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Can You Cancel Payment Protection on Credit Cards

Loan insurance, loan protection, payment protection, payment insurance, and payment protection insurance have received a bad reputation because of having been mis sold so often. These payment protection insurance policies were mis-sold by lenders in order for the lenders to generate more money for themselves. A mis-sale is considered to be when a service or item is sold to someone who cannot or will not be able to use it. The lenders who mis-sold payment insurance more than likely did so with intentions of charging interest on the money loaned and also by boosting the credit card's monthly installments.

Lenders Misrepresent Coverage

Many times lenders would insinuate that by purchasing a payment protection policy it would increase the chances of being approved for the credit card. The fact of the matter is payment protection would not increase the chances of them getting approved for loan rather, more likely to increase the price of repayments on the loan. Payment insurance is in all actuality, a service in which borrowers receive monetary assistance for financial services covered in the payment protection policy in case they become unable to make the payments because they are ill or hospitalized. Many credit card holders who had payment protection wanted to cancel the policy but didn't know how to go about it.

Who Will Let You Know Can You Cancel Payment Protection on Credit Cards?

When trying to get a PPI refund it is usually advised to get counsel from a PPI claims company. These companies are in the business of helping people who have been scammed by lenders mis-selling payment protection. When payment protection is mis-sold by a lender and the policyholder tries to get a refund and is denied therefore having to submit their PPI refunds to the Financial Ombudsman Service PPI claims companies are usually the best option. They are well-equipped to handle most situations regarding PPI especially credit cards. If you have questions concerning if you can cancel payment protection on your credit cards contacting a PPI claims company could quite possibly go like this:

Policyholder: Can you cancel payment protection on credit cards before you pay the credit card balance off?

PPI Claims Company: Yes you can cancel payment protection on credit cards before you pay the balance off because payment protection is not mandatory lenders may tell you that it is. However, you may need to file a claim as most lenders will say it is a contract you signed, whether or not you really did!

Policyholder: Can you cancel payment protection on credit cards if you were told it was to help your chances of getting the credit card?

PPI Claims Company: Yes you can cancel payment protection on the credit card and possibly receive additional refunds in regards to the positively charged.

Policyholder: Is there a limit on how early can you cancel payment protection on credit cards?

PPI Claims Company: As soon as you feel as though you do not want payment protection on your credit card you can cancel it don't let the lender tricks you.

Policyholder: Can you cancel payment protection on credit cards and keep the credit card?

PPI Claims Company: Yes, you can, but why would you if you felt as if you were scammed?

Many PPI claims companies can offer this type of service, but the best ones are certified by the Ministry of Justice and offer their services on a no-win no fee basis.

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