Which? finds average PPI costs more than single premium

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Which? finds average PPI costs more than single premium

Research from the consumer group Which? has found that though many banks have stopped offering single premium payment protection insurance (PPI), many regular premium policies can be bought for the same price as these.

Many lenders have stopped offering PPIs upon the recommendations of the Financial Services Authority ahead of a ban imposed by the Competition Commission.

However, the latest Which? research shows that a £5,000 Alliance and Leicester loan with regular premium PPI - which isn't added to the value and does not rack up interest - costs the same as single premium PPI would have in November 2008.

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," said personal finance campaigner for Which? Lucy Widenka.

Claims financial is currently urging Brits 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.

Click here for more insurance newsADNFCR-323-ID-19200813-ADNFCR

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