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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

PPI ban `could leave consumers without loan cover`

07/02/2009

The recent decision by the Competition Commission (CC) to introduce a point of sale ban on payment protection insurance (PPI) could leave some consumers without cover to protect them in the event that they are unable to make loan repayments, it has been claimed.

Last month, the commission published its final report concerning the sale of PPI and confirmed it is to introduce a range of measures to enhance competition in the market.

Among the rules it is to implement is a ban on sale of PPI during the arrangement of deals involving credit products and for seven days afterwards.

Responding to the developments, the Association of British Insurers (ABI) said: "The point of sale ban carries significant risks for borrowers, mainly by leaving them unprotected at a time when unemployment cover has never been needed more."

It added that it remains "extremely concerned" that the risks to borrowers have not been addressed by the CC.

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