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 ?
It said it now expects to take a charge of between PS600m and PS900m for payment protection insurance (PPI) in its third quarter results.
64M Number of payment protection insurance policies sold in the UK from the 1990s to 2010 36BN Number of pounds paid out in compensation for mis-sold payment protection insurance
"Our new laws mean people will now have to give consent to receive calls and have the power to choose where they seek compensation for personal injury claims or mis-sold payment protection insurance.
But it added another PS90m in costs for payment protection insurance (PPI) mis-selling claims, taking its total bill for the saga to PS18.8bn.
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.
CUNA Mutual Group has partnered with financial technology provider D+H to create a mortgage payment protection insurance product for credit unions.
I am delighted that my advice has helped many Sunday Mirror readers win pay-outs in relation to: Mis-sold payment protection insurance, packaged bank accounts, energy deals and card protection BT (118) charges Flight delays The Wonga loan firm Excessive bank charges It has also been great to read your letters and emails telling me my advice has helped you with disputes with retailers, banks, gyms, debt collectors, energy firms and neighbours.
OVER the past few weeks I've had a surge of people asking me if they can still reclaim payment protection insurance (PPI) premiums.
Lloyds fell 2.4 percent after it said it had set aside a further 1.8 billion pounds ($2.96 billion) in the fourth quarter to compensate customers mis-sold payment protection insurance (PPI), and dividend payouts were to come later than some in the market had anticipated.
In a separate insurance scandal mis-selling, banks and insurers have so-far been forced to cough up (http://www.ibtimes.co.uk/articles/443830/20130308/mis-selling-ppi-payment-protection-insurance.htm) a total of [pounds sterling]9bn after thousands of loan-seekers were wrongly sold payment protection insurance (PPI).
Kofax plc (LSE:KFX.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.