Borrowers who were hoping to find some respite from the pressure of mounting debts will have to continue to find a way of shouldering their burden, says independent payment protection provider Paymentcare.
Those opting for debt consolidation loans could end up compounding their financial difficulties rather than solving them if they allow themselves to be put off the idea of PPI by the recent reports of mis-selling.
“Some firms are still falling short of the standards required for the way PPI is sold. But there is a real alternative to the kind of policies that have attracted criticism. Stand-alone PPI is a genuine, transparent and affordable alternative and it is so important that consumers are fully aware that they have a choice.” says Paymentcare MD Shane Craig.
If borrowers decide against protecting their loan with PPI because they think they are going to be ripped off, their newly acquired financial status could be short-lived should they become unable to work and lose their income.
Stand-alone PPI is – and always has been – a genuinely affordable and transparent way of purchasing protection for loans, credit cards and mortgages.