Average payment protection insurance costs more than single premium
Mon, 08 Jun 2009
Even though many banks have are no longer offering single premium payment protection insurance (PPI), research from the consumer group Which? has found that many regular premium policies can be bought for the same price as these.

On the recommendations of the Financial Services Authority, ahead of a ban imposed by the Competition Commission, many lenders have now stopped offering PPIs. However, the latest Which? report reveals that a £5,000 Alliance and Leicester loan with regular premium PPI, which isn't added to the value and does not accumulate interest, costs the same as single premium PPI would have in November 2008.

Lucy Widenka, personal finance campaigner for Which?, said: "Making regular premium PPI as expensive as single premium PPI makes lenders look as determined to make a certain amount of money from people, whatever they may be selling."

Claims Financial Ltd, a company that specialises in reclaiming unfair bank charges, is urging people to check whether they have been sold a PPI within the last six years as it is likely that it was wrongly sold to them.
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