Don't assume that lenders' insurance is the best one for you
Over recent months experts have been warning consumers against taking out payment protection insurance with the lender through which they are borrowing money simply through assuming that this will be the best PPI plan because sales staff say so. PPI has come under intense fire over the past few months, with experts claiming that many consumers in the UK are being sold unsuitable, expensive, and inappropriate plans by sales staff who are simply in it for the commission.
According to many financial professionals a large number of borrowers automatically assume that the payment protection insurance that is being offered by the lender through which they are borrowing money is the best – or even the only – one that they can take. However, most people are simply being given the hard sell by sales staff, and the suitability of the PPI often doesn't come into the equation, say financial experts.
Consumers are advised to spend some time hunting around for appropriate payment protection insurance should they wish to take it, and there are some very good deals available for those that take the time to look. This will also give the consumer more time to see which plan is the most suitable in terms of cover as well as in terms of the cost of premiums.
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