Debt Insurance

Payment Protection Insurance is designed to protect you from being unable to make payments to creditors.

If you are made redundant, are involved in an accident or suffer an illness, Payment Protection Insurance is a form of debt insurance you can take out, that will ensure your debts continue to be paid and you don't end up in arrears.

As a debt insurance, with PPI you pay an agreed premium each month and in return payments on your debt will be fully covered (or with some policies a percentage of the payment) should you be unable to work.
PPI is a debt insurance that is usually taken out alongside debts including mortgages, personal loans, credit cards and store cards.

Typically, PPI debt insurance policy will cover your monthly finance repayments for 12 months. After the cover period is cover, you will have to cover the monthly repayments yourself.

Payment Protection Insurance (PPI) is also sometimes known as debt insurance, loan protection insurance or Accident, Sickness and Unemployment (ASU) cover.