PPI (Payment Protection Insurance) is an insurance, which is sold to you with a mortgage, loan or credit card.
Payment Protection Insurance (PPI) policies are sold to cover loan or credit card repayments in case of accident, sickness or unemployment. They are also known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection, Credit Card Repayment Protection and more.
There is nothing wrong with these policies but in 90% of the cases there is said to have been mis-sold PPI by overzealous sales people (see case studies).Consumers often buy PPI because they think it will enhance their chance of getting credit, and most are unaware that if they do want the insurance they will often find a cheaper standalone policy. While these can cost as little as £2.65 for every £100 being covered, some lenders charge as much as £28. In June last year, the Competition Commission concluded that banks and credit card companies were overcharging their PPI customers by a total of £1.4bn a year. They found that banks were pocketing around £1,200 from a policy that costs them just £20. Source: BBC News
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