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-Â£1.50 per Â£100 outstanding. This means if you owe
Â£4,000 on your card you may exoect to pay between Â£31.60 and Â£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
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