Value Seeker: Beware Loan Protection Insurance

Oct. 8, 2009 - PRLog -- In the UK, there has been a huge scandal about an insurance product known as PPI ( personal protection insurance ). This is known as ” the insurance you didn’t know you had” because it’s sneakily added on to a credit card or personal loan such as a car loan.

You will be hearing a lot more of this soon from Financial Redress, but take it from me, this is the highest margin product in the book for any loan provider, and riddled with exclusions.

No surprise then that when I visited my bank manager recently, the only brochure casually placed on her desk was for loan protection insurance!

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Valueseeker is all about helping consumers and businesses make more informed choices when it comes to financial products. I want to expose those financial institutions whose products and services represent very poor value to the consumer. By the same token, where a financial product genuinely offers good value to you the consumer, I will be happy to recommend it.