- Tuesday, 4 August 2009Growing numbers of UK families are finding themselves in even greater financial difficulty as banks and finance firms dodge paying out on redundancy insurance policies.
That is according to a new report from the Daily Mail, which has revealed that as many as one in six claims for job insurance are being rejected on the back of 'weasel clauses' in the small print of policies.
As a result, tens of thousands of households already struggling after seeing one or more of their number being made redundant, are now being placed in even greater economic dire straits, with many likely to turn to
IVA specialists for short-term help.
The Liberal Democrats Treasury spokesman Vince Cable recently spoke out on the situation, arguing that, since the financial services sector received up to £6 billion a year selling job protection policies, they should now help out customers in their hour of need.
"The same banks that profited from selling the insurance products are now potentially making these families homeless by dishonouring the policies," he said.
Meanwhile, the Centre for Economics and Business Research (CEBR) has warned that unemployment across the UK could hit the three million mark soon, suggesting that many more people will turn to
IVA solutions in order to get out of debt.
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