Banks and other lenders face severe restrictions on their sales of lucrative loan insurance.
Payment protection insurance (PPI) cost borrowers more than £4bn in 2007 and is supposed to repay borrowers' loans if they fall ill or lose their jobs.
The Competition Commission says lenders will no longer be able to sell PPI when they grant a loan, and also for seven days afterwards.
The Commission said customers would have "lower prices and better choice"
- source: bbc.
I think this is a very good idea.
Payment protection insurance (PPI) cost borrowers more than £4bn in 2007 and is supposed to repay borrowers' loans if they fall ill or lose their jobs.
The Competition Commission says lenders will no longer be able to sell PPI when they grant a loan, and also for seven days afterwards.
The Commission said customers would have "lower prices and better choice"
- source: bbc.
I think this is a very good idea.
Last edited by a moderator: