Tuesday, March 27, 2012
Many consumers are still coping with the problems caused by the mis sold payment protection insurance policies. Naturally consumers are still distrustful of protection policies. But now negativity of the protection products is starting to wane and consumer confidence is returning.
The Financial Services Authority (FSA) has reported nearly £2 billion in redress has been paid back to PPI customers in 2011. Much of this has been because of the help to consumers from PPI claims companies.
The problems surrounding payment protection insurance are not because of the quality of the product but because of the way it was sold. PPI is a very helpful product to have because it protects you should you find yourself unable to work because of illness or accident. With its protection you will still be able to meet your credit card and loan payments.
Consumers realize that protection of this kind is needed because unforeseen circumstances due arise. Making preparations for illness or loss of job is on the minds of workers who have the responsibility of a family. The past problems of the mis-sold payment protection insurance is still a concern but help from ppi claims companies have alleviated much of the worry with their help in redress paid back to consumers.
The consumer has learned to question the products being sold at their banks and not just take them at their word. With this attitude, customers should benefit from more beneficial financial products.
Labels: Financial Planning