Can PPI Stop The Nation Going Economically Psychotic?
It has become emphasised in a recent report, that having a house repossessed, is the single most likely cause of a person with no pre existing mental illness, having to spend some time under acute psychiatry.
It was British Insurance that broached the subject, after claiming that seizing property by the thousands, was causing people insurmountable stress.
And even mental health charities have been voicing their concerns, after it was written that nearly half of the country are so concerned about their houses being lost, that they turn partially apoplectic, just by being within thinking distance of the thought of it; its all pretty scary stuff.
It is widely believed that something profound needs to be done, in order for property loophole not to be turned into property loopy.
There must be action taken, so that consumers can be bailed out, as an alternative to having their houses taken off them. It has been a concern for a long time, but recent repossession figures show that nothing is being done, and that the world will be turned into some dystopic cardboard city bedlam, with people queuing outside of sanatorium's, in an attempt to scrape back even a crepuscule of credibility.
The Council of Mortgage Lenders have shown that 155,600 homeowners in Britain were in arrears at the half way stage of the year, but by the end, the figure would have risen to 170,000.
And if your wanting to drop another statistical bombshell, then absorb the fact that the amount of court orders in relation to repossession, has risen to a level that takes it to its highest in 16 years; 28,568. it is set to stand at 45,000 by the end of the year.
There are companies out there such as British Insurance, that play a conscientious role in the PPI market, and hope for lenders to recognise the fact that taking loads of peoples houses away from them, is going to make the country crazy. People are loosing their jobs and they are loosing their homes, and that is something that nightmares are made out of.
The best answer in this time of economic downturn, is for people to take measures to counteract the potential tragedies of the recession. People cannot rest on their laurels, and should make the procurement of payment protection insurance a necessity. It is something that is not overly expensive, especially in relation to being without a house.
People are already finding that the credit crunch is hitting them hard, and this is the reason that people are losing the battle against stress. Stress related illness is a mental disorder, and it is not realistic for insurance companies to turn away peoples claims, due to the fact that they have been sectioned, or had to seek psychiatric help. This is why British Insurance have taken a revolutionary step forward, and decided to honour the claims of people that have had to make claims on their policies, because of a mental disorder, that has doubtless been brought about by the stress of trying to keep their heads above water in this hideous economic downturn.
It is hopeful that other insurance companies will follow suit, and start trying to help the psychologically downtrodden.