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The oft has received a supercomplaint about the payment protection insurance "racket". We have highlighted payment protection insurance as an area of high potential risk to consumers, " he said. You can get short- term income protection, which will pay out for a year in case of redundancy as well as accident or illness. Mortgages uk. Payment protection insurance: the true cost. Therefore, consumers have to carefully weigh the costs against the protection and decide for themselves if the purchase is worth it.