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Mis Sold Payment Protection Credit Card

When you took out your credit card your credit card provider may have also sold you some kind of insurance or protection. On paper, this cover sounds good as it offers to cover repayments in the event you cannot work due to illness, accident or involuntary unemployment. In reality, the cover does not always offer the levels of protection the customer anticipates.

The costs

The cost of credit card payment protection usually sits between 79p and £1.50 per £100 outstanding on your balance. This means if you owe £5,000 on your card you may pay between £39.50 and £75.00 per month for the cover. Many make a payment protection claim because their lender failed to explain the potentially high costs of the cover. If you think you were mis sold payment protection credit card in this way then you too have the right to make a claim.

The low levels of cover

Something in common with all types of payment protection insurance is the high number of exemptions on these policies. Exemptions are circumstances not covered by the policies and these can range from common medical ailments such as back pain to whole groups of people, for example the self-employed. With regards to mis-selling two significant issues can arise from this. Firstly, if your lender sold you a policy you were ineligible to use this is a clear case of mis sold payment protection credit card. Alternatively, if you were sold a policy without the exemptions being clearly explained your policy may also be considered to be mis-sold.

To find out more about the circumstances that may render your policy mis-sold or for help starting your claim call 0207 471 2000.


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