Nearly six million Brits are paying over the odds for their Payment Protection Insurance according to research from the Post Office.
In its latest protection study, the Post Office has found that 20 per cent of UK workers have more than one payment protection insurance
(PPI) policy and could save themselves around £570 a year by combining them all into one policy.
PPI is a controversial subject – ongoing investigations by the OFT and the Competition Commission have found that many consumers have been mis-sold payment protection insurance
polices when applying for credit.
Consumers are advised firstly to check whether they even need a PPI policy, and then if they do decide to go ahead, to shop around and find the best value PPI rather than just taking out the one offered by the loan provider.
In the current financial climate, households are desperately trying to find ways to cut costs, and the Post Office urges people to look carefully at their PPI policies.
"Now more than ever, people are looking at the best way to save money" said Duncan Caesar-Gordon, head of protection at the Post Office. "One of the first expenses that should be scrutinised is PPI, which can be a costly product."
Mr Caesar-Gordon says he is not necessarily urging people to get rid of their PPI policies altogether, just re-assess their value for money.
"People shouldn't look to get rid of their protection all together, especially as unemployment fears grow. People who are worried about being able to pay all their bills if they lost their income should look for one simple product that covers all their outgoings rather than having a separate policy for every loan and credit card."
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If you think you have been mis-sold PPI, you can make a loan insurance complaint
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