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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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