PPI (Payment Protection Insurance) FAQs
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What is debt settlement?
PPI is ‘payment protection insurance’. It is an insurance product sold by banks and credit card companies to cover you if you are ill or unable to work due to unemployment.
Why was it often mis-sold?
This insurance was seriously profitable for the banks. It was sold heavily to people who did not need it in the first place. Sometimes taking it out it was a condition of the getting the loan, sometimes clients don’t even know if they had it with their policies. In the event of making a claim many people found that these policies rarely pay out.