YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR CREDIT CARDS
Reclaiming Credit Card PPI
Around 10 million people in the UK were sold PPI with a credit card between 1988 and 2011. The Payment Protection Insurance would have helped ensure card payments were met if you couldn’t work due to sickness, an accident or being unemployed.
However, in many instances it was mis-sold as an added extra which people didn’t want or ever need. A survey by the consumer group Which? indicated that almost 1.5 million people were sold PPI with their credit card after sales staff mis-led them. As a result of this, huge numbers of people are entitled to reclaim mis-sold PPI on credit cards.
How was PPI mis-sold on Credit Cards?
Lots of people took out PPI cover with their credit cards believing that it boosted their likelihood of being accepted, or that the policy was a necessity. There are a number of ways in which PPI may have been mis-sold:
- Quite simply, did you know you had PPI included with the credit card? If you have it and the sales staff never made you aware of this, it may have been mis-sold to you.
- If you were unemployed, retired or a student, and you were advised to take out PPI, you may have been mis-sold the cover because it might not have been possible for you to ever claim on it.
- If your employer provides full sick pay, there was no need for you to have PPI as you would not struggle meeting your card payments.
- If you already had insurance in place then there was no need for you to have a new policy.
- If you felt compelled to have PPI to boost your chances of being accepted for the credit card, you may have been mis-sold, because it is an optional extra that should have no bearing on your chances of obtaining a credit card.
- Was everything involved with the payment protection insurance explained properly to you? If you did not receive a full cost breakdown, or the seller failed to explain the exclusions to you, you may have been mis-sold.
Calculate How Much You can reclaim
If your PPI was mis-sold, you may be owed hundreds of pounds or thousands, depending on how much money you borrowed, and for how long. The higher your outstanding debt, the more you can possibly reclaim; many cards charged around 80p per £100 of outstanding debt each month.
FOR HELP WITH YOUR PPI REFUND USE OUR PPI CREDIT CARD CALCULATOR
You can reclaim regardless of whether the credit card is fully repaid or if you are still paying off the card; all that matters is whether you were mis-sold PPI when you got the policy.
Be aware that it doesn’t matter if you have reclaimed PPI on other products (such as loans and mortgages) before, because each claim is separate. To start your PPI Check to find out which of your lenders you could make a PPI claim against, complete our FREE PPI Check** form.
Credit card providers Facing Mis-sold PPI Queries
The following is a list of credit card companies who are known to have sold PPI. Please note this is not an exhaustive list.