Payment Protection Insurance (PPI), is a financial product designed to protect payments in the event of loss of income. Many policies were sold to people that were not suitable for these products, often these policies were added without customers even knowing.
Often added without the customer’s knowledge. charged as one lump sum at the beginning of the loan term.
Sometimes known as “card protection” often it was added automatically and customers would need to actively “opt out.”
Very expensive policies were added onto secured loans and mortgages.