Rise in unemployment underlines need for payment protection insurance
Wed, 22 Oct 2008
With a deteriorating economy and predictions of around two million unemployed by Christmas, standalone provider Paymentcare.co.uk. warns of the necessity of protecting loan and mortgage payments.

There are presently 1.79 million people in Britain claiming jobless benefits, giving rise to the highest level of unemployment in a decade and economic indicators believe that few sectors will escape unscathed from the economic downturn. Government sources have admitted that over the next two years, thousands of public sector workers will lose their jobs and an estimated 9,891 jobs will be cut in the prison, probation and court services as the Ministry of Justice hopes to save £900 million.

Paymentcare.co.uk’s Shane Craig, said: "There are additional fears about job losses in the financial sector as Lloyds TSB takes over HBOS, the biggest mortgage lender in the UK. If now is not a good time to take out protection against job loss, then I don’t know what is - we have seen a significant rise in enquiries from workers from all sectors looking for cover in the event of losing their job."
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