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Moneyfacts website defends PPI

As Payment Protection Insurance (PPI) came under fire last month from the Office of Fair Trading (OFT) for lack of clarity, Moneyfacts has defended the scheme as "an invaluable safety net".PPI covers borrowers who find it difficult to manage loan and card repayments because of long-term illness or unemployment.The OFT demanded that the Competition Commission launch an investigation following complaints about the insurance. Moneyfacts' experts agree that terms and conditions of the level of cover should be made clearer to the consumer at the point of sale, and this should be regulated by the Competition Commission. Nevertheless, the financial information website commented that with present consumer debt levels particularly high, PPI had an important role for those struggling with finances. Andrew Hagger, Moneyfacts' spokesman, commented: " recognises that, in the current financial climate where we are witnessing record levels of indebtedness, card-related PPI could provide an invaluable safety net for those people whose finances are balanced on a knife edge."

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