Understanding Payment Protection Insurance

Money

When loan payments become difficult or impossible, payment protection insurance (PPI) can be used to help someone cope with the inability to pay. Spiraling into debt is unfortunately very easy to do, and once it mounts high enough, it could be impossible to get out of. Filing bankruptcy or defaulting on a loan is probably up there with the worst things that can happen in life, and without PPI, the loan companies will be able to ruin the life of someone who is not making payments. However, certain conditions must be met in order to qualify for PPI. A potential applicant has to prove that they are unable to work, which renders them unable to make payments. (more…)