Payment Protection Insurance Questions
Payment Protection Insurance (also known as PPI, loan security insurance, loan pay back insurance, not to be mistaken with revenue protection or credit card cover) is an insurance commodity that is often engineered to cover a debt that is currently outstanding(only wages transaction protection, or the Competition Commission preferred term short term IP is not precise to a debt but covers any income). This unsecured debt is normally in the form of a loan or an overdraft, and is most frequently sold by banks and other credit solutions as an add-on to the loan or overdraft item. It typically covers the client against an injury, sickness, unemployment or death, circumstances that may prevent them from obtaining a salary/wage by which they can service the debt.
