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PPI sales 'have been reformed'

Payment Protection Insurance (PPI) sales have all been reformed.

This is according to Annie Shaw, CashQuestions.com founder, who explained a substantial number of enterprises have now pulled out of this sector.

Bundling and single-premium PPI products are unlawful, while point-of-sale transactions are likely to be banned later in 2012, she explained.

PPI refunds are forecast to cost banks an estimated £10 billion and this form of insurance is "no longer a cash cow", the expert continued.

Lloyds Banking Group recently revealed it has set aside £3.2 billion to cover the cost of compensation for missold PPI policies.

Members of the public still considering these policies should "always buy a product that suits their needs and covers them for the appropriate risk", Ms Shaw explained, arguing PPI still can be a "valuable product" for certain consumers.

It protects people who may not be able to afford to keep up with loan charges if they become unemployed, she pointed out.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.

 ADNFCR-2776-ID-801303483-ADNFCR



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