Loan insurance too costly
Posted on June 5th, 2008 by Michael
Payment protection insurance (PPI) is a highly profitable businesses for banks and can return £5bn a year. PPI can cover repayments of credit cards, mortgages, personal or other loans should one become ill, injured or unemployed.
Britons are being over charged by £1.4bn a year from sales of PPI according to the competition watchdog.
The competition commission has now said that they will be taking measures to either ban the sale of PPI at the same time as when the loan is arranged or to place a price cap.
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