Banking Job Losses Made Less Tragic With PPI
Tough luck it seems for people that thought their jobs in the banking sector had them provided with the employment security of a civil servant. It certainly is not the case at the moment.
As a lot of them are going to be in the position of staring straight into a redundancy punctuated oblivion, they are going to need to be shifting their gaze, (even if only momentarily) in the direction of payment protection insurance.
Yes, PPI may be the only small mercy that any of them have to turn to. And imagine the paradox of some HBOS employee who funded his/her holiday, or his/her fashion wear, only last year, by mis-selling PPI to a load of duped consumers, having to get some for himself.
The list just seems to be getting longer by the day, when it comes to banking revelations that preface imminent job loss. There is the merger of HBOS and Lloyds TSB, (job losses) the nationalisation of Bradford and Bingley, (job losses) along with the acquisition of its branches and savings units, by Santander, (job losses) the acquisition of Alliance and Leicester by Santander, (job losses) the collapse of Lehman Brothers, (job losses) and HSBC sacking 1100 people worldwide. (job losses)
As aforementioned, a job in the bank, quondam, was a job for life. It simply is not the case anymore. And all of this has become the sorry state of affairs, within approximately a fortnight. It will be economic downturn, or streamlining, that will be to blame for the jobs that will doubtless go, as a result of takeover.
And all of this information leads to one thing for the people that have not already been sacked; get yourself a good PPI policy, before its too late. You can't get one if you have already been sacked! You shouldn't really need to be told this if you work within the industry, but PPI provides you with a replacement income, to cover all of your outgoings, for anything up to two years, depending on how good the policy, i.e. who the policy was taken out with.
Even if you do work in the banking sector, and have not been made redundant, it still may be too late unfortunately, as certain insurance companies are already starting to turn away people from such an ailing sector.
It has also become the case that people are already getting turned down for mortgages if they work in the banking sector, and are heavily reliant on bonuses, in order to make up a decent wage.
It is likely that big name PPI issuers are going to have their names dragged through the mud, as they blatantly reject PPI applications from people who they feel have very little job security. But then, if this becomes their prerogative, and they are not in the business of going out of business themselves, then this is likely to be the case.
It may indeed be left down to the independent providers to sort everyone's PPI policies out for them. Policies are reasonable with the likes of British Insurance, who charge just �3.40 for every �100 of monthly income being covered, and �1.60 for every �100 of mortgage repayment covered. Both of these quotes are in relation to being covered for becoming unemployed.
So if you feel that your job is at risk in any way, regardless of what sector you are employed within, think about the future. Think about PPI.