PPI is a convenient abbreviation for RBS Payment Protection Insurance. PPI is often used to refer to any insurance policy designed to help borrowers insure their payments, including RBS Income Protection (IP), RBS Loan Protection Plan (LPP), RBS Mortgage Payment Protection (MPP), RBS Mortgage Payment Protection Plan (MPPP), RBS Overdraft Protection, RBS Accident Sickness & Unemployment cover (ASU), RBS Payment Protection Plans (PPP) plus numerous other names RBS 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 RBS Bank, card statement, Bank statement or Loan agreement should list PPI (or whichever name RBS have used to describe it) as a separate charge which is the quickest way to find out if you have a PPI.
RBS 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 RBS paperwork, simply click on our How Much Can You Claim link or telephone us on 0207 046 6300.