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Wednesday 2nd May 2007
Consumers are being 'tricked' into buying expensive payment protection insurance (PPI) when taking out a personal loan over the phone or the internet, according to a new report.
PPI provides financial cover for people who find themselves unable to work through injury or ill-health.
Consumer group Which? has today accused providers of mis-selling when they add PPI as a common business practice during the sales pitch.
"PPI is not always suitable, yet our research shows lenders are still extremely keen to sell it to us," Which? Money editor Martyn Hocking said.
"By adding PPI to loan quotes automatically people could be tricked into buying it regardless of whether they need it or not."
Loan applicants for Which? found more than half the quotes from 41 loan providers included the cost of PPI insurance.
There are an estimated 20 million PPI policies in the UK. The British PPI industry is valued at around £5 billion.
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