Ignorance Can No Longer Be an Excuse Says Protection Specialist

Now the surprise element of the credit crisis has gone, consumers cannot let themselves become immune to the everyday threat that it poses to their own financial well-being.

Braintree, Essex (PRWEB) November 19, 2008 -- Now the surprise element of the credit crisis has gone, consumers cannot let themselves become immune to the everyday threat that it poses to their own financial well-being.

Sara-Ann Burgess, MD Burgesses

The most serious banking crisis since the outbreak of the First World War.

Sara-Ann Burgess, payment protection insurance (PPI) lobbyist and director at specialist firm Burgesses, says consumers cannot become blind to the challenges that lie ahead.

"We have all been very quick to criticise the banks, brokers, regulators and politicians in light of the financial storm they have managed to cook up. However, consumers also have to take a measure of responsibility for their own financial situation and make sure it is adequately protected into the future."

In particular Burgess pointed to the latest Inflation Report from the Bank of England, which claimed we were up to our necks in: "The most serious banking crisis since the outbreak of the First World War."

The report said the Bank of England now believed that the country was already in recession and that the outlook for economic activity in the coming months was bleak. According to the research, unemployment is rising at the fastest rate for 17 years and consumer demand continues to fall.

"People simply cannot afford the financial headlines to pass them by and find themselves embroiled in avoidable personal strife because they have not made adequate provisions for their future," said Burgess.

She admitted it was easy to become immune to the continually gloomy outlooks and forecasts, but said it was foolish to ignore them as somebody else's problem.

"Some of the country's biggest employers are making people redundant by the thousand. Smaller businesses at the other end of the scale are also finding it difficult to get by. When PPI is available for tens of pounds a month and will protect workers and their families should they fall prey to accident, sickness or most possibly redundancy, then this is something they really need to consider."

Ongoing changes in the PPI market have created better value and choice for consumers and Burgess urged them to use one of the independent intermediaries working in the sector to make sure they got the best deal possible.

"There has always been a huge difference between the cheapest and most expensive PPI policies as well as the level of cover they provide. Working with a firm like British Insurance will help consumers get straight to a policy that provides for their needs, offers excellent value, and which gives them the flexibility they need in today's environment."

The UK has not been in a recession since the early 1990's and there are going to be some difficult days to endure in the coming months. We may all have been surprised by the speed and strength with which the financial crisis has hit, but now it is here there is no excuse for those who continue to get caught out.

Burgess said: "If warnings are to make a difference, people have to head them. Hopefully they will and by investigating their PPI needs and putting insurance in place where necessary, thousands of consumers can insulate themselves against the worst of the economic downturn."

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