Payment Protection Insurance


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Payment Protection Insurance

An insurance policy that makes loan payments on behalf of the policyholder in the event of financial hardship. For example, if a policyholder loses his job, payment protection insurance would make his credit card payments for up to, say, six months as he looks for work. Payment protection insurance allows one to face difficulty without the immediate fear of default.
References in periodicals archive ?
Through the alliance, CUNA Mutual said it will integrate its new mortgage payment protection insurance product directly into D+H's MortgagebotPOS, which will allow credit unions to provide quotes and enroll members in the new insurance offering.
A loan is not dependent upon having Payment Protection Insurance.
L), a provider of smart process applications for the business critical First Mile of customer interactions, announced today its selection of its solution by a major global bank to process up to 300 million payment protection insurance claims per year.
Payment protection insurance was widely sold to consumers as a way to keep up with their loans, mortgages, and credit card payments if they ever got sick or lost their jobs.
Comprising both an analytical report and a convenient data annexe in Excel format, the research covers four types of creditor policy: insurance cross-sold in conjunction with mortgages; policies cross-sold with consumer finance and personal loans; cover linked to credit cards; and bill payment protection insurance.
We have also made UK customer redress provisions of $353 million, mainly in respect of Payment Protection Insurance.
Last week, the bill for mis-sold payment protection insurance (PPI) at Barclays soared to PS2bn.
He explained: "Many home owners will have been mis-sold Payment Protection Insurance policies - PPI - if, for example, they were told they could not get the mortgage without it, were sold it without needing it, or by not even being eligible for it.
BMW Group Financial Services is to provide its customers with Allianz' payment protection insurance (PPI) and guaranteed asset protection insurance (GAP) in Germany, Italy and France.
LONDON, March 8, 2011 /PRNewswire/ -- The number of banking complaints in the UK has risen by 15% as payment protection insurance claims also jump.
More than 21,400 complaints have been lodged about controversial payment protection insurance since April - including nearly 2,000 last week alone.
Byline: A mortgage payment protection insurance (MPPI) covers a person's ability to pay even in times of financial crisis.