What Is Payment protection insurance (PPI)?
You may ask yourself, what is ppi? Why is it that many people have been writing to claim this kind of insurance? Well, payment protection insurance is a kind of insurance coverage whereby one has their loans or any kind of credit insured. This insurance coverage is meant to help the company recover their money in the event that the creditors default in the repayment of this money.
This kind of insurance is also needed by the people who operate credit cards. This simply means that the banks that give you a credit card may need to have the card insured such that in the event that you cannot repay the card money, then they can have the same covered by an insurance company.
Most of the people who have taken PPI insurance coverage have had to ask the companies to refund the same. The government has also been encouraging people not to pay for this kind of insurance. Those who had already taken the insurance coverage have been urged to ask for a refund of the same by the government. This explains the reason why so many companies have had to refund the PPI insurance coverage that they had taken from their clients.