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'Read fine print' when applying for PPI

People applying for payment protection insurance (PPI) ought to read the fine print.

This is according to Jonathan Davis Wealth Management's managing director and founder Jonathan Davis, who suggested the recent scandal dealing with missold PPI could have made people unwilling to purchase this cover.

"I don't believe that the banks have improved their sales practices, even though they say they have," he remarked.

For example, lenders have recently been told by the Financial Services Authority to issue bank refunds to small companies they had missold interest rate hedging products to.

Mr Davis pointed out PPI claims were made to enable borrowers to continue paying off loan charges if something happened to them.

The expert said the answer to this issue would have been for Brits to avoid making loan claims to purchase consumer goods.

Rather, members of the public ought to "build up the lump sum" to pay for the item they want, he advised, noting this would mean they would not have had to borrow and therefore "wouldn't even have to be concerned with the question of payment protection insurance".

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801405751-ADNFCR

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