Post Office criticises PPI

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Post Office criticises PPI

Wed 29th Oct 2008

Millions of people are paying too much for cover with payment protection insurance (PPI), the Post Office has said.

According to its research, one fifth of people in full-time employment have more than one PPI policy.

It said that they could save as much as £570 a year by replacing PPI with a single insurance product to cover all their major household bills.

Duncan Caesar-Gordon, head of protection at the Post Office said that PPI can be expensive and could be replaced by another form of cover.

He stressed that insurance should not be discarded altogether, especially as the risk of unemployment rises.

Consumer group Which? has frequently criticised PPI, which it warns is expensive, carries restrictions and may cover only the minimum repayments so a debt might never be cleared.

Its personal finance campaigner, Doug Taylor, has described credit card PPI as "modern day snake oil", calling it a "useless product, expensive and poorly designed".

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