling of products in the past that they are understandably wary of taking out PPI.

“There has been a lot of one-sided factual coverage about PPI, but unfortunately this has only highlighted the negative mis-selling scandal by banks, building societies and other financial institutions. This coverage has not been balanced with any of the good news stories where PPI has saved families financially.

“We are living in uncertain economic times and with unemployment still rising, it is more important than ever that people seriously consider having appropriate protection in case they find themselves unable to work due to accident, sickness or unemployment. These things could happen to any of us.”

Figures recently published by CreditAction.org.uk show that every 15 minutes and 30 seconds a property is repossessed. One thousand, six-hundred-and-thirty-nine people a day were made redundant between April and June this year (2012).

According to the Financial Services Authority (FSA), between January and June 2012, the total volume of complaints to all financial services firms increased by 59% to 3,577,599. PPI accounted for 62% of all these complaints.

Kevin continued: “Nowadays the industry is exceptionally well-regulated and those that tried to make a fast buck have been drummed out. Unfortunately, the industry’s reputation has been tarnished and this has made people wary of the products.

“But this also means there are hundreds of thousands of people out there that would benefit from cover that do not have it.

“The simple question is how long would you cope financially if you were unable to work due to an accident, sickness or unemployment?”

First Call Payment Protection Ltd operates the www.firstcallpaymentprotection.co.uk and www.protection.uk.net websites. It is dedicated to offering products, at the best possible prices, that are designed to help people maintain their standard of living in the event of an unexpected accident, sickness or redundancy.