It is estimated that around £4bn is spent by borrowers on PPI every year and only 4% of people ever claim!
Don't worry though, I have some good news for you that could save you thousands of pounds. If you do decide to take out a loan, DO NOT take PPI out through the bank as it's ridiculously expensive. All you need to do is pop into your local Post Office who will be able to offer you the same kind of protection for a fraction of the price.
Here's an example:
PPI taken out with a £10,000 loan, over a five year period, through Norwich and Peterborough, would cost you an extra £4,735 on top of your loan. However, the same PPI through your local Post Office would cost you £548, saving you £4,187.
If you saved that £4,187 for 20 years in an investment vehicle with annualised growth of 20% you would make £160,519.53.
There you have it - I have just told you how to make over £160,000.
I hope you found this useful.
