PPI is a convenient abbreviation for Lloyds Payment Protection Insurance. PPI is often used to refer to any insurance policy designed to help borrowers insure their payments, including Lloyds Income Protection (IP), Lloyds Loan Protection Plan (LPP), Lloyds Mortgage Payment Protection (MPP), Lloyds Mortgage Payment Protection Plan (MPPP), Lloyds Overdraft Protection, Lloyds Packaged Bank Accounts which include Payment Protection Insurance, Lloyds Accident Sickness & Unemployment cover (ASU), Lloyds Payment Protection Plans (PPP) plus numerous other names Lloyds have used, which may include the words Payment, Income, Protection, Accident, Unemployment, Redundancy, Sickness or Income.
PPI is supposed to cover your monthly payments if you are unable to work. However, according to the Citizens Advice Bureau, 85% of people who are unable to work discover they cannot claim any money due to exclusions in the small print. Your Lloyds Bank, card statement, Bank statement or Loan agreement should list PPI (or whichever name Lloyds have used to describe it) as a separate charge which is the quickest way to find out if you have a PPI.
Lloyds use different names for their PPI and some people are unable to find their paperwork. If you are unsure, or cannot locate or understand your Lloyds paperwork, simply click on our How Much Can You Claim link or telephone us on 0207 046 6300.