Moneyfacts: Customers should shop around for PPI

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Moneyfacts: Customers should shop around for PPI

Customers looking to add payment protection insurance (PPI) to their personal loans may find a better rate by shopping around rather than opting for the product offered by their loan provider, Moneyfacts has asserted.

Research from the independent personal finance site has revealed that smaller loans currently have larger rate increases than bigger ones - with rates an average of 6.8 per cent higher than they were one year ago.

Moneyfacts suggested that while it does not appeal to every consumer, PPI may provide peace of mind to loan customers.

However, it suggested that obtaining the insurance product from an independent provider may be a more cost-effective way to protect their payments.

In related news, Alliance & Leicester was ordered to pay a fine this week of £7 million after it emerged that it failed to properly inform customers of PPI costs between January 2005 and December 2007.ADNFCR-323-ID-18820189-ADNFCR

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