Summary

Payment Protection Insurance has come under the watchful eye of the Competition Commission, who says the consumer should be given some time for thought before taking out this type of cover. This may give you some time for reflection.

Payment Protection Insurance - Time for thought

Many people don't know whether they are protected by the law when they take out a loan.

Payment Protection Insurance is a product which, in theory, offers protection to both borrower and lender. If a borrower cannot repay a loan due to illness, accident, or loss of job, then a payment protection product offers insurance against this. However, a borrower is under no obligation to take out this cover and a lender should not make the assumption that the borrower will require it.

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