Post Office PPI could be cheaper

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Post Office PPI could be cheaper

Customers could be in line to make big savings if they switch their payment protection insurance (PPI) to the Post Office.

According to the Post Office, shopping around for a better deal is in the best interests of the consumer, as at present, some providers of PPI add the cost of the product to the price of the loan which means that the individual is paying interest on both.

The Post Office has said that it would like to see more people challenging this to find out what the cost of purchasing PPI and a loan separately would be as it has found that some consumers could be missing out on savings of around £1,500.

Post Office head of communications Claire Oldstein remarked: "People with a protected loan should call their lender and ask what they might receive if they cancelled their payment protection but kept the loan. There is no need to use a third party, which will generally claim a percentage of the refund."

Following the recent investigation carried out by the Office of Fair Trading into the PPI industry, the Post Office responded by voicing its desire to see an open market so customers know what deals are out there on the market.

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