PPI Price Reduction Could Reduce Repossessions
If lenders were to reduce the costs that are imposed on their customers through mortgage payment protection insurance, then the risk of people having their houses repossessed could be greatly reduced. This is according to an industry figure.
The type of cover in question is designed to give homeowners a valuable protection zone, should they be unfortunate enough to have some sort of accident, or fall ill, in which case they would not be able to work.
It has been claimed though, that such policies are way beyond the cost that they actually should be, and therefore should be reduced, in order to stop people from suffering difficulties in keeping their homes.
One Mr Burgess, who is a representative of British Insurance, said, "This cover won't solve everyone's financial problems, but it will at least help those who face the threat of redundancy. Lenders have a duty of care to make this insurance affordable and easily accessible,"
Mr Burgess voiced his concerns, subsequent to figures being released by the council of Mortgage Lenders. These figures make a prediction of 45,000 homes being repossessed this year. If anything claims Mr Burgess, the figures are conservative.
The company that Mr Burgess represents, British Insurance, are apparently a leading PPI provider, and have come highly recommended by the likes of Which?, Moneyfacts, and Defaqto.
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