Payment Protection Insurance for Credit Cards
It is not widely understood that banks are not the only lenders that are mis selling PPI. In fact, the payment protection scandal is being perpetrated across the board and no portion of the lending industry is immune from this scandal. The payment protection insurance credit card scandal is just one area of the lending industry that is having major complaints levelled against it. Consumers are working to claim back PPI that was mis sold during the process of qualifying for a credit card. Day after day claims are pouring in to all the banks that are displaying the major credit card logos and that is just adding to the problem because bank charges
can be among the most difficult to get back.
How Does Payment Protection Insurance for Credit Cards Work?
Just like any other type of PPI, payment protection for credit cards is supposed to provide cover that will pay premiums in the event that the credit card holder is unable to pay. In principle it is a good cover but in reality it doesn't always work the way it should. In addition, credit card PPI can be very expensive. It is usually charged depending on the customer's outstanding balance at a rate of between 79p and £1.50 per £100 outstanding. On a balance of £5,000 this could add between £39.50 and £75.00 per month - plus interest.
How Was Payment Protection Credit Cards Cover Mis Sold?
In the same way that many other lenders have been mis selling PPI, payment
protection credit cards cover is being mis sold. Those who are over 65,
unemployed, temporarily employed, self employed as well as those with a
pre-existing condition are being mis sold this cover which is a travesty because
many will never be able to claim for payments to be made. Pregnant women have
been mis sold as they are unable to claim when losing wages due to maternity leave. Furthermore, reclaiming PPI
on mis sold credit card cover can be just as difficult as it is on bank loans, mortgage loans and
hire purchase loans.
Belmont Thornton has a team of experienced claims handlers who are always available to answer any questions you might have regarding filing a claim against your credit card company for mis sold PPI. The initial consultation is free and if you choose to file through the claims team you will not pay a fee unless they win your claim.* You can also talk to a live specialist on 0207 471 2000 to get your claim started today.
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