Payment protection insurance is not a bad product it was just sold badly and in most cases it was just given without any consent.

This kind of practice is bad and should never be acceptable in any society and the banks should quite rightly be held to account for these failings.

However as I said payment protection insurance is not a bad product, it protects your payments in the event that you can’t work due to sickness disability or redundancy.

Just think for one minute, what if you had an accident and you couldn’t work for the next 12 months, or what if you were made redundant, how will you meet the mortgage payments.

We are not suggesting that people rush out and get mortgage payment protection insurance but what we are saying is it should be considered, if you pardon the bad pun, as part of a calorie controlled financial diet.

As I said earlier it is not the contract t that was bad but merely the shameful way it was sold. If you know what you want and you know what you are getting then it may just be the right thing for you.

The fact is there is a strong chance at the moment with rising unemployment, the chance that interest rates will start to rise soon, there could be a whole lot of people needing a good insurance policy that covers them if they lose their jobs. However because so many people have complained about their policies no one has one anymore and they will be the ones who need them most.

So think on products aren’t bad it is the way they are bought and sold which is bad.