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    Home»Best Deals»Loans & Credit Cards – Traps to Avoid
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    Loans & Credit Cards – Traps to Avoid

    Payment protection insurance (PPI)
    The What GirlBy The What GirlSeptember 1, 20083 Comments2 Mins Read
    PPI insurance
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    Loan and credit card providers are bullying customers into buying payment protection insurance (PPI). The PPI hard sell on credit cards and other personal or unsecured loans might be even getting worse as it is rumored that staff bonuses often rest on PPI being sold.

    Payment protection insurance (PPI)

    But that wouldn’t matter, if PPI was not a complete rip-off. So, don’t allow yourself to be pressurized into buying it, unless you have seriously done your homework and are convinced it offers good value for money. If you know you might have financial trouble in the near future, you would be better off not considering a loan or a credit card as a solution to your financial problems in the first place.

    PPI is designed to provide cover in case you cannot repay your loan, credit card or mortgage installments because of an accident, sickness or unemployment. Although, it is considered to be a valuable back-up, truth is that lenders are pocketing an enormous profit, as customers end up paying far more than they need when they have bought this cover.

    Do I really have to say that claims get very easily rejected when someone is in indeed in financial trouble and tries to make a use of the cover? I didn’t think so. Usually, payment protection insurance covers sold simultaneously with consumer credit products are full of get-out clauses and loopholes.

    ID fraud protection is also just another easy way for lenders to make money, taking advantage of the fear they spread to the audience. If they ever call you to let you know that your credit card has been lost on the way to you, get ready for an ID fraud protection sales pitch and turn it down!

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    The What Girl
    I am a financial services writer with experience in forex trading and stock market analysis.
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    View 3 Comments

    3 Comments

    1. New Edge Credit on April 23, 2009 11:49 pm

      This was really an informative post, and I have to say your blog is really giving my knowledge in the credit industry a boost which is a great help as I also run several financial sites, making it very important to get all the important up to date finance info that I possibly can. Good luck to everyone.

      P.S. I definitely recommend subscribing to this blog’s feeds, they are a wealth of information.

    2. Mike's iPad Mini Lessons on January 8, 2014 9:22 pm

      Its like you read my mind! You appear to know so much about this, like you wrote the book in it or something.
      I think that you could do with a few pics to drive the message
      home a little bit, but other than that, this
      is fantastic blog. A fantastic read. I’ll definitely be back.

    3. Larry Miles Jnr on September 27, 2020 10:08 pm

      I do accept as true all of the ideas you have introduced in your post.
      They’re very convincing.

      Still, the post is a little quick for novices like me. May you please make them a little longer from next time?
      Thanks for the post.

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