Barclaycard PPI Claim
You may have heard about the controversy surrounding the sale of payment protection insurance. In excess of 1.5 million customers have already submitted complaints and it is estimated that many thousands more may have the right to make a claim.
If you have taken out a Barclaycard credit card in the past ten years with payment protection cover you may be entitled to make a Barclaycard PPI claim. In order to ascertain whether your policy was mis-sold and whether you could be entitled to make a complaint, you should start by thinking about the conditions under which you were sold your policy. At the point of purchase you should have been given full and frank information regarding the policy and the sales representative should have considered your personal circumstances and whether you would be suitable for the cover.
In order to make a Barclaycard PPI claim it must be established that your policy was mis-sold. Below are some common methods of mis-selling.
- The policy was added without your knowledge or consent
If you did not ask for PPI, but it was added to your credit card account anyway this can be deemed as mis-selling.
- You were told taking out the insurance would guarantee/ improve your chances of being approved for the credit card
The decision to approve an application for credit is based on your credit rating and financial circumstances. Taking out a PPI policy would not affect the decision.
- You were sold the policy without being given a full explanation of the terms and conditions
In order to make an informed decision your lender should have given you full information regarding the policy. In particular, it is important to understand what circumstances may not be covered by the policy.
- You were sold the policy without the full costs being explained
The cost of credit card PPI varies depending on your outstanding balance. It is important that your lender took the time to make you aware of the financial implications of taking out the cover and to warn you that if you incurred additional credit card debt your monthly PPI charges may rise considerably.
- You were not told you could purchase cover elsewhere
Cheaper and more comprehensive PPI cover can often be found elsewhere. Your lender should have made you aware that you could and had the right to buy cover elsewhere.
- You felt pressured into taking out a policy
After explaining the cover in full, the sales person who sold your PPI policy should have allowed you time to make a decision regarding whether or not the policy was right for you. If you felt hurried or rushed your policy may be considered mis-sold.
If you think you might have been mis-sold a credit card or loan protection insurance policy you may be able to make a complaint and claim back PPI. For more information or to start your Barclaycard PPI claim today call 0207 471 2000.
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