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.
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It will see a line drawn under the payment protection insurance (PPI) scandal, which has been the costliest yet for the financial services industry, with the total bill now running at a mammoth PS24 billion.
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.
WORLDWIDE COMPUTER PRODUCTS NEWS-August 7, 2013-Kofaxa[euro](tm)s solution selected by a major global bank to process payment protection insurance claims(C)1995-2013 M2 COMMUNICATIONS http://www.
Barclays, Lloyds, RBS and HSBC have earmarked billions of pounds to pay for the mis-selling of payment protection insurance.
Barclays said in a statement that it was increasing its provisions by 600 million pounds to cover mis-sold payment protection insurance and another 400 million pounds to cover mis-sold interest rate swaps to small businesses -- a practice currently being investigated by Britain's financial watchdog.
The lender also took another charge of $353 million to compensate clients who were mis-sold payment protection insurance, in a scandal which has blighted British banks.
COMPLAINTS about the mis-selling of payment protection insurance (PPI) reached the half-a-million milestone yesterday, the ombudsman service said.
The costs associated with the payment protection insurance mis-selling, which amounted to a combined pounds 5.
Summary: Lloyds Banking Group is to claw back bonuses worth around Au2 million in the wake of the mis-selling of payment protection insurance.
The mis-selling of payment protection insurance policies on mortgages means that home owners in the region could be owed more than pounds 200m, according to Stuart Bell, founder of Real Time Claims in Newcastle.