Single Premium Payment Protection Insurance is Outlawed Today
DEATH OF THE SINGLE PREMIUM PPI POLICY
The new regulations regarding the selling of Single Premium Payment Protection Insurance come into force today, rather in the shadow of the Norwich Union name change to Aviva.
The product, first thought up by the now despised and disgraced UK banks and building societies, not only took all your money up front for the cover when you took out a loan or mortgage, but it failed to pay out in over 85% of cases, has now been banned by the FSA.
It has become a classic example of a financial product that should never be allowed in the hands of Bankers and Building societies!
Also, one of a product thought up by people outside the insurance industry to defraud the UK public of billions of pounds!
PPI CLAIMS LAWYERS APPEAR FROM NOWHERE!
Just like the ambulance chasing solicitors and personal accident and injury claims lawyers of the no win no fee nineties, the amount of new laywers specialising in claiming for missold PPI policies is about to explode - the market is worth billions and those already entrencehed banks and building societies are going to have to pay dear once the TV ads start and the cash strapped British public whose mortgages fuelled the UK economy for 12 years of mortgage lending - realise they've been f**ked over big time!
Get Claiming!
BUY DECENT PPI COVER FROM AN INDEPENDENT
Fortunately, new good payment protection insurance products have arisen from independent providers who actually cover you at about a fifth of the price of banks - and you get 'Real' cover you can claim on if eligible. moreover, the payments are monthly and you can cancel or switch at any time. Try a lifestyle insurance or income protection plan if you want to be sure to cover everything.
Labels: Income Protection Insurance, Mortgage Protection Insurance, MPPI, paymant protection insurance, PPI
posted by Insurance Blogger @ 1:58 AM
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