Credit Card PPI
Was your Credit Card Payment Protection Insurance (PPI) policy mis-sold to you?
In the all-too-often aggressive world of finance, credit card Payment Protection Insurance is a seldom understood form of PPI which is intended to continue credit card payments when you cannot. Activated in the event that an infirmity prevents you from working and earning a salary to meet payments, this form of PPI features an easy but often incomplete sales pitch. It is entirely possible that you may already be paying for this cover without even being aware of it, which can be more costly than you might anticipate.
Often credit protection insurance is presented in an entirely inconspicuous manner. For example, a tiny little check box featured on your on-line accounts manager which reads 'tick here to be protected'. This has led to many clients being charged a monthly fee for a PPI that they were not even aware they had purchased. The pay-out period for the policy is also limited as PPI does not compensate continuously.
A typically unmentioned figure, in the United Kingdom, is that this kind of PPI generally costs 70-80p per £100 of outstanding balance on the card. This is an ingenious spot of pricing as it's only in the event that the due amount is substantial that the PPI cost becomes clearly discernible. On average, this monthly cost is disguised by the other big bank charges. Anyone using direct debit to pay off the bill in full each month is potentially suffering more financial loss than this, as the credit card payment protection is often erroneous. This is due to the fact that frequently, by the time you claim, the DD would have settled the bill in any case.
The question of whether the policy will even payout is a legitimate one. Credit card companies often take little or no note of a person's specific status. This has seen self-employed borrowers regularly paying for the 'unemployment' component of policies, even though it rarely covers them. Should this apply to you, or if you believe that you may have been mis-sold PPI, then contact us today about reclaiming the cost of your insurance. When it comes to this kind of complex situation, Direct Financial Reclaim can assist you in determining if you've been legitimately sold a credit card payment protection insurance policy and, if not, ensure that you receive fair remuneration.
We can look to recover the full cost of a PPI policy (which is often THOUSANDS of pounds) plus interest, if we believe that you have been miss sold credit card PPI
