Understanding PPI (Payment Protection Insurance) 2741009234941582512-blid-5352133962697837889

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Payment protection insurance, popularly known as PPI is a type of insurance that protects borrowers and other consumers with debts. Some of the common debts that are settled by this insurance include: mortgages and other loans. When financial institutions give loans to their customers, the customers are supposed to repay the loans to completion; however, in some cases disaster strikes and the customers fall sick or lose their jobs and are unable to clear the debts or repay the loans.