Payment Protection Refunds on Credit Cards
Broad Definition of Payment Protection Insurance
A payment protection policy is an insurance cover that is sold to consumers by all different types of lenders. In some cases lenders or credit card companies have actually forced their customers to buy these policies as a contingency for getting the loan, which is a blatant example of mis sold PPI. For this reason a lot of consumers are currently trying to get payment protection refunds on credit cards and other types of loans. Basically, the premise of a payment protection policy is intended to take over your payments on the loan in the event that something should happen and you find yourself unable to work. However, there are so many strings attached that it is not always this simple. Because of the many different loopholes written in the policies, a lot of unsuspecting people are denied cover and must then jump through hoops to try to obtain their payment protection refunds on credit cards.
Hidden Factors in the Fine Print
PPI, or payment protection insurance policies, a great many exemptions meaning it is not suitable for everyone. For example, many policies do not cover people over the age of 65. In addition, people who are either self employed or work a temporary job can usually not be covered. There is also rarely a provision for pre-existing medical conditions. Because of a lack of staff training, many people were sold the policies who should not have been,. As a result, these people may now be able to claim payment protection refunds on credit cards and other forms of borrowing.
Payment Protection on Credit Card Loans
Credit card companies are no different than any other lenders in that they are pushing these expensive payment protection policies on all of their customers. This has left many people searching for payment protection refunds on credit cards. The real problem with this type of unscrupulous selling tactic is the sheer number of mis sold PPI. Some lenders are selling people policies even though they are aware that the consumer will not qualify for cover. Mis sold payment protection is a common problem because there are so many people who have no idea what their rights really are.
If you have fallen victim to mis-sold PPI you may not want any more contact with the original lender or the credit card company. They are going to try and hold fast to their money and will not have your best interest at heart. Instead, contact a PPI claims company that specializes in helping people receive payment protection refunds on credit cards. Call us on 0207 471 2000.
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