A combination of soaring unemployment and Britons’ escalating personal debt mountain will put further pressure on overstretched households – and sky high major lenders’ payment protection premiums will not help, warns Paymentcare.co.uk, a leading independent payment protection provider.
Paymentcare’s Shane Craig says, “Consumers are suffering as banks keep the cost of borrowing high, while simultaneously refusing to act like banks and lend money to help the wider economy get back on its feet. Caught between a rock and a hard place are increasingly vulnerable consumers. This is the time when people who are in a job need to know that they can protect their debts at affordable premiums. But High Street lenders are continuing to fleece those in work by maintaining high monthly premiums for sickness, accident and unemployment cover. It makes sense to cover your mortgage and other debt repayments. High Street lenders are keeping premiums disproportionately high in order to make up for their massive losses in other areas of banking.”
Paymentcare continues to see high levels of applications for PPI from across a range of sectors. Retail and construction and financial services continue to struggle, and the core UK manufacturing sector. It is also experiencing high levels of applications from workers in the leisure and tourism sector and a growing number of enquiries from the public sector, where workers have hitherto been seen as virtually recession proof.
Paymentcare.co.uk offers a comprehensive range of monthly paid cover options to suit individual needs at realistic prices, a range of great value payment protection policies with comprehensive cover, regardless of age or occupation.
Income protection insurance: News update: 20/03/2009