Payment Protection
Payment Protection is a form of insurance that covers your repayments should your income be reduced through unemployment or illness.
Almost all forms of credit can be taken out with payment protection - including mortgages, loans, credit cards and hire purchase agreements.
It is a very lucrative sideline for finance companies, but can offer valuable peace of mind to the customer, who is assured that if their circumstances change for the worse, their credit commitments won't be an additional burden.
Update (September 2005): The payment protection industry is currently under investigation by the Office of Fair Trading after complaints of profiteering.
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