Last week, when the global financial crisis hit new highs, the volume of calls to the standalone PPI provider shot up by nearly 50%.
Shane Craig, managing director or Paymentcare.co.uk, says: “We are being bombarded with enquiries from all sectors, and the common theme is that people are finding the cover offered by high street lenders exorbitantly expensive.
“A growing number of applicants are telling us that they’ve always thought PPI to be a good thing but simply can’t afford the prices the high street lenders want to charge.
“On top of that, more people seem to be aware of the ongoing competition enquiry into PPI, a sure sign that consumers are becoming ever more savvy when it comes to their personal finances.”
He adds: “But while workers want the safety net of knowing they can cover outgoings in the event of being made redundant, they do not want to pay through the nose – which is why we are taking a lot of business away from the high street.”