UK searching for allies for impartial and fair EU reform

Consumers, like politicians, need to consider the pros and cons of a situation for the best decision.

07:31 14 July 2013

The UK is trying to establish supportive links with others for the EU reforms that are being discussed with hopes of preventing another decade-long decision process. There are always two sides to every story and with the EU, there are many different perspectives to consider in order to be impartial and fair.

PPI is in need of impartial consumers after the situation where people found themselves paying for a service they could not have benefited from. The programme itself may be helpful to certain people, but not necessarily to anyone and everyone.

Here is a basic breakdown of consumers who might be helped by PPI, and those who would not benefit:

• Homeowners—you most likely already have a type of building insurance that covers the structure of your home, and possibly even content insurance. If your building insurance will take over payments of your home loan then you would not need PPI. If, however, your building insurance does not provide such a service you may feel that the protection might be necessary in the future.

 

• Debt-laden—if you happen to have too much debt and not enough income to go around, you may be walking a thin line between financial devastation and security. PPI might be able to help if you have a lot of credit card debt and are concerned about the loss of a job or other similar circumstance.

 

• Self-employed—anyone who is self-employed without any other form of income is typically not eligible to sign up for PPI or to submit a claim for benefit. Save the money, you wanted to spend on PPI to build up emergency funds.

 

• Unemployed—if you are already unemployed you would not qualify to sign up for PPI. The only time you might qualify to receive a benefit is if you were employed at the time you signed up for the coverage.