Payment Protection Policies – worthy of Slippery Syd the Master Con Man?

There is no such thing as a free lunch or even a free cup of coffee. It is worth bearing that in mind when dealing with banks. A few years ago if you applied to a bank for a loan the bank would work very hard to sell you, either by persuasion or the treat of no loan being made, to buy an insurance policy providing protection against the eventuality of you losing your job and being unable to make the payments as a result. Superficially it sounds like a splendid idea but few if anyone read the small print of such policies which were worthless to the self employed and hedged by so many onerous conditions that making a successful claim would be almost impossible. Continue reading