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Loan payment protection of PPI is the abbreviation for Payment protection insurance. PPI is an insurance product which acts as a cover for the borrower to repay his debts in case of an unforeseen event happening making the consumer unable to pay..
PPI loan protection insurance policy helps the borrower to repay his outstanding liabilities, when he is unable to do so due to:
PPI loan payment protection acts as cover for the borrower for a specified time period, which may vary from 12 to 24 months. Loan payment protection insurance can be purchased through banks and other credit suppliers.
As the future is unforeseen, and everyone wants their future to be secured PPI loan payment protection covers unforeseen events.
There are various types of PPI available in the market, for the customers to choose from, namely:
Consumers must be cautious of the mis-selling of PPI policies. You may have been missold insurance PPI if you were told PPI was compulsory. You bank may have missold PPI to you to make more money out of you.