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Claim Back Credit Card PPI

Credit card companies are known for charging exorbitant fees and penalty interest rates for seemingly trivial violations. However, many card issuers have begun charging fees for attached services and/or policies even without wrongdoing on behalf of the cardholder, such as payment protection insurance (PPI) policies. Despite the fact that more than 85% of PPI policyholders are deemed ineligible for assistance, tens of thousands of UK residents are mis-sold policies each year. When credit card companies mis-sell PPI policies they're actually adding the cost of the policy to the account balance, thereby causing it to accrue interest until it is repaid in full. There are about 20 million PPI policies in the United Kingdom, which accumulatively generate about £5 billion annually for involved insurance companies, credit card companies, private lenders and financial institutions.

How Much Does Credit Card PPI Cost?

The average payment protection insurance policy for a credit card costs anywhere from 15 to 30% of the total loan balance or credit limit, and is therefore charged as a residual monthly fee. In other words, a credit card with a £1000 available credit line could have a PPI policy that costs as much as £300 annually, which could result in unnecessary monthly payments of £20 to £30. If you've already made a payment on such a credit card for several years you could reclaim thousands of dollars in PPI payments. Ultimately, when interest charges are factored into the total cost of the PPI policy, the amount that you'll receive when you claim back credit card PPI can range anywhere from several hundred to several thousand dollars, depending on how long were card has been used for.

Filing a PPI Claim against a Credit Card Company

Although the process of filing a claim against a major card company or bank in an attempt to claim back credit card PPI can be intimidating, it should be noted that just one professional PPI claim company can help more than 50,000 cardholders claim back credit card PPI each year, and can bring in about £50 million worth of refunds from various lenders and credit card companies. Ever since the Citizens Advice Bureau conducted their 2006 investigation that revealed widespread PPI mis-selling, courts have been ruling in favour of borrowers the majority of the time. In fact, PPI claims attorneys are so confident in their ability to win cases that many of them work on a 'no win no fee' basis, refusing to charge a customer unless their claim is honoured.

What Is Needed to Claim Back Credit Card PPI Payments?

If you're trying to claim back credit card PPI payments through a PPI claims specialist all you'll need to provide is basic contact information, details about the mis-sold PPI policy and/or attached credit card, and a copy of your monthly credit card statement if possible. There are no predefined requirements as far as documentation or proof is concerned, and PPI claims specialists typically do an excellent job of proving their clients case with minimal input and effort on the cardholder's behalf. The easiest, fastest, and most effective way to claim back credit card PPI payments is to seek the assistance of a professional PPI claim company.

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