Thread: Reputable PPI providers?

I am told that there are some reputable PPI providers, who are bona fide insurers, charge a good deal less (as much as 80-90% less) than the packaged products the banks sell you when you take out a loan, and actually pay out meritous claims, as opposed to trying their darndest to get out of them.

Does anyone know who they are? I'm fairly certain they're not an urban myth, as I've seen references to such insurers elsewhere, both in print and on the 'Net.

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I used to have one but cancelled it as was no longer necessary. I went with payment care.co.uk
Loan Payment Protection Insurance - mortgage Payment Protection Insurance : Paymentcare UK
and found all the details about it on moneysavingexpert.com. Worked out at around £20 to insure £500/mnth of loans. You can also take out income protection so if you lose ur job rather than getting loans paid off you get an income from the insurers
I would advise you to read up on the them and read the small print before taking one out to make sure it covers your needs
skb

Have a read of this
Loan Insurance: Ditch lenders' policies and save £1000s | MoneySavingExpert.com,

skb

That MSE thing was just what I was after. I don't need to take any out myself, but I do get a little tired of people constantly slamming PPI because of the mis-selling, and feel that the advice we should be giving to people is not "don't take out PPI", but rather "take out PPI from an insurer, not a lender".

I agree PPI has its place and can save you a lot of trouble when things go wrong. The key is to not pay over the odds for it. Trouble is its not widely publicised that you can get it separately to your loan at a much cheaper rate. I guess in an ideal world the banks would tell you this when you take out your loan so you can shop around for the best deal. With time this has to happen (or will be forced to happen by the OFT) and then I reckon the banks will be forced to lower the premiums on the insurance they offer or otherwise miss end up missing out on a lucrative market. Sites like this one and MSE are just whats needed to help spread the word

skb

PPI - Arghhhhhhhhhhhh Yeah I have a bit of a fight on my hands with one company at the moment..If I had continued the PPI with them to cover the whole term of the loan the PPI alone could have cost me a staggering £18,000.00. I priced the same cover from Paymentcare and could have covered the whole loan term for the region of £1,200.00 A bit of a saving there ?

Needless to say I now have PPI cover from Paymentcare.

I have actually settled the loan in full now but am fighting tooth and nail to get the original PPI policy cost plus interest returned. It is proving to be a bit of a challenge, but hey it gives me something to do on these dark nights..lol

I also Have complaints in with the FSA and the FISA regarding this claim, but as yet I have not had much response from either.

I also took part in a case Study for the Daily Record Newspaper to help bring the serious issues of PPI costs from certain lenders to the attention of the general public. http://www.consumeractiongroup.co.uk...rsday-9th.html

Word is that the issue with the Mis-Selling of PPI is going to hit harder than the scandal of the endownment policy mis-selling of a few years ago.

Ian

The bit they haven't mentioned is that the providers at the top of those lists will probably pay out, as opposed to the banks, who charge the highest premiums and then wriggle out of it as much as possible.