POSTED WITH APPROVAL OF ANDY DAVIE.
Unemployment through Redundancy is growing weekly by thousands and its growth rate is expected to accelerate, even rocket throughout 2009 and into 2010. There are now nearly 2 million people out of work and registered as Unemployed, and this figure is forecast to reach at least 3 million next year.
People who have for years refused to consider buying PPI because they felt they had no need of the cover, are now coming out of the woodwork in droves, seeking this cover. Directors of Merchant Banks, and Senior Managers with High Street Banks, are doing the rounds of PPI providers, desperate now to buy this cover.
Redundancy claims continue to climb from an already extremely high level, putting an extra strain on a market already awash with mis-selling claims, and the refunds that follow them. The market is reacting to all this, and turning down many applications for cover.
There is increased recognition in the Debt Advice market of the value of using PPI to safeguard payments into IVA’s and DMP’s. Where the need for this cover was in the past regarded as minimal, the scourge of Redundancy, and its effect on people with little or no financial resilience, is causing many Debt Advisory Firms to revisit this decision. However, they are not supported in this by Creditors, so no change there then.
If losing your job is a financial burden you could not carry, do look into PPI, it does not need to cost a lot. What are the bills you must pay? Mortgage or Rent, IVA or DMP, Food & Clothing, Life & Home Insurance, Council Tax, Utilities. All these can be covered for as little as £2,75 per £100.00 per month.
As well as our own Paymentcover website, you can also consider other providers such as Assurant Solutions, Hitachi, Norwich Union, Paymentcare, Paymentshield, or Pinnacle.
