Credit Cards - Mis-sold PPI cover

Reclaiming payment protection cover on Credit Cards

In the UK over the past 5-10 years there has been a lot of controversy in the media about the misselling of credit card and loan payment protection cover PPI. The helpline is here to provide the information and assistance to consumers on this area.

1. PPI or Payment Protection Insurance is a policy covering outstanding debts in case the borrower is not able to pay due to illness, accident, death, theft, unemployment or any such conditions which restrict income from which debt is usually paid.
2. It usually covers the debts for a limited period after which the borrower is expected to pay off his debts on his own. PPI is sold along with various credit agreements, most commonly credit cards. In simpler terms, credit card PPI covers the credit card bills in case the borrower is financially unstable due to any of the above conditions.

The big question arises on whether you need PPI or not? Or was PPI missold?

What is to be taken into account here is whether you will ever need a PPI policy. A major area you need to be aware of these days is mis-selling of PPI Policies. This occurs when any of the following cases takes place:-

• When the credit card company charges you a PPI policy without your knowledge.

Be aware of this as sometimes the bank without your knowledge adds the policy premium to the credit card bill amount without prior knowledge of the customer. Quick action to reclaim your PPI must be taken in these instances.

• When the customer is even forced to take the policy.

In some cases customers are misinformed and told that the PPI policy is a necessity. Such statements are often false.

• When an inappropriate policy is sold to the customer.

Card companies often sell policies to customers that do not suit their needs and will give no returns. E.g. selling a PPI Policy to a retired person. In his case the policy won’t be applicable and hence he will be charged for a useless product. Although he’ll pay the premium regularly his bills will not be covered in case of an accident, death, sickness etc.

If any of the above cases arises all you need to do is reclaim your PPI. Write a letter to the card company that you were sold the policy without prior knowledge or were sold an unneeded policy and they will revert back to you. In case they deny the claims, you can always turn to the local financial judiciary. PPI reclaiming is a must to safeguard your interest and stand up for your rights

• 'No Win - No Fee' Service and No Upfront Fees
• Expert friendly advice
• We will handle your case from start to finish

Click here to complete your PPI Claim Form