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Mis Sold Credit Card Payment Protection

If you have taken out a credit card within the last 10 years the probability is high that you were also sold some form of payment protection cover. This type of insurance protects a borrower by insuring them against involuntary unemployment, sickness or accident. The cover has been widely sold alongside loans and mortgages. The cover has garnered a great deal of publicity in recent years as it has been widely mis-sold. Most people aware of the issues surrounding mis-sold loan PPI, but many do not realise they may have also been mis sold credit card payment protection.

The issues with Credit Card Payment Protection

A number of different issues have been specifically identified with credit card payment protection insurance. The insurance can be very expensive and it is also thought to have the lowest payout rate of all forms of payment protection insurance. In addition, many unhappy customers claim the cover was added without their consent or the terms of the policy were not made clear. Mis sold Credit Card payment protection insurance actually accounts for a substantial amount of the total payment protection insurance claims in the UK.

Taking Action against Payment Protection

If you believe you were mis sold credit card payment protection insurance you may be entitled to payment protection refunds. The amount of compensation you may receive depends on the amount of money you have paid into your payment protection policy. The cost of credit card PPI typically varies between 79p-£1.50 per £100 outstanding. This means if you owe £4,000 on your card you may exoect to pay between £31.60 and £60.00 per month for the cover. Over this time this can add up considerably.

If you are interested in making a claim for mis sold credit card payment protection you can start today by calling 0207 471 2000 or completing our online claim form.
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