Credit Card PPI Claim

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 customers who couldn't even use them in the first place. In some cases, customers 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.

The banks have had to set aside billions of pounds in preparation for the sheer number (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. Now that the FSA has ruled against them, they have no choice but to 

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.