(PRWEB) June 11, 2010 — In response to its recent survey* that found four out of five people do not have Payment Protection Insurance, independent provider British Insurance has teamed up with personal finance comparison site, Moneynet, to launch a consumer guide.

Despite its benefits, the figures suggest people are either wary of the product or have little or no idea what it does. It’s not altogether surprising consumers are apprehensive about signing up for Payment Protection Insurance after past reports suggest people have paid over the odds for unsuitable, inflexible and overpriced cover.

However there is now the danger that because lenders in the future will no longer sell policies at the point of sale, people who may need this valuable safety net won’t even consider it.

The authors are hopeful the Payment Protection Insurance Guide will better inform sceptics and those with scant knowledge, allowing them to accurately assess whether this cover is right for them, plus educate people who plead ignorance.

British Insurance Managing Director Nel Mooy comments: “PPI is an effective debt management tool, paying off bills at a time when they could easily spiral out of control. However, plain-speaking information, explaining what the payment protection cover is, how it works, who it’s suitable for and what it costs, is hard to come by – which is why, I suspect, 80% of workers are without this invaluable financial safety net.”

As one of the UK’s leading online financial educators, Moneynet jumped at the chance to produce a no-nonsense Guide that demystifies jargon and small print.

Moneynet’s Andrew Hagger continues: “Despite its tarnished reputation, PPI is a good product for some. I welcome anything that adopts a ‘back to basics’ approach and allows people to easily find out more about the cover, especially in these uncertain times. Our ethos is to empower people to make the right decision to protect their financial well-being and this Guide does that.”

Hagger concludes: “PPI will not be right for everyone, but by being clear and upfront about what is and isn’t included under these policies, consumers will be able to make a more informed decision as to whether this cover suits their particular circumstances.”

The Guide can be viewed at www.britishinsurance.com or www.moneynet.co.uk and is available for download as a PDF at both of these sites.

Note to Editors
*Survey undertaken by TNS Omnibus- 665 16-64 year-old full or part-time workers were questioned online from 29 April – 4 May 2010.

British Insurance is a widely-recognised consumer champion and one of the UK’s leading independent providers of Payment Protection Insurance.

British Insurance is a trading name of Towergate Underwriting Group Limited who are authorised and regulated by the Financial Services Authority.

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For the original version on PRWeb visit: http://www.prweb.com/releases/british-insurance/ppi-guide/prweb4119394.htm

London, UK (PRWEB) August 3, 2009 — The shocking extent to which consumers have been ripped off by a widely-practiced Payment Protection Insurance (PPI) scam is revealed today by top claims management company, Challengeyour.com.

The London-based firm says that at least eleven billion pounds, possibly closer to 30 or 40 billion pounds, is owed to millions of consumers who’ve taken out payment protection insurance policies to cover their loans, credit cards or mortgages.

“The fact is, many people aren’t even aware they can claim money back and as a result, financial institutions are getting away with it, inflating their already enormous profits,” says Challengeyour.com’s Director Adam Thomsett.

Challengeyour.com is today launching a new national campaign to help re-unite customers with money they should probably never have been talked into paying in the first place, for payment protection which in many cases, is likely to be almost worthless.

The company will investigate individual claims and only charge customers 25% plus Vat when the loan firm pays out, avoiding the need for costly up-front legal expenses. Current statistics show that one in three PPI policies have been mis-sold and Challengeyour.com believes that this figure will increase providing individuals make a claim.

FACTS
The above figure stated has derived as follows:
Number of active policies in the UK: 20,000,000*
Challengeyour.com’s success ratio for claims of this natur: 36%
Number of claimable policies: 7,200,000
Average Refund Achieved by Challengeyour.com: £1,533.00
Amount Recoverable: £11,037,600,000
*Figure obtained from Citizen Advice Bureau (ppi calculator.

If rules were broken, consumers are entitled to recover all paid/unpaid premiums plus interest at 8% per annum, plus possible compensation on top.

11 billion pounds could be the tip of the iceberg: if PPI on loans or credit cards which have been paid off in recent years is also included, then it’s possible the figure could be as high as 30 or 40 billion pounds.

Regulators have already fined a number of financial institutions for amongst other things, telling customers that Payment Protection Insurance was compulsory or selling it to the customer without telling them.

The Payment Protection Insurance market is hugely profitable, worth an estimated £5bn per year*(Source CAB as above).

Brokers who sell PPI stand to make huge profits from commissions, in some cases up to 50% of the premium paid by the consumer.

Average refund achieved by Challengeyour.com £1,533.00.

SUCCESSES
Mr Wilkinson of Nottingham recovered £15,100.00
Mr Bland of Gosforth recovered £7,200.00
Mr Ramsay of Hackforth recovered £7,300.00

CONTACT DETAILS
Challengeyour.com is based in Central London and deal with PPI claims from all over the UK. Claims can be made directly through the website or by calling: 0800 814 0898

Director Adam Thomsett is available for TV, Radio and Newspaper interviews.

Call: 0207 563 4508

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For the original version on PRWeb visit: http://www.prweb.com/releases/claim/ppicharges/prweb2699904.htm

Redding, CT (PRWEB) July 28, 2009 — On Tuesday, August 4, 2009 at 1 PM Eastern Daylight Time, Search Marketing Now presents “PPC Campaign Automation: Bid Management, Alerts…the Works!” This webcast is free and is sponsored by Acquisio Software.

Pay-per-click (PPC) advertising campaigns can be complex, time-consuming — and costly if not well-managed. At some point, certain aspects of the campaign are simply too difficult — or even impossible– to manage by hand.

The August 4 webcast provides a hands-on introduction into PPC campaign automation. PPC expert Andrew Goodman looks at how to automate a PPC campaign using rules-based management to govern your bidding process. He’ll discuss why it’s important to automate the bidding process, what kinds of rules can be used to streamline a PPC campaign.

He’ll cover basic rules, and assumptions behind those rules, as well as introducing some advanced rules for those who want to take it to the next level. He’ll also show how adding automated processes to your campaign can improve your Quality Score and increase the overall ROI of your PPC campaign.

For more information visit http://searchmarketingnow.com. Registration is open at http://bit.ly/KboGW

Andrew Goodman is founder and president of Page Zero Media, a Toronto-based online marketing agency with a global reputation in paid search. He is a frequent contributor to the “Paid Search” column at Search Engine Land, as well as a frequent speaker at industry events such as the SMX conference series.

This webcast is sponsored by Acquisio, the world’s leading developer of PPC management tools for agencies. Acquisio SEARCH is the first PPC management software designed from the ground up with advertising agencies in mind. Acquisio was founded in 2003 and is based in Montreal.

About Search Marketing Now and Third Door Media:
Search Marketing Now webcasts are produced by Third Door Media, Inc. Third Door Media’s mission is to empower interactive and search marketing professionals by providing trusted content and community services they need to be successful.

Third Door Media produces the conference series Search Marketing Expo - SMX, which includes SMX East, SMX West, SMX Advanced and other SMX conferences. Third Door Media also publishes the search marketing news and analysis site Search Engine Land and Sphinn.com, the place for web, online, search, interactive and internet marketers to share news stories, talk within subject-specific discussion forums, build a network and stay connected to hot topics in internet marketing.

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For the original version on PRWeb visit: http://www.prweb.com/releases/PPC-campaign/automation/prweb2684924.htm

Braintree, Essex (PRWEB) March 30, 2009 — A report suggesting 2.6million credit card users plan to spend more on their ‘plastic’ this year to pay household bills has prompted Payment Protection Insurance lobbyist Sara-Ann Burgess to remind consumers that a PPI policy is far more effective in meeting everyday living costs and will keep debts under control rather than prolong them.

Her response comes at a time when greater numbers of people are being forced to rely on credit cards to pay bills either because of falling household incomes or redundancy. Only last month the Post Office published a survey that said 32% of adults - around 10 million people - use their credit cards for daily purchases and despite a worsening economic situation, it found that 8% or 2.6million will have a greater reliance on plastic in 2009.

Around 45% of respondents do not intend to pay their bills in full each month - not only extending the lifetime of the debt but increasing the amount owed through extra interest. Sara-Ann comments: “When finances are stretched it’s easy to think of a credit card as a good debt management tool - but it’s not. So many people who have lost an income have no choice but to use their plastic to carry them through these difficult times, but minimum monthly payments still have to be made, the amount owed and resultant interest is increasing and at one stage the final balance will have to be cleared.”

One lender recently announced the average credit card debt was £3,256. However, money education charity Credit Action estimates consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans was £4,870 per average UK adult at the end of January.

“It appears people are increasingly resorting to credit to meet their financial commitments which is fine when you have a job and can make the repayments, but what happens if that salary goes?” comments Sara-Ann. “Those with outstanding debts must consider ways to ensure their payments continue in the event of an income being lost and so avoid future financial hardship. Otherwise reliance on credit to pay credit will be the only option, which in the long term only racks up more debt and is unsustainable.”

Debt management firm EuroDebt confirms that over one in five new clients seek help because they’ve been made redundant or lost an income. It cites the three main reasons why their help is requested as; debts getting out of control and less access to credit to manage them, loss of income/being made redundant and poor financial management.

Credit Action predicts that one in 33 people working in the UK will become unemployed this year, giving Sara-Ann even more reason to urge consumers to use PPI as a proactive debt management tool.

She concludes: “Whilst PPI can’t help the millions who have been made redundant already, it will provide a financial safety net for those still in a job - ready to pay their bills should the worst happen. Given it could take months to secure new employment, and PPI pays cash benefits for up to a year I cannot see why more people aren’t relying on this, instead of credit to access cash when funds dry up. Cover is easily accessible via the internet at low cost.”

Premiums for PPI are calculated per £100 of benefit and purchasers can decide whether they want policy payments to meet their mortgage, loan or wider household commitments. There are options for accident, sickness and unemployment cover and specialist independent firms such as Burgesses and British Insurance are widely recognised as offering premiums that are far more affordable than higher-priced credit providers.

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For the original version on PRWeb visit: http://www.prweb.com/releases/british/insurance/prweb2273424.htm

Braintree, Essex (PRWEB) March 36, 2009 — News that increasing numbers of people are continuing to fall behind with their mortgage repayments evidences that pleas for homeowners to purchase Payment Protection Insurance and receive a monthly income to cover debts should they lose their job is falling on deaf ears.

This is the view held by PPI lobbyist Sara-Ann Burgess, from specialist firm Burgesses, in response to recently released Financial Services Authority figures which show 377,000 homeowners were in mortgage arrears at the end of 2008, an increase of 31% on the previous year.

She says: “PPI will pay your mortgage for up to a year if redundancy occurs, so why aren’t more people taking out this low-cost cover and protecting themselves against the recession? As well as providing financial stability at a time when you need it most - it gives peace of mind. If you’re in a job, PPI takes away the worry of how to pay bills in the future if redundancy occurs and that’s a great situation to be in.”

It would certainly allay the fears of 62% of the working population who according to Which? fret about themselves or their partner losing their job, quell the anxieties of over four in 10 joint income households who worry they wouldn’t be able to pay the mortgage if the main income earner lost their job and help over a third of homeowners who are concerned about having their homes repossessed.

Sara-Ann comments: “If something’s causing you sleepless nights - namely job losses and repossession - then you do something about it. I’m mystified why more people aren’t buying PPI as it offers a solution to all these issues. I can only think people are going to rely on their savings to pay their bills.”

Feedback from Moneysupermarket suggests this isn’t the case. In a recent survey, it found a quarter of Brits have no savings to fall back on and a third or more have less in savings than two years ago.

“Why hold back on something that will take away the stress of this current economic climate?” questions Sara-Ann. “I know the PPI sector has suffered a poor reputation at the hands of banks and building societies, but fewer than 1% of the unemployed receive an income via a PPI policy. Independent providers do not mis-sell or over-price their products and it’s vital people who have been put-off purchasing this cover, re-evaluate its benefits.”

In a bid to meet their regular daytime bills such as utilities, travel and food, many consumers are cutting back on their insurance, but Sara-Ann opines this is not always such a prudent measure. She continues: “It’s right to reassess your finances and re-consider levels of cover, but not to the extent that you leave yourself financially exposed to hardship. This is especially pertinent with PPI, given the swiping job cuts that are being made across all sectors in the UK.”

This week HSBC announced 1200 job losses, although unions suggest the figure’s more likely to top 3000. Sara-Ann concludes: “I fear the mortgage arrears and repossession figures - 46,750 in 2008, 68% more than the year before - will continue to rise before people appreciate PPI can put a halt to these frightening statistics. Which? says that 73% of mortgage holders believe the Government should do more to prevent repossessions - I counter this can be achieved by making PPI compulsory. Since consumers don’t appear to have the appetite to purchase it themselves, lenders should offer it for free with every mortgage offer.”

Standalone firm British Insurance has won an unrivalled number of awards for its products and service delivery - salvaging the reputation of a tarnished sector. It has a 100% customer retention rate, has never received a product or service complaint and offers policies for homeowners, those renting and people in shared ownership schemes. Premiums are £3.40 per £100 of benefit for unemployment cover and it’s widely acknowledged they are more competitive than credit providers - some four times cheaper for mortgage, five times for income and 10 times for loan protection.

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For the original version on PRWeb visit: http://www.prweb.com/releases/british/insurance/prweb2265384.htm

Braintree, Essex (PRWEB) March 19, 2009 — This week’s shocking unemployment news and spiralling repossession figures should galvanise those without Payment Protection Insurance to take out a policy and ensure their mortgage and other monthly bills are paid in the event of redundancy says PPI lobbyist Sara-Ann Burgess from specialist firm Burgesses.

For the first time since 1997, unemployment has topped two million and there are predictions this will exceed 3 million within a year, resulting in one in 10 workers without jobs by 2010. By the end of 2008, repossessions soared by 68% to 46,750, including those forced into giving up their homes by ’second charge’ consolidation loan companies.

Widespread redundancies and falling incomes contributed to repossessions and an increasing number of homeowners in arrears of three months of more. Last year around 377,000 households were behind with their payments, indicating the intense financial hardship being experienced across the UK.

Given the current dire economic climate and suggestions that things will worsen before they get better, Sara-Ann cannot understand why more people aren’t shoring up their finances and buying PPI. She comments: “We all know rising unemployment results in higher arrears and repossessions, yet very few people take the opportunity to break this cycle. Why face stress and hardship when you don’t have to? PPI pays the mortgage or rent for up to a year if redundancy occurs, ensuring unemployment will not equal arrears, repossession or being evicted by a landlord.”

Sara-Ann calculates less than 1% of unemployed people are currently drawing a monthly ’salary’ courtesy of PPI - her figure is based on 19,105 PPI unemployment claims made up to November 2008, as a proportion of the 2.03m out of work. She suggests: “This is a scandalous statistic - so many more people could benefit from a monthly cash injection, courtesy of the insurance sector, but they’re ignoring this option.

“Those with financial commitments only need to siphon off a small percentage of the money they’ve saved due to the recent interest rate, VAT and utility bill cuts and they can enjoy peace of mind, secure in the knowledge there’s a safety net in place to pay bills should they lose an income.”
Sara-Ann continues: “There’s no hidden agenda, insurers will pay the claim, providing job cuts weren’t announced prior to or four months after the purchase of a policy. Very few are eligible for benefits from the State and despite the Government announcing a series of measures to help cash-strapped homeowners, they will have little effect on those in debt and do nothing to help people in rented accommodation.”

Payments made via Income Support for Mortgage Interest schemes (ISMI) have been brought forward so benefits are received after three instead of nine months and homeowners will soon be able to defer a proportion of their mortgage interest payments. However, Sara-Ann counters less than 2% of households on means tested benefits will qualify for ISMI and the holiday payment facility serves to only increase the mortgage debt, as interest will continue to be added to the outstanding loan.

She concludes: “The International Monetary Fund says the UK recession could last longer than any of the world’s major economies, so avoid building up further angst in the future and recession-proof your finances now. I appreciate the PPI sector has a poor reputation for over-pricing and mis-selling PPI, but independent providers are not guilty of this. They provide outstanding value, treat customers fairly and explain everything up-front.”

Standalone firm, British Insurance, has won numerous awards for its products, back to work assistance programme and service delivery and has policies for homeowners, those renting and people in shared ownership schemes. Premiums are calculated per £100 of benefit and standalone firm British Insurance charges £3.40 per £100 for unemployment cover. Anyone looking for a monthly replacement income of £500 would pay £17 a month.

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For the original version on PRWeb visit: http://www.prweb.com/releases/burgesses/insurance/prweb2245704.htm

Braintree, Essex (PRWEB) March 17, 2009 — “It’s easier to insure your tongue for millions than it is to make a Payment Protection Insurance claim if the firm you work for announced job cuts on or after the time of purchase,” warns PPI lobbyist Sara-Ann Burgess from specialist firm Burgesses.

Her comments follow news that Costa Coffee’s Italian Master of Coffee, Gennaro Pelliccia, insured his tongue for £10million. “This shows insurers will consider almost anything when it comes to providing cover,” she says, “but they will not be so accommodating to people who do not meet specific PPI policy conditions.”

PPI pays monthly cash benefits for up to a year if the claimant loses an income due to an accident, sickness or unemployment. However redundancy claims will be excluded from policyholders who were aware their employer was making job cuts before they took out cover or four months after purchase.

Sara-Ann explains: “People are often unaware of the four month clause - they mistakenly believe that as long as redundancies aren’t announced when they take out a policy or their job in particular wasn’t mentioned, they’ll be fine. But this isn’t the case - claims resulting from generic announcements made within a four month period after purchase will be declined as the insurer will rule the employee was at risk of redundancy and illegible to claim.”

Insurers do not automatically provide cover from policy inception, as is usual with other insurances, due to the escalating number of job losses and high value of claims payments against premiums. Sara-Ann continues: “A £17 monthly premium buys £500 worth of monthly payments if redundancy occurs. As this policy pays out for up to a year, the claimant could receive up to £6000 which is a pretty good return on a relatively low outlay. Insurers have to be cautious or it would not be in their interest to provide this cover. They need premiums to fund payouts.”

Only recently, the Federation of Small Businesses predicted 120 businesses would go into administration every day in Q2 this year, further fuelling insurer’s resolve to reduce their exposure to widespread redundancy claims where possible. “People must act now and take out cover sooner rather than later,” urges Sara-Ann. “If they wait until they think they’re at risk, they could find themselves uninsurable.”

Whilst calling for greater PPI awareness, Sara-Ann is concerned that a greater demand could lead to some providers mis-selling cover. She suggests: “Insurers are being responsible in making this cover available, but not all are selling it in a responsible manner. If they do not point out policy exclusions such as pre-existing medical conditions and redundancy clauses up front, then people could be paying for cover they will never be able to claim on.”

A view shared by the Financial Ombudsman Service who has witnessed a dramatic rise in mis-selling complaints. In 04/05 the FOS handled 836 PPI complaints by 07/08 this had soared to 10,652. The FOS predicted complaints would top 24,000 in 08/09, but by the end of December 2008, FOS Chief Executive Walter Derricks confirmed over 25,000 complaints had already been received and confirmed that the majority of them were from consumers who bought cover from High Street lenders. One of the most common complaints is consumers’ inability to claim on policies.

Sara-Ann concludes: “Choose an independent PPI provider who provides exclusion information up front and is less likely to inflate premiums to offset against any credit losses.”

Independent PPI provider, British Insurance, charges £3.40 per £100 for unemployment cover, £3.90 per £100 for accident, sickness and unemployment and £1.90 per £100 for accident and sickness. It offers policies for home owners, those renting and people in shared ownership schemes, has a 100% customer retention rate and has never received a product or service complaint.

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For the original version on PRWeb visit: http://www.prweb.com/releases/protection/insurance/prweb2236964.htm

Braintree, Essex (PRWEB) March 13, 2009 — Insurers and lenders must broaden their Payment Protection Insurance portfolio and offer policies for people involved in low-cost home ownership schemes says PPI lobbyist Sara-Ann Burgess from specialist firm, Burgesses.

Her call coincides with a recent announcement from the Mayor of London, Boris Johnson, who pledged to regenerate five estates in the capital and create 1500 new affordable homes. Tenants will pay subsidised rents for the first six months and then be given the option to buy their property at a discounted price.

Sara-Ann is concerned that very few PPI policies are available for people in low-cost home ownership agreements, despite them being on lower incomes and financially more vulnerable. She comments: “Because housing payments tend to be lower, there’s a belief that tenants do not need access to a policy that will pay their monthly commitment - whether rent or rent and mortgage - if they lose their job, become sick or have an accident. However, people in these schemes probably have less spare cash and any savings they would have relied on to carry them through hard times have no doubt gone to lenders who now require greater deposits.”

The Council of Mortgage Lenders confirms members require deposits as they believe borrows will have a greater commitment to the undertaking if they’ve put a stake in, at the beginning. “And this is why,” counters Sara-Ann, “that PPI is all the more necessary. Those paying more money up front will have less as a contingency fund so they should have access to low-cost PPI policies to ensure continuation of housing payments if their circumstances change.”

According to the Survey of English Housing just over 68% of the population are homeowners - five years ago this figure was 70%. Drivers behind this fall include; shortage of credit, falling house prices and a decline in secure long-term full-time employment. PPI pays benefits for up to a year if redundancy occurs, ensuring stability for both tenant and the Housing Association/developer. This is why Sara-Ann is calling for greater PPI support from lenders.

“The policy address the unemployment issue as it pays bills, relieving the financial pressure on tenants whilst they look for work, plus it reduces lenders’ liabilities as borrowers are less likely to default their payments. The CML says reforms are needed to encourage lender participation in these schemes, but I’d like to see PPI added to the reform agenda. The Government-backed Homes and Committee Agency says 20,000 people sign up to low-cost housing schemes every year - I wonder how many realise PPI is available to them?”

In August last year, independent PPI provider, British Insurance was first to launch a shared ownership scheme policy, meeting monthly mortgage and rental payments if a salary is lost.
With low-cost housing schemes set to escalate, Sara-Ann would like to see more insurers follow suit and become more socially responsible.

She concludes: “I welcome the Mayor’s announcement that more housing will be made available to those on lower incomes, but let’s do the same with PPI. Whether housing costs are going on a mortgage, rent or a combination of the two, consumers need access to a financial safety net. Insurers must adapt their policies and help everyone keep their homes in times of economic uncertainty.”

British Insurance charges £3.40 per £100 for unemployment cover, £3.90 for accident, sickness and unemployment protection and £1.90 per £100 for accident and sickness. A monthly premium of £17 would return PPI benefits of £500 a month (unemployment only option).

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For the original version on PRWeb visit: http://www.prweb.com/releases/protection/insurance/prweb2225524.htm

Braintree, Essex (PRWEB) March 11, 2009 — Landlord associations and mortgage firms are letting members and borrowers down by not giving them enough information on how to reduce their exposure to rental arrears says Payment Protection Insurance lobbyist Sara-Ann Burgess from specialist firm Burgesses.

Although landlords are continuously invited to buy into a range of services that assess tenants’ backgrounds or are given checklists of areas to scrutinise before handing over their keys, rental arrears and buy-to-let repossessions are increasing, indicating that no matter how many checks are undertaken, a tenant’s financial situation can change dramatically.

According to the Council of Mortgage Lenders, 26,800 buy-to-let mortgages were three months or more in arrears at the end of last year, up from 7,500 in 2007 - a rise of 73%. Landlord repossessions doubled in 2008, reaching 4000 - up from 2000 the previous year.

Sara-Ann believes only PPI provides rental stability and says third-parties have been remiss in not reminding landlords of its importance for them and their tenants. She comments: “PPI can make a difference to arrears and repossession figures and would certainly allay the fears of the 71% of National Landlord Association members who expect rent arrears to increase in 2009.

“Prospective and existing tenants who appear low-risk today, because they’re in employment, could lose their jobs in the next few months and fall into arrears. This is not scaremongering - it’s a reality. However if landlords ensure their tenants have PPI they will receive rental payments , direct to their accounts, for up to a year if a salary is lost because of accident, sickness or unemployment.”

Sara-Ann continues: “This could relieve the pressure on landlords who are becoming increasingly alarmed about a build up of rental arrears - 74% of the NLA’s 2500 monthly calls concern defaulting tenants and if rental payments are missed, this impacts on landlords’ mortgage repayments.”

Landlords can purchase rent guarantee cover, but it usually covers six months of missed rental payments, whereas as rental PPI pays out for up to a year. Sara-Ann concludes: “PPI is more socially responsible as it’s protecting the tenant as well as the landlord. No one wants to lose their family home and end up on the street because their circumstances change and PPI ensures this doesn’t happen.

“Both sides benefit - there’s peace of mind for the tenant, knowing payments will continue if a salary is lost and income stability for the landlord. I’m surprised more associations and mortgage firms aren’t advising landlords to encourage tenants to take out PPI and pointing them in the direction of independent providers who offer this cover.”

When standalone firm British Insurance launched rental PPI last September, it was welcomed by the NLA who said the product was long overdue and gave confidence to the rental sector.

The Policy covers up to £1500 per month rental payments or 50% gross monthly income and starts at £1.90 per month per £100 of monthly benefit. It offers back to day one payouts and one set premium rate, a choice of cover options and caters for people who voluntarily leave work to become carers for up to one year.

Claimants can take advantage of free back to work assistance with telephone advice, a ‘back to work’ guide offering practical help and guidance on job seeking, CV preparation and interview techniques, plus access to a daily updated job vacancy database highlighting opportunities that are not necessarily advertised on a wider scale.

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For the original version on PRWeb visit: http://www.prweb.com/releases/british/insurance/prweb2222084.htm

Braintree, Essex (PRWEB) March 10, 2009 — Last week’s interest rate cut may well tempt those still in jobs to splash their spare cash on the latest registration cars, however they could unwittingly be exposing themselves to Payment Protection Insurance scams says PPI lobbyist Sara-Ann Burgess from specialist firm Burgesses.

Sara-Ann warns that motor dealers will be using the March 2009 registrations as their ‘window of opportunity’ to make a sale and suggests that as consumers succumb to end of the month offers and finance deals, they will also be pressured into taking out PPI to cover any loan repayment costs.

PPI pays a monthly benefit for up to a year to claimants who are unable to meet their ongoing financial commitments due to the loss of salary following an accident, sickness or unemployment.

She comments: “Dealers are increasingly desperate to boost their car sales and know if they’re left to organise the finance, then PPI will follow. With High Street lenders reducing their credit flows, people are turning to dealerships for loans. And this is when the pressurised PPI selling comes in, advisers either play on people’s insecurities, quote redundancy and suggest it’s vital customers purchase PPI before taking out a loan, infer PPI is a condition of the credit offer or hide its cost in the overall loan repayment figures. Not only is this unscrupulous, but the premiums are exorbitant - it’s well-known independent PPI providers are 10x cheaper.”

Sara-Ann agrees that PPI provides a vital financial safety net for many during this current economic climate, but urges consumers not to take cover with their credit provider. She continues: “Dealerships can make vast profits on PPI so are keen to sell it, whatever their customers’ needs. This leads to inappropriate sales where people are unwittingly paying for cover they didn’t realise they had, are misled into believing a PPI purchase is mandatory or have policies they cannot claim on because the exclusions weren’t explained properly beforehand.”

“Perhaps this is the reason the National Franchised Dealers Association was horrified when the Competition Commission in January announced a 14 day ban on credit providers selling PPI at the same time as the loan is taken out. It said the ban would leave buyers vulnerable and would not work as customers forget to purchase PPI - which in my view is rubbish. People are keen to save money whatever the product, so must shop around for alternative low-cost cover if they feel it’s suitable for their circumstances. Especially as dealers’ were recently fined for mis-selling PPI.”

In August last year, five motor retailers were fined £175,000 by the Financial Services Authority for exposing 2,175 customers to the risk of being sold unsuitable PPI policies.

The Finance and Leasing Association reports 53% of people buying cars through dealerships used their ‘in-house’ loan facility, up from 47% in 2007. “This means more people could be paying over the odds for, in many cases, worthless PPI,” Sara-Ann suggests.

According to the Society of Motor Manufacturers & Traders new car registrations fell to 2.1million in 2008, down from 2.4million in 2007 and this figure is expected to shrink by a firth by the end of the year. In February there were 54,359 registrations, 21.9% fewer than January’s 112,087. When registrations fell to 66,225 in August 08 it was then the lowest since 1966.

Sara-Ann concludes: “This indicates people are wary about taking on new financial commitments, but are they so wary when it comes to taking out PPI? We’re told it’s never been a better time to buy a car and I agree, it probably is; but check the accompanying loan conditions and APR and shop around for credit before making a commitment. Equally, do the same for PPI - request that the PPI cost is separated from the loan, ask for it to be priced per £100 of benefit and read through the terms and conditions and understand what the policy providers. This not only makes it easier to compare the cost and benefits to other providers, but could save thousands in the long run.”

“Independent PPI providers do not make the same vast profits as those offering cover alongside the credit. They do not need to inflate their premiums to make up for any credit losses and leave purchasers to make their own decisions by explaining everything clearly up front.”

Standalone firm - British Insurance - charges £3.40 per £100 for unemployment cover and £3.90 for accident, sickness and unemployment protection and has won numerous awards for its policies and the way it treats customers.

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For the original version on PRWeb visit: http://www.prweb.com/releases/british/insurance/prweb2216934.htm