Consumers signing up for payment protection insurance along with a personal loan or switching credit cards to manage Christmas overspending can save a fortune by opting for an independent provider rather than their lender’s own policy, says stand-alone payment protection provider Paymentcare.co.uk.
“Lenders’ own PPI sold alongside an unsecured loan is one old acquaintance that certainly should be forgotten in the New Year.” says Paymentcare managing director Shane Craig.
Following the revelations made by television documentary investigations and the results of industry inquiries by the Financial Services Authority and Competition Commission, consumer awareness of PPI has certainly been heightened, with the findings that lenders’ own PPI often costs more than the interest on the loan likely to make borrowers question the value of protection that comes at such a high price.
But going without insurance is a risk they don’t need to take. Paymentcare.co.uk policies cost a fraction of High Street and are available at various levels of cover to suit individual needs.
Income protection: News update: December 2007