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LENDERS’ PPI JUGGERNAUT PULLED UP SHORT BY COMPETITION COMMISSION EXPOSÉ ON PROFITS

Commenting on the Competition Commission’s disclosure* that lenders have been making over 900% profit from the sale of payment protection insurance, Shane Craig, MD of independent PPI provider Paymentcare.co.uk, said:

"We've known for a quite some time now that PPI on personal loans has been a major source of income for lenders, but these figures are staggering. I commend the Competition Commission's bold move to reveal the truth about lenders' own loan PPI, and hope that the message will filter through to the consumers who have been parting with such unnecessarily high sums of money for so long.

“With personal debt in the UK now standing at 1,409bn**, this revelation hasn’t come a moment too soon. This is the kind of transparency that the industry needs if consumers are to be fairly treated.

"The game really is up this time for the institutions that have been misusing the concept of PPI. What we need to do now is make sure that the people who want and need PPI, know that there is a genuine and affordable alternative from independent providers.”


* Competition Commission Working Paper, PPI Enquiry, 28 January 2008
** Credit Action figures for the month ending 31 December 2007