Payment protection insurance is an insurance purchased and paid for along with loans and/or credit cards.
The insurance protects against financial debt disaster in the case that they credit card holder or the lendee cannot pay their payments due to extenuating circumstances. The problem with PPI is that a lot of people have paid for PPI insurance when they didn’t even know it was sold to them because it was worked into their credit card and/or loan contract. Lenders will sometimes offer a loan to someone, but tell them that they are approved for the loan on the contingency that they purchase PPI. What they will NOT reveal is that the PPI will only pay on the interest of the loan if something happens. In addition, it is kept secretive that as a loan recipient, you will also have to pay interest on the payments of your PPI, which have been worked into your loan amount.
For More Information On PPI Go to PPI Freedom