Mis Sold Credit Card Insurance
Mis sold payment protection insurance, commonly referred to as PPI, has been all over the news of late. There probably isn't a consumer in the UK who isn't aware of the major scandal lenders have caused by misselling PPI. Usually we think of payment protection insurance as a cover that will make payments on loans including mortgage loans, personal loans and even automobile loans. However,
payment protection insurance added to credit cards has also been frequently
Credit Card Insurance Is a Type of Payment Protection
Consumers looking to qualify for credit cards can be mis sold credit card insurance in exactly the same way
as some consumers have been mis sold loan payment protection insurance.
If you were told you had to have the cover or that it would improve your chance
of your application being approved you were given the wrong information and you
may have been mis sold credit card insurance. Likewise, if you were sold a
policy you did not want or did not need. Your policy may also be considered to
have been mis-sold if the terms and conditions or costs were not made clear.
The cost of Credit Card payment protection
Before filing a payment protection claim
you should take the time to roughly calculate the potential refund you may be
due. Where mis-selling is proven, a refund will usually be based on the total
amount you have paid into your policy. With Credit Card PPI this figure is
usually calculated on a monthly basis and is directly linked to your outstanding
balance. Costs vary, but, on average, are approximately 79p per Â£100
outstanding. This means on a balance of Â£7,000 you may pay in the region of
Â£55.30 per month for the cover. If your balance is higher or you have been
paying for the cover over a long period of time, this could clearly amount to a
significant some of money.
Making your claim
Once you have established the circumstances under which you were mis sold credit
card insurance and have calculated an estimated figure of the amount of
compensation you believe you are entitled to receive, you should submit your
complaint. Your complaint should give full details of both the reasons you
believe your policy was mis-sold and the redress you seek.
Should you reqire assistance making your claim, we could help. To get started,
simply complete our online claim form and we will send you out a pack in the
post. Should you have any further queries regarding this matter call our team on 0207 471 2000.
blog comments powered by