Monthly PPI refunds in the United Kingdom (UK) 2011-2019
Payment protection insurance (PPI) provides coverage for cases in which the consumer struggles to service their debt. This includes unemployment, sickness, or other unforeseen circumstances. PPI is usually offered along with a loan and could be included in the original loan or as part of the repayment. Between 2011 and 2013, several insurance providers were fined because of the miss-selling of PPI. Since December 2019, approximately 33 billion British pounds were paid in refunds and compensations as a result of claims about the sale of PPI.