Consumers getting wise to expensive payment protection policies

A report in The Sunday Times newspaper on 5 November told how it’s Money desk had been in undated with letters from readers who felt that they had been pressurised into buying payment protection insurance (PPI).

While the press have had a field day highlighting how banks and lenders have been guilty of mis-selling policies and charging exorbitant premiums, this article also referred to high street stores.

Many electrical stores push the cover to customers who are using their in-store finance arrangements to buy items such as TV’s, PC’s and washing machines.

The article featured many cases studies including a lady from London, who was shocked by the forceful way staff in Currys tried to make her buy cover when went to purchase a television.

The newspaper quoted her as saying: “I felt they were doing their best to push me into taking out PPI to cover the finance repayments. In fact, it made me so uncomfortable I decided to take my business elsewhere.”

Other complaints highlighted to the newspaper included the belief that a customer had to take out PPI to qualify for a loan; the difficulty that policyholders had trying to get out of their PPI deals; and, the policy pricing.

As with all things, customers looking for PPI should shop around for the right cover for them. There are specialist independent PPI providers such as BritishInsurance.com who offer cheap cover, without compromising on the protection offered.

And if you feel that you have been mis-sold PPI, in the first instance contact the company who originally sold it to you.