According to reports from the credit card sector, from 2010 credit card companies will not legally be allowed to sell payment protection insurance when borrowers take out credit cards .
The rules will extend to personal loans, and will prevent credit card companies offering a PPI product within the first week of acceptance. The aim of PPI is to protect payments should consumers default due to unemployment or sickness .
Payment Protection Insurance has faced considerable controversy, with a low ration of claims being paid out and many claimants failing to meet the criteria required when it comes to making a successful claim .
The Competition Commissions has made single premium PPI sales illegal.
PPI alongside credit cards will be banned
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PPI alongside credit cards will be banned
Thu, 29 Jan 2009
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