Secured loans news: PPI recommended in the recession

Payment protection insurance (PPI) may be a wise choice for those with car loans who are concerned about losing their job in the recession, it has been remarked.

A spokesperson for the Retail Motor Industry Federation (RMIF) was recently asked whether consumers were struggling to make car loan repayments due to the economic downturn.

He said no "major problems" such as repossession had been heard of as yet - although those without PPI may find it trickier to keep up.

"People who have lost their jobs should be covered if they have got payment protection," he explained. "Beyond that, it's a different issue. When you haven't got the cover it is a lot more difficult."

The RMIF represents around 8,000 businesses in the motor sector and recently commented following the unveiling of Alistair Darling's 2009 Budget.

It said the vehicle scrappage scheme, which will see money given to those who send their car to the metal yard, was "good".


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