Loan insurance ‘costing too much’
Loan insurance ‘costing too much’ People buying Payment Protection Insurance (PPI) are being overcharged by £1.4bn a year, the Competition Commission has found. It said the overcharging was down to a lack of competition because PPI was sold along with the loans it protected. The commission suggests that firms may be banned from selling PPI policies to customers when they take out loans. PPI is insurance for loan repayments if someone loses their income due to ill health or unemployment. Th
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