Payment protection insurance, a form of insurance intended to cover loan or credit card repayments in the event of loss of income due to illness, unemployment, etc.
- Thanks to high-pressure selling, seven out of ten loans are sold with PPI, which is hugely overpriced.
- PPI sounds like valuable protection, doesn't it?
- In fact, nearly a fifth of his final loan was just the accumulation of PPI and the interest on it - an insurance he didn't really need because he doesn't work.
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