50,000 complaints about PPI

http://www.debtfreedirect.co.uk - There have been a substantial amount of complaints about insurance that covers debt payments if a borrower falls ill or loses their job.

Payment Protection Insurance (PPI) should help people's debt management plans if the unexpected occurs.

It has been revealed the Financial Ombudsman service received almost 50,000 (49,196) new complaints about PPI in 2009-2010.

If unexpected circumstances mean you are struggling to pay back money owed on credit cards and in loans, an Individual Voluntary Arrangement (IVA) is a good solution for people with unsecured debts of over £15000.

By paying a more manageable monthly amount over a 5 year period you could avoid the need to go through bankruptcy proceedings.

95 percent of people who have complained to the ombudsman about PPI say they think it was mis-sold to them.

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