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PPI strongly criticised by Which?

Payment Protection Insurance (PPI) for credit cards does not offer good value for money, Which? said today.The consumer group pointed out that over one in ten of the cover's customers thought that it was either compulsory to purchase, or would improve their chances of getting future credit applications accepted.Both of these suppositions are wrong.PPI cover works by offering to help with credit repayments when the policyholder suffers a sudden loss of income, such as through being made redundant.The regulator has censured 11 organisations so far this year for selling PPI as a default option with financial products - without pointing out that its purchase is actually entirely optional.Doug Taylor at Which? said: "Credit card PPI is a modern day snake oil - it's a useless product, expensive and poorly designed. "In this time of economic uncertainty, people are effectively throwing away £970 million each year, when they should be encouraged to seek independent financial advice about protecting their finances as a whole."

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