PPI - give us the balanced view please?
Watching the news this morning with a million things spinning in my head, I listened to the fine people at Which banging on about the negative merits of PPI.
They proudly stated they had been alerting consumers to the pitfalls of PPI for the last 10 years. Quite right, consumers have a right to know. But isn’t it time for a more balanced argument? In current turbulent times (funny how we always add turbulent when things are not rosy, but never say opulent when things are good?) rising unemployment means people need this cover.
Which argued that PPI on credit cards is not enough. Agreed. That wider income protection is what’s needed. I whole heartedly agree. But their catch all solution is for consumers to go see an IFA. For PPI? I don’t think so! Build in the cost of advice into this cover and you’ll see it become unaffordable. No, what’s needed is to make this product simpler, more transparent, easier to buy with assisted purchase processes on line. I can’t see why it has to be any more complex than buying car and home insurance. Millions of us buy this cover without advice
