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How much have you been paying for payment protection insurance (PPI)

Payment protection insurance can be very costly. The Citizens Advice Bureau (CAB) has carried out a survey of its clients and found that PPI can amount to up to an incredible 56% of the total amount repaid on a loan.

PPI premiums as a proportion of loan - cases reported to CAB

Loan Type Loan amount PPI permium Permium as a percentage of total loan
Unsecured personal loan £8,993 £2,217 25%
Unsecured personal loan £11,000 £5,133 47%
Hire purchase for car £5,059 £2,157 43%
Hire purchase for care £6,895 £2,317 34%
Unsecured loan £5,600 £744 13%
Secured loan £25,000 £12,127 49%
Secured loan £35,000 £10,150 29%
Conditional sale for car £4,300 £2,394 56%
Unsecured personal loan £13,000 £3,367 26%

As you can see from the above table the cost of PPI is often substantial. If you have been mis-sold PPI you may well be able claim your premiums back. The price of PPI is often added to cost of a loan at the beginning then paid back with interest along with the loan.

If you have been mis-sold payment protection insurance we can help you claim it back - contact us now

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