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PPI applications up 146 per cent, reveals Paymentcare.co.uk.

Payment protection insurance applications are up 146 per cent, according to Paymentcare.co.uk.

The PPI provider says borrowers are “scrambling” to protect their loans with PPI through fear of recession and redundancy, despite the Competition Commission’s recent proposal to ban point of sale PPI and single-premium policies.

Paymentcare.co.uk managing director Shane Craig says: “Over the past few weeks our phones have been ringing off the hook with enquiries from worried borrowers who want to buy themselves peace of mind in these troubled times.

“Every day brings more alarming headlines on redundancy and repossessions and as a result people are seriously worried now. Their perception of risk has changed. People who wouldn’t have considered the idea of insurance this time last year are no longer confident that they can escape the credit crunch unscathed.

However, Craig warns for those borrowers who have already lost their jobs or who are on the brink of redundancy, “it’s sadly too late to protect themselves”.

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