PPI Wise - What is PPI?

Please note that parts of this information may no longer be relevant as we are no longer accepting submissions for new PPI claims. For more information please see our Deadline FAQs.

What is PPI?

PPI policies were sold alongside a variety of credit including loans, credit cards, mortgages, car finance and store/catalogue cards - often without the customer's knowledge.

Payment Protection Insurance is a type of insurance designed to cover repayments on loans and credit cards in the event of an accident, sickness or unemployment. Often PPI was sold with a financial product without the customer's knowledge. PPI was designed to cover repayments in the event of sickness, injury or unemployment. However, PPI was mis-sold for various reasons:

  • Consumers never asked for PPI
  • Consumers did not want PPI
  • Consumers did not know they were paying for PPI
  • Some consumers did not need PPI
  • Among other reasons...