PPI

Payment Protection Insurance

What is PPI?
PPI, or Payment Protection Insurance, is a policy designed to cover your monthly loan or credit card payments (or a percentage of them) if you become unemployed due to an accident, sickness or redundancy etc.
Was I mis-sold PPI?
You were mis-sold PPI if: You were told the insurance was compulsory or that taking it would give you a better chance of getting the loan. If you didn't know that you could buy the cover from another supplier. If you were self-employed, unemployed or retired when you took out the policy. Or if the policy exclusions were not fully explained to you
Am I paying for PPI?
Lots of people do not realise that PPI has been added to their loan or credit card agreement. Check your paperwork and card statements. With loans the PPI Premium is often shown as a lump sum added to your loan. On credit cards a charge is added each month to cover the premium.

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