If you have any form of mortgage, credit card or loan and reside within the UK, it is very important that you check whether or not you might have PPI, also known as Payment Protection Insurance. You may have never heard of it, but if you have debts then you may very well be paying hundreds of pounds for it. In the event you signed on for a loan which was “protected” then what that usually means is that you aren’t only repaying your loan, but an additional insurance, referred to as PPI, to the banks. PPI purports to insure you in the event that you suffer an accident or injury that inhibits you from repaying your debt, it promises to repay monthly payments of the debt, under very strict circumstances, and in the event that you are unable to repay it.