Get a standalone deal and save pounds
- 27TH MAY 2007
It is a widely acknowledged fact that British lenders have unrestricted access to borrowers and that their grip on the payment protection insurance (PPI) market is almost like a stranglehold. As a direct result, payment protection insurance has significantly contributed to their profit margins thus giving consumers a poor deal. However, help is at hand!
The ethical and specialist payment protection provider British Insurance is just one of the companies offering standalone insurance policies that actually directly challenge those offered by high street banks and lenders. If a policy offered by a lender was taken out alongside a loan then they may actually be charged 80% more than necessary. This translates into hundreds of pounds worth of savings if a standalone policy was taken out instead.
Payment protection insurance, when taken out with the lender, is quite often added to the loan agreement and thus is subject to interest and charges as well. Of course, most borrowers are not told that in advance because that would actually deter them from taking the payment protection insurance out.
British Insurance’s Simon Burgess has actually highlighted this as well as the culture that the borrower must break away from: “Banks and building societies are profiteering from their customers, without the customer realising. We hear every day of people who taken out loans, completely unaware that they are also paying for payment protection insurance within the cost – and with interest on it too”.
Simply investigating the world of standalone payment protection insurance would actually educate individuals and help to solve a major problem of the financial industry once and for all.
