How Does Payment Protection Insurance (PPI) Work?
Are you struggling to pay your bills each month because of a recent loss of job, illness, or other inability to work? If so, you have probably come to depend upon your bank’s payment protection insurance ( PPI). But how does it work?
PPI, also known as loan repayment insurance, is protection given to your bank account in the case of overdraft.
PPI is not the same as overdraft protection, but it is quite similar. Both types of protection are guarantees by the bank that you will be able to pay your bills with your account, even if your bottom line drops below zero for a short amount of time.
PPI is intended for more serious issues than overdraft protection, such as larger amounts of money needed or debts that will last longer than a few weeks between pay checks. It’s designed to help bank customers with necessary expenses, but only until they are able to get back on their feet. There is always a time limit on PPI, usually about twelve months. PPI will help you get back on your feet, but it won’t last forever.
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