High street lenders are piling further debt upon their customers, says britishinsurance.com
Research undertaken by the company compared loan payment protection insurance premiums of 10 UK lenders and found that, on average, customers were shelling out £2,500 more than they needed to.
It reveals that those taking out loan PPI with the most expensive lender during the lifetime of a five-year loan have to pay an extra £3,026 for their cover.
Simon Burgess, managing director of britishinsurance.com, says: “This research clearly demonstrates that the Financial Service Authority’s request to treat customers fairly is being ignored.
“No one is obliged to accept the cover offered by a loan provider – most people shop around when it comes to home and motor insurance, so why not do the same with payment protection?”
He adds: “There are huge savings to be made and paying the price of apathy should not be an option.”