Were you mis-sold PPI on your credit card?
Do you have a credit card? Did you know that you could be owed
thousands by your credit card provider?
Payment Protection Insurance or PPI is a type of insurance cover
often offered alongside all kinds of financial loan products,
including credit cards.
The intent of PPI is to protect your ability to continue making
credit card payments if you should suffer from an unexpected drop
in income - for example, through job loss or serious injury.
Unfortunately, very few credit card PPI policies ever pay out,
and in most cases they have been mis-sold to swindled
customers who couldn't even use them in the first place
while in some cases many had PPI added to their agreement without
their knowledge.
Research by Which? in 2008 showed that 32% of those who
applied for a credit card were under the impression that
taking out a PPI policy improved their chances of being approved.
This is certainly not the case.
Credit card companies did very little to dispel this confusion,
with many of them using pressure selling tactics and encouraging
people to take out useless and expensive policies as a means of
lining their own pockets.
The banks have had to set aside billions of
pounds in preparation for the sheer amount (millions) of
people who are eligible to claim back from a mis-sold PPI
policy.
Banks have had to accept liability and must be careful how they
handle claims cases. Despite this, they are still disputing
legitimate claims and in some instances giving
minimal settlements to already aggrieved
customers.
There are many, many cases of credit card PPI
mis-selling and it does not take long to find out if you
were a victim. It could be very worthwhile in the long run.
If you ended up taking out a PPI policy for any number of
reasons, including because you were misled by a broker, or had it
added to your credit card agreement without your knowledge, you can
reclaim your PPI premiums.
Our Grounds for PPI Compensation page explains a variety of
reasons and situations where credit card PPI was mis-sold to you -
it may well turn out that you were not eligible for a PPI policy in
the first place and should never have been sold it.
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010