Pitfalls Of Mortgage Payment Protection Insurance
MPPI, which stands for mortgage payment protection insurance is being systematically recommended to each and every customer by over 50% of financial institution representatives. As good as this sounds in the current economic climate, there are still reservations in regard to MPPI.
It is widely considered that the policies that cover short limits of between 12-24 months, are a massive drawback. The problem is that the policies are being marketed in a general fashion, and not being tailored to the specific needs of customers.
At a time when MPPI is more relevant than ever, it would seem that more attention could be paid to the selling of the product.
It is a situation that reflects the problems with PPI in general, and the manner by which it has been almost exclusively mis-sold. It is a problem that is currently under rigorous investigation from both the Office of Fair Trading and the Competition Commission.