We talk a lot about how PPI has been grossly mis-sold by sales staff across the country and has led to thousands of PPI claims and disgruntled borrowers. But if you take away the human element, PPI is fundamentally a good idea.

The thing is, the recent increase in crime due to the recession and rising unemployment has seen a dramatic increase in premium costs. Loan, mortgage and credit card protection policies have all seen sharp rises across the board. Whatsmore, with unemployment predicted to peak at 3 million, premiums are expected to rise again as wage-less home owners need help to make repayments.

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