What is PPI?
PPI stands for Payment Protection Insurance. It is an insurance product that was sold along side financial products (such as loans, credit cards and mortgages) which was intended to cover any payments in case you were not able to make them because of unforeseen circumstances. More detailed information is available on our What Is PPI page.
What does PPI cover you for?
PPI is an insurance product that is designed to cover clients’ (you) repayments of an outstanding debt in the event of accident, sickness, redundancy or death. PPI is typically in the form of a loan and is usually sold by banks and other credit providers as an add-on to the loan or mortgage. With credit cards it’s a monthly amount payable dependent upon the balance outstanding.